Debt consolidation for people with reasonable debt!


I’ve been on a research to understand the real deals of debt consolidation.
I’m not too bad in debt, yet I was planning to consider debt consolidation procedures. My best friend is a financial advisor and working in a reputed firm in Toronto. So obviously I called him and he described me the pros, cons and every minute facts regarding the same. Instead of quickly getting into the business he advised me to do my own research and understand the same a bit more.
So I got back and started my way of study, mostly I felt the same as good and sometimes as an evil. So would you like to share your thoughts/experience/ideas regarding this?
Speaking about my financial status, I’ve two CC debt(one is at 10% and the other is at 15%), it hasn’t become a burden yet! I’m not a shopaholic person and so far no calls from any creditors!
I’m getting sick of seeing me paying interests monthly without having a space to save much. Most of the website for this consolidation services are made to help people who are harmed in hectic home loans or being threatened by creditors. Honestly, I couldn’t find much to help people with reasonable debt.
I’ve some debt left over from my previous business(currently I’m not an entrepreneur) and some CC debt. So please suggest me some definite plans or should I really consider debt consolidation at this point???


Have you considered consolidating both of the credit card balances onto a 0% interest credit card and pay it down prior to the 12 month or 18 month introductory period?

If this isn’t possible, consolidating the debit into one lower interest loan would be better.

I assume the balance is too high to pay off all at once?



Don’t consolidate until you correct the problem that got you into CC debt in the first place. (Living beyond your means/spending money you don’t have) If you don’t fix the problem, you will end up with the consolidation loan and then have CC debt again as well. You will be worse off. Once you make the corrections, the consolidation loan might help you. Or you can just stop using the cards and use the snowball method to pay them off quickly. It’s hard to pay them off if you are still using them.

Good luck.

Dr. Cory S. Fawcett
Prescription for Financial Success