So you have found yourself in a considerable amount of debt. There are so many bills coming in that sometimes you don’t know which ones have been paid and which ones are still outstanding. The time has finally come that you want to make things easier and more organized but you aren’t quite sure how to go about doing it. Debt consolidation in North Carolina is one way to get all of your bills put into one so that all you have to worry about is making one easy payment per month. Wouldn’t that be nice? After sifting through paperwork for months and months paying just one bill sounds like a piece of cake. But where do you start? Who do you contact to get the process started of making your life easier? Here are a few tips to help you on your way.

List of Debts

Take a piece of paper and write down every single bill that you have no matter how small. You want to make a list of every single dollar that you owe to someone else. Make sure to include your mortgage, all of your credit cards, car loans and all of our other personal debts.

Debt Details

Next, go down the list and write down the details for each bill. Write down how much you owe, what the interest rate is, and what the monthly payment is for each bill.

Ending Total Paid?

Do the math for each bill and find out how much you will actually end up paying for each item. You may end up paying $45,000 for your car when the loan ends in 5 years and much more for your credit card than you actually put onto it. If you need help with any of these numbers you can always contact a financial advisor who can help you with the calculations and with any questions you might have.

Debt Consolidation

There are many options for debt consolidation in North Carolina.

  • You can get a loan as a second mortgage that will cover your debt consolidation loan. You will feel immediate relief but remember that there are fees that will be added onto the amount that you owe. Do your research online and talk to others who have been in your situation. Find out all that you can about consolidation companies and find one that have rates that you are comfortable with.
  • You can also refinance your home mortgage to get some immediate cash for paying off a big chunk of your loans. This might give you some breathing room so you can get in control of things again.
  • Another thing to do is to transfer all of your credit card debt onto one card. There should be one that has the lowest APR but make sure that the fees associated with each card won’t put you in the hole more than you are.
  • Borrowing from a family member might need to be an option for you as well. Discuss things thoroughly with them and have clear terms in writing for your plans to pay off their loan to you.