Personal loan can help you pay your debts

Today people are having hard time in making savings. Some of them are able to do savings and for some it is difficult as a result you get deeper and deeper into debt.

Personal loan can be used for consolidating credit card debt. By doing this there is one advantage it is that you will have only one payment and there are usually no late fees if they are they are not as large.

The interest rate is not raises on a personal loan when you don’t make a payment either. Therefore it is important to make sure your payment is with in your budget. You do not want to have a bad mark on your credit.

But there are certain priorities to remember when you are deciding which bills you are going to pay. Some will have to wait until the next pay check.

Your mortgage and home insurance should be your first priority in the list. Your house is what provides you with shelter. It is also good for your credit to make sure your mortgage payments are always on time.

If you have your own house then there is property tax that comes along with it. Although you have taxes taken out of your pay check that does not mean that you will have enough when it comes time to pay them. So put money aside to cover taxes that you will have to pay.

On the second position comes the car payment. Transportation is very important. It would be difficult to get back to and from work.

When buying a car better to go for the one which fits in your budget easily. You can look for a used car that is still in great condition.

Most people have credit cards now days. The minimum payments can really add up. Credit cards have late fees and if the payment is not made in time they will raise your interest rate, normally to 29.9%.

When you know that your interest rate is going to be raised. Look at which card has the smallest balance on it, 29.9% of $100 is better then on a $1000.

Another thing to remember is that most credit card companies do not report your late payment to the bureau until it has been 30 days late. So if you pay it 10 days late you will be ok with your credit report. Though you will still have a late fee and the interest rate could still be raised.

When deciding which card to pay first then look if there is a grace period on any of your cards. You can save those cards for the next pay check.


The last thing to pay is your utilities. If you explain about your situation to gas and power companies they will work out for you.


The cable and phone bills are not as important. These are things that we can survive with out. If the phone and cable is shut off it will not affect your well being.