Debt consolidation and management; more money in your pocket

If you are like many consumers, debt consolidation and management sounds too good to pass up; and it’s easy to see why consumers are seeking solutions to their debt problems. Consumers now owe nearly $2 trillion, not including mortgages. We are concerned about the economy and about our jobs, and debt consolidation and management can be a smart way to keep more money in you bank account.

Debt consolidation and management; some helpful hints on how to evaluate your financial health

A. Determine your preset expenses. Identify your priorities, basic needs, and your expected standard of living. Look for places to cut back and start paring down the “frills.”

B. Calculate how much of your income goes toward debt payments. Generally, if more than 20 percent of your disposable income is going toward unsecured debt repayment, you should create a debt consolidation and management plan. Many experts advise that the total of all your debt payments—mortgages, credit cards, auto loans, student loans, and so forth—should not be more than 36 percent of your gross monthly income. If this is the case contact MMI and let us help craft a debt consolidation and management program tailored to your specific needs.