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Finance

Three Reasons Why You Should Consolidate Your Debt

February 14, 2022

You just finished your degree. You have no idea yet how adulting works; no idea what life after college looks like. Or maybe you are like me, you availed of student loan and are currently in your 20’s still trying to it off. Managing your finances and debts is no easy feat. They don’t teach you these things in college or even in high school So here you are, searching the internet for financial advice. While I am no financial expert, just your average single mom who’s turning 30 this April, I am here to share with you my three reasons why I think you should consolidate your debts.

But first, what is debt consolidation? Investopedia defines debt consolidation as the act of taking out a new loan to pay off other liabilities and consumer debts. Multiple debts are combined into a single, larger debt with a more favorable payoff term, a lower interest rate, lower monthly payment, or both. It can be used as a tool to deal with student loan debt, credit card debt, and other liabilities.

Why you should consolidate your debt:

  1. Better finance management. It’s easier to pay for your duties when you all have them streamlined in one place. You only have to worry about one due date. It can also help you reduce the number of payments and interest rates. It improves your chances of making a late payment or even missing a payment entirely. And if you are like me whose goal is to be debt-free before 30, you can easily look at when exactly all of your debt is paid off.
  2. Reduce monthly payments. When you consolidate all your debt in one single loan, your overall monthly payment may decrease because your future payments are spread out over a new and possibly extended loan term. This can be very advantageous from a monthly budgeting standpoint.
  3. Less stress. This is the main reason why I think it’s good to consolidate debts. When you consolidate your debts, it’s easier to get control of your finances. No more cluttered multiple payments, multiple due dates. I have a notepad with my due dates written, but I do this every month and it’s very stressful to do this all the time. With a consolidated debt, I only need to remember one due date. I also don’t have to worry about owing to a lot of people or companies because with debt consolidation, I only owe one company.

I have student loans, personal loans from small financing companies, different Pay Later promotions, and even debts from people I know. If you are like me, saddled with different kinds of debt, it’s a good idea to apply for a loan to consolidate all of these in single liability. My goal is to be debt-free before I turn 30 years old, and debt consolidation can help me achieve that goal.

Now that you have considered consolidating your debts, how do I start? You can learn more about debt consolidation here: DebtConsolidation.com.

Do you think debt consolidation is for you? Why do you think debt consolidation is a good idea or why is it not? Let me know in the comments!

Debt Consolidation Debts Loans
by Athena Jeunnesse Mae Tria 
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About Athena Jeunnesse Mae Tria

Athena, a Juris Doctor graduate from the prestigious Arellano University School of Law, stands at the intersection of legal expertise and creative expression. Her journey began with an undergraduate degree in AB Legal Management from the renowned University of Sto. Tomas. As an avid blogger since 2011, Athena has honed her communication skills, weaving insightful narratives that resonate with her readers. Her blog covers a diverse range of topics, from travel to personal reflections. In 2012, she expanded her horizons by venturing into event coverage, rubbing shoulders with influential figures and capturing the essence of each occasion. Beyond the love for courtroom and keyboard, Athena immerses herself in captivating books, savoring the art of storytelling across genres. When she's not poring over legal texts, she's battling mythical creatures in video games—a testament to her imaginative spirit. Her love for anime, Netflix series, and Kdramas adds color to her downtime, where character arcs and plot twists fuel her passion. In a previous chapter of her life, Athena wore the mantle of a Twitch Streamer, entertaining audiences with her gaming prowess. These days, she prefers the camaraderie of playing games alongside her Discord friends, sharing victories and laughter across virtual landscapes. Her wanderlust knows no bounds. Athena craves adventure, exploring new destinations, sampling local cuisines, and documenting her experiences. Whether it's a bustling city or a serene mountaintop, she embraces each journey with open arms. In summary, Athena embodies a unique blend of legal acumen, creative flair, and an insatiable curiosity—a remarkable individual whose multifaceted interests enrich both her professional and personal endeavors.

View all posts by Athena Jeunnesse Mae Tria

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