The best ways of debt consolidation vary from one individual to another, depending on one’s financial circumstances and preferences. However, most people prefer consolidating their debts by starting with relatively paying low amounts, then with time, they upgrade to paying bigger bills until all the debt is paid off. Some people will prefer transferring balances from one credit card to another or get consolidation loans. This is risky because when you are required to borrow extra money, you will need to use the accounts with zero balances making the debt overgrowing. And when it comes to debt consolidation, here are some tips and tricks to help you aid the process.
It is among the easiest ways to consolidate your debts; you can borrow a sufficient amount from your relatives and friends with a promise of paying later. However, this might not be easy as it might seem; it also depends on several factors such as your trustworthiness, your closeness to the potential relative or friend to lend you money, and the flexibility of payment terms. Consider sitting down with your lender and discuss your budget plans on debts and the installments you will pay back with or the interest. In this case, you should ask for financial help from only financially stable friends and relatives.