Tuesday, September 3, 2013

4 Ways to Consolidate Your Monthly Bills

Bill consolidation allows you to save time by combining all of your bills into less monthly payments. This will mean that there will be less due dates for you to keep track of. Here are some ways to go about doing it:

1. Set up a bill consolidation payment or loan plan

Start by using the payment calculator on the website of your bank or a different bank that is currently offering account terms that you find desirable. This will allow you to figure out the amount of the bill consolidation loan you will apply for. Apply for the loan in person or online. If you are approved, carefully look over the terms of the loan before signing the documents. Be certain that the terms of the loan are the same as the terms you were expecting. Terms of a loan will frequently change from the original quote to the final loan based on credit scores. If you are not sure about anything, ask questions so you completely understand the agreement you are entering into. You can then combine your bills into one payment. Your creditors will work with you to make your interest rates lower.

2. Use a combo phone/Internet provider

Getting both your phone and Internet services from the same provider has several advantages. First, it is much easier to pay one bill each month, instead of trying to remember two different due dates. Also, most providers will offer you attractive discounts by choosing to bundle your services. Check outhttp://www.bell.ca/Bell TV for information on available bundles and long distance in Canada.

3. Open a new credit card account that offers balance transfers for no fee

Look for offers from banks that give you a time frame in which you will not be assessed an interest rate on any balance transfers that you make. Be sure to read the terms and conditions to see if the interest rate will go back to the normal higher rate if you miss a payment. You should then transfer the balances from your higher interest cards, so you will not be paying any interest.

4. Consult a consolidation service

A debt consolidation service can design a program for you to permanently eliminate your debt. You can search the Internet and get free online quotes for as many services as you can. You can use these quotes to figure out how much money you will be able to save without having to deal with high interest payments.

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