If you’re spending more than 30% of your gross monthly income on living expenses, you might be what’s known as “house poor.” A recent survey by HomeTap found that nearly 20% of U.S. homeowners feel like their monthly housing costs impede their ability to achieve other financial goals most of the time, and an overwhelming 73% feel it some of the time.
Debt consolidation means getting a new loan to pay off all your debts through a single payment plan. With the help of debt consolidation, you can also pay off multiple unsecured loans from credit cards, medical bills, personal loans, payday loans, etc. A Debt Consolidation Loan can be an effective way to manage your finances in 2020. You can roll multiple debts into a single payment, ideally with a lower interest rate. It is like refinancing your mortgage – you take a big loan and then pay off all your previous unsecured loans.
