Lesson 12: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this twelfth lesson, Patrick Munro, a veteran registered financial consultant, will explain the cheapest way to consolidate debt:
Here are the methods to consolidate debt described by Patrick in the video:
- The cheapest way to consolidate debt is not to get into debt in the first place.
- If you’re already into debt, the best way is to get a second job and increase your income.
- Another cheap way is to look for 0% interest credit card offers and transfer your high interest debt to them.
- Once you’ve transferred the debt, pay off as much as you can while it’s at 0%./li>
- But be careful, because the credit card companies will raise the rates once they have your business.<
- You have to be very savvy and keep credit scores as high as possible to keep the better offers coming in.
- If you’re a home owner, consider a home equity line of credit to consolidate your overall credit card debts.
Learn More: These are some great ideas to consolidate debt without spending much money. If you want to know more, visit our Consolidating Credit Card Debt section.
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