How to Get All Your Debt Put Together in One Monthly Bill

Putting all your debts together and having only one monthly bill each month is an effective way to better manage your finances. The disadvantage of dealing with more than one creditor and account is the risk of forgetting or overlooking a due date, and then having a late payment or late fee on your record. Through consolidation, you can decrease your monthly bills and combine your debts.

Instructions

1

Slash your number of credit cards. Some consumers have multiple credit card accounts, each with their own balance. Talk to your card companies about balance transfer options. Compare quotes and apply to see if you qualify. Transfer balances from multiple cards onto a single account.

2

Open a home equity loan or home equity line of credit. The amount approved for by your bank depends on how much equity you have in your property. Take this money and pay off your credit cards and other loans. Afterwards, make one single payment every month to satisfy the home equity loan or HELOC.

3

Combine debt with a personal debt consolidation loan. You don't need to own real estate to put all your debts into one monthly bill. But you will need personal property to secure the loan. Use a car title or other valuable property as collateral, and then approach your bank to apply for a debt consolidation loan.

4

Manage one monthly bill with the help of a consolidation or credit counseling agency. This technique of pooling debts doesn't involve bank loans or credit cards. These agencies step in to manage your debts. You mail one payment to the agency, and the agency allocates and delivers payments to your creditors, usually at a lower interest rate to help you save money.