While consolidating your debt can help free up room in your budget, you may not want to cut up your cards afterward — especially if your emergency savings are in critical condition. That credit line could protect you from those first few late fees, which could cascade into a stream of other fees and penalties if they hit you at the wrong time. Privacy Policy Ready to stop worrying about money? Source: thepennyhoarder.com
1. Find Someone New
Be sure to ask some critical questions. Can they reliably pay the rent? Do they smoke or drink? How do they feel about guests? Make sure you’ll be compatible as roommates. The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 2.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month. AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
2. Stop Paying Your Credit Card Company
Even if your credit score needs work first, there’s no better time than the present to start improving your score. And you’ll find that the measures you take to improve your credit are good for your finances in general. A free website called AmOne wants to help. AmOne will match you with a low-interest loan you can use to pay off every single one of your balances. Ready to get to work? Get the Penny Hoarder Daily Your credit score is like your financial fingerprint. Everyone’s is different — and for different reasons. That means everyone’s strategy to improve their credit score will look different… but how in the world are you supposed to know where to start?
3. Have a Safety Net
You don’t have to be married to face some of the drama that comes with a messy divorce. Whether you have a roommate who’s been casually dropping hints that you should be looking for a new roommate or they’re downright spelling it out, the prospect of that person leaving can feel like you’re about to lose everything the two of you worked so hard to maintain. Thankfully, a free website called Credit Sesame will take a look at your credit report and let you know exactly what you need to do to improve your score. Without a roommate and the rent savings that person provided, you might lose interest in paying anything more than the monthly minimum on your credit cards. But if those credit cards bear gaudy interest rates, you might not be making the best use of your dollars. Remember: Sharing a space with a roommate isn’t about being best friends, though it’s nice when your best friend happens to be a great person to split living costs with. It’s more important to live with someone you can coexist with and rely on. If you’ve just learned this the hard