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Debt consolidation may be an option when people can't make minimum payments on all of their accounts
01/04/2010
Many consumers may be having difficulty trying to pay off debt, which may leave them wondering what their best course of action is.
In a recent posting Expert Financial Advice blog for the Dallas Morning News, a reader wrote in to say her and her husband could not make the minimum payments on their credit card debt every month. As a result, she wondered whether they would be better paying less than the minimum on all of their cards, or making that payment on a few of their accounts.
Bragg Comer, who is a certified financial planner, suggested that the reader look at her credit card agreements in order to see what the penalty would be if she makes less than the minimum payment.
"But I believe your best option would be to send a payment to each creditor, even if it is not the minimum payment," Comer wrote.
Consumers who find themselves in this position may wonder what else they can do to pay off debt. One option they may consider is a debt consolidation program, which may help reduce the interest people have to pay on what they owe.
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