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Debt Consolidation is often a sensible decision to reduce financial pressures. People opt for Debt Consolidation when they feel that their finances need to be controlled in a more organized way, but certain factors are kept in mind before signing up a debt consolidation.

10 Debt Consolidation

1. Why do want to consolidate debt?

The idea behind debt consolidation is to take out a single loan and use it to repay all existing credit card debts, loans and overdrafts. This act normally results in lower payments which are spread over longer term but before you process with debt consolidation, its better to consider another alternative.

2. Sell assets to clear your debt

Before rescheduling debts, do check out if there is any other way you can repay some or all of your debts. For example, sell unwanted valuables and other items.

Depending on the item you intend to sell, advertise in local classified advertisements or through websites. You can sell books through Amazon. If you own your own home, then you can even consider downsizing it to release equity, if your debts are very high.

3. Pay more than the minimum off your credit cards.

If you are able to pay more than the minimum monthly payments, you should give priority to continue with your existing credit cards and clear the debts over the next 12-18 months.

This will restrict your spending in other areas but it is the cheapest option in long term basis. You may still go for debt consolidation to manage your debts easily.

4. If currently you are managing to pay minimum monthly payments only through credit cards, or your total credit card debt is increasing each month, then debt consolidation would be the better choice. There are a number of options when considering debt consolidation.

5. A mortgage or re mortgage

If you are the owner of your own home, then it’s possible to obtain some lowest interest rates by taking out new mortgages to pay off your existing mortgage (if any) or other debts.

If repaying existing mortgage results in penalty charges, consider a second mortgage with your existing lender. There is a possibility that the interest charged won’t be that high.

6. Take out a secured loan with another lender

If payments have been missed or delayed and your credit score is too low for your mortgager, then find another lender who can give you a secured loan.

In such situations, secured loans are costly and the lenders are also quick to repossess your home if payments are missed. Only opt for this method when you are sure that you can make the repayments.

7. Loan secured on assets

If you possess an expensive car, boat or plane then there is a probability that you can get finance using these assets as security. Interest rate would be high in comparison to a loan secure on property. If you don’t own a property, or if it’s fully mortgaged, then securing a loan on other assets could be a choice.

8. An unsecured loan

If you don’t possess any sort of property or assets then unsecured loan could be the choice. It’s usually over a shorter term, a maximum of seven years but occasionally longer. As a result the monthly payments will be higher but the debt will reduce quickly.

9. Credit card option

If your debts are low and your credit history is also reasonable, then think about applying for another card with a 0% or low interest balance as an alternative to a debt consolidation loan.

There is always a 2-3% charge on the balance transfer, so be aware and cut up all your credit cards and close paid off accounts so that you don’t slip back into debut.

10. Check all the options before making a decision.

As one researches all available options for debt consolidation, the most suitable becomes obvious soon. For some, more than one option could be taken up, so it it’s essential to check them all. For many individuals debt consolidation is an ideal solution to help reduce excessive credit card debt. Once all debt problems are solved, one can have an enjoyable and a more relaxed life.

That was all about debt consolidation.

The problem with this is that not all of us have a budget to buy new items as much as we would like – especially when the cost of some fashion trends is so high!

Does this mean we have to miss out and live with a wardrobe that we are not happy with? Not at all! It simply means being a savvy shopper & buying the right items for you and your wardrobe.

Buy From the Right Retailers

Whatever fashion item you want, there will always be a range of retailers that offer exactly what you are looking for. One of the best things you can do is shop around and compare prices. If you are on a budget, then the last thing you want to be doing is spending more money than you need to on an item.

Remember though, that cheapest isn’t always the best option because when it comes to clothing, quality matters. Try and read reviews before you buy, so you know that whatever you are spending you are getting great value for money.

Also look out for sales, voucher codes and other offers to help bag yourself as much of a bargain as possible. There are different voucher websites you can check to see where is offering the best discounts at the time! It is also worth checking out cash back websites to see if you can save money on your purchase that way.

Buy the Right Items for You

When it comes to clothing, it is easy to get carried away and buy items that aren’t essential. If you are on a budget this means you’re going to be left with little money to buy the items you really need.

When you see something that you like, firstly have a think about how you would wear it, when you would wear it and how it will fit in with the items you have now. If you aren’t really sure how you’re going to wear it and there is a risk it will be left in the back of your wardrobe then do not buy it!

Where possible, try on clothing – if you are buying online check measurements and make sure it fits! Don’t be tempted to buy something that isn’t the right size for you, just because you want it and that is the only size they have left – because you’ll end up wasting your money!

