Are you credit card accounts still active?

I just joined a debt consolidation program, but I did not include my credit cards. They all have very small credit limits, to help rebuild my credit and they are all current.

According to my counselor, I did not have to include them.

Most of the accounts in the debt consolidation program are either closed or frozen. This is done so that you don't multiply your total debt amount. Otherwise, it will become difficult to catch with the payments.

If your consultant tells you that your accounts won't be closed in the program, make sure that you don't increase the overall debt. Otherwise, the monthly payments that you will be making won't be sufficient enough to catch up with the total debt. The best way you can manage your finance is by increasing the income and reducing the expenses for each month. Cut all the unnecessary expenses and contribute a large amount towards your debt. This way, you will be able to finish your debt management program in a short time.

Ben,

That is really good advice. I'm in the process of adding some other debt, credit cards etc, with my payday loan consolidation. My hubby and I have made up a budget that we must stick to. I think that is an important factor. We're seeing where we can cut expenses so we can add more to the consolidation program as well as build a better savings account. Things are pretty tight right now but I have faith. I've also been looking for a second job to increase cash flow.

Hi msmishele30

How are you today?

Good things in life are only achieved by hard work. Though you might be living a life on severe restrictions, but at the same time, you are learning to manage your finance more efficiently. If you have had this knowledge before, I guess you would not have been where you are now. Things happen for good reasons only.

msmishele30, an easy way to take control of your finance is by putting everything on paper. Fix up your daily expenses and do comparison after every 10 days. Be determined that you will be able to reduce the expenses marginally in the coming period. I am sure you will see results within a short time. Do share this experience with us.

Regards
Roxette