Bill consolidation can be a very powerful tool in the fight against debt. However, it has to be used properly and with the correct motivation. In this article we will take a look at five factors that are usually involved when bill consolidation does not work.
1. When You Have Not Gotten Real: In order to successfully get out of debt, you have to face the facts regarding the amount of money that you owe and where you are financially. If you haven't gotten to that point, then you may just continue to go along and ignore the seriousness of the situation. So bill consolidation does not work when you haven't gotten real.
2. When You Haven’t Gotten Tired of Being in Debt: In order to get out of debt, you have to be sick and tired of the mounting bills, the creditors calling, no money for actually doing the things that you want to do. If you haven’t gotten to this point, then bill consolidation will not be successful. You have to be sick and tired of your poor financial situation.
3. When You Do Nothing: Sometimes when people are faced with a ton of debt, they become fearful and instead of actually been proactive and doing something about it, they freeze up and they attempt to ignore it. This is the one thing that you can’t do. Even though it might be embarrassing to talk to creditors or to admit that you have a problem, bill consolidation doesn't work when you haven’t faced the facts.
4. When You're Not Ready to Stop Spending: Many times, we get in trouble, quite honestly, because we want things and we can’t afford them, but we buy them anyway. In order for bill consolidation to be effective, you must stop adding new debt. This means if you can’t pay for it with cash or if you use a credit card and can’t pay off the balance when you get the bill, then put it back. Don’t get it. It also helps if both people are on board, if you are part of a couple. This way, you can help keep each accountable.
5. When You Don't Budget. We often get in trouble financially because we have not budgeted. So we don't know where our money is going, and subsequently, we end up at the end of a month, with bills that we can’t pay or extras that we can’t afford. Quite simply, bill consolidation has a high likelihood of failure if you don’t budget.
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