DIY Debt Consolidation

It’s perhaps a secret to building wealth which is hidden in plain sight, but one which people just tend not to even try and explore with the aim of finding out for themselves if it works or not. That open secret is simply that if you want to become wealthy, you have to monetise something which people do every day, like making a phone call, connecting to the internet, taking a shower, eating, etc. While the barriers to entry are seemingly high (relatively speaking of course), with the right kind of determination anyone can make it happen really. This is because so much of our daily lives are outsourced, from the very food we eat (food producers and retailers) to the looking after of our money (banks).

While some of these essential parts of our lives are justifiably outsourced (I mean you don’t want to go and hunt for your food every single day now, do you?), the service providers who make it their business to take over the production of these services can teach us a thing or two about how to better run our affairs, especially with regards to the financial aspects of our lives. Debt consolidation comes up as a particular area of interest in which one can ponder going it alone by simply following the models and principles employed by debt consolidation service providers. It is indeed possible to go it alone, but DIY debt consolidation is not for those indebted individuals whose debt situation is at a desperate level. You need to have a cool head and simply do a bit of number slotting, modelling and simulation to realise that you can indeed do it yourself and perhaps even avoid the service provider fees which are otherwise levied by debt consolidators.


Your DIY Debt Consolidation Options


When you’ve taken out credit with different creditors, the costs of servicing that debt add up beyond the interest-added repayments. If you have debit orders which go off for instance, those types of transactions incur bank service fees. Interbank fees can also come into play and you’re in a sense charged each time you make the repayments, separately for each repayment. That’s the first area to look in when you’re considering implementing a DIY debt consolidation effort, bringing all the otherwise separate transactions together to form just one repayment.


If you’re managing to pay off all your debt and you can bring a guarantor on board, explaining to them exactly what you want to do, you can get a good lump-sum from a lender such as Glo loans, pay off all your various loans and benefit from the savings which come with paying them off “early,” and then only have to deal with one periodic payment to just one entity.

The savings are two-fold in that you now get charged only once for the service of having the transaction completed for you, but what you’re ultimately aiming for is consolidating your debt with just one lender such that your monthly repayment terms work out to be lower than what you’d have been paying to different lenders.