Small Changes Make a Big Difference

Another thing to remember is that you can easily mix and match items that you already have in your wardrobe. I am sure we have all been in the situation where we are invited to a social event and we don’t know what to wear –because we feel like we have worn everything we own so many times already!

The best way around this is to consider mixing and matching items – wear a top with a different pair of trousers this time.

On top of this you should consider adding different items of jewelry to the outfit you are wearing! The great thing about this is that fashion jewelry is really affordable, so even if you can’t splash out on a new outfit you can afford to get a new necklace to give it a fresh look.

Match that up with wearing your hair in a different way and doing your make up slightly differently (there are hundreds of tutorials online) you can look amazing with minimal cost and hardly any effort at all.

Swap with Friends

At times you might feel that you are the only person struggling to stay fashionable on a budget, but the truth is that you are far from alone. In fact if you speak to friends and family you’ll probably find that many of them feel exactly the same as you.

Why not get together and arrange to swap some of your clothes? Just because you have worn a dress a few times and don’t want to wear it again, that doesn’t mean someone else wouldn’t get benefit from it! Half the time our clothes are in perfect condition, we just don’t want to wear it because we feel we have worn it too many times already.

By swapping with someone else everyone benefits from a new outfit without having to spend any money – and it is the perfect excuse to catch up with friends for a gossip!

Be Ruthless

The biggest fashion on a budget tip you can follow is to be ruthless. Do not be tempted to buy items ‘just because’. Make sure you always have a solid reason to buy something so that you don’t waste your money on something that isn’t going to be worn.

If there are items in your wardrobe that you aren’t wearing then don’t just leave them sitting there.

There are different places you can sell your old clothes to help raise some extra cash. In most cases you’ll be able to get about half back for what you paid for it – which might not sound great but it means you can sell two dresses you don’t wear in order to buy one dress that you will. When you think about it this way, it makes sense to do it that way!

Don’t over pay for something just because it is hyped. Often when fashion trends take off, retailers up their prices because they know people will pay it. Don’t be tempted by this because it a few weeks the prices will be back down to something more reasonable.

It is all well and good paying over the top for items that you can afford, but if you are on a strict budget then it is silly to pay for items that your budget can’t really stretch to!

Be sensible and savvy with all your purchases and you can have a fresh looking wardrobe without breaking the bank.

Nissan Pathfinder

• Class Mid-size SUV
• Brake Horse Power 240-310
• Price $27,440 – $42,160

The pathfinder has been in production since 1986 and its latest generation series was unveiled at the 2004 North American International Auto Show. The new R51 Pathfinder then released, used the Nissan F-Alpha platform, and was powered by a 4.0 L V6 engine VQ40DE.

Porsche Cayenne

• Class Mid-size crossover SUV
• Brake Horse Power 240-500
• Price $40,000 – $104,800

The Cayenne is a five seat mid-size luxury sport utility vehicle developed by Porsche since 2002. The latest-generation Cayenne was unveiled at the 2010 Geneva Motor Show.

Saturn Outlook

• Class Full-size crossover SUV
• Brake Horse Power 270-275
• Price $30,625 – $36,450

The Saturn Outlook replaced the Saturn Relay when it was introduced in 2006. This SUV boasts a 3.6 L V6 DOHC 24-valve HFV6 engine with Variable Valve Timing. The Outlook can comfortably seat 8 people. This SUV was an Insurance Institute for Highway Safety Top Safety Pick for 2008 and 2009, so if you are a safety first guy, then this one is definitely a worthy option.

Land Rover LR2

• Class Compact crossover SUV
• Brake Horse Power 230
• Price $35,500 – $35,500

A 5-door SUV, the LandRover LR2 is sold as Freelander 2 in Europe. The LR2 debuted at the 2006 British International Motor Show.

Mazda CX-9

• Class Full-size crossover SUV
• Brake Horse Power 273
• Price $28,805 – $34,215

Described as a ”modern station wagon”, the CX-9 was unveiled on April 13, 2006 at the New York International Auto Show. The latest model has a 3.7 L MZI V6 engine and features a 6-speed F21 automatic transmission.

Mercedes-Benz GL

• Class Full-size luxury crossover SUV
• Brake Horse Power 215-382
• Price $59,950 – $82,850

The Mercedes-Benz GL-Class debuted at the 2006 North American International Auto Show and it seats 7 passengers.

The GL 450 model of the SUV received the 2007 Motor Trend Sport/Utility of the Year.