I'm curious about debt consolidation. I have cut up credit cards to help me stop using them. But I feel like I'm not making any progress on paying stuff off. Between my personal loan and credit cards I'm paying so much a month and I cannot afford to pay extra on a card to pay anything off faster. I have no extra money for anything which leaves me living pay check to pay check. Any suggestions? Advice? Should I just keep moving along as I am or should I try for a loan to consolidate everything into one payment?
Don't despair. You have cut up your credit cards and while it may not seem like you are making progress, you are not adding to your debt which deserves a thumbs up! Having said that, let's look at some things to help you move forward.
As far as consolidating your debt, visit the Personal Loans page to use the Debt Consolidator Tool. The tool will help you calculate whether or not you can lower your monthly payment or payoff your debt faster. If your interest rates on your existing debts are lower than on a personal loan, then stick with your Debt Manager plan for paying off your balances.
Continue to be diligent with not adding to your credit card balances. As you start to pay off your credit cards, here are a few things to be aware of:
Commitment is the toughest part of getting out of debt and it seems you have an abundance of that. Keep at it! I wish you the best as you work towards becoming debt free.