Is consolidating your bills a good idea
Secured is anything linked to collateral – something your lender can take back from you if you default on your payments.
If you default on debt, there are many things that can happen.
In an ideal world, you would pay your bills on time every month and have money left over. Sometimes there are more bills to pay than there is money in the bank account, especially when you’re trying to get out of debt.
And in an ideal world, there would be no interest, no late fees, and no one would ever be stuck with the feeling that they cannot get ahead. So what can you do if you can’t pay all your bills?
Here are some things to keep in mind in order to help you avoid late fees and meet your financial obligations even during the most difficult months.
Everything you owe is considered either secured or unsecured debt.
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So before you do anything else, make a list of each bill you have and what you will lose if you don’t pay on it for one month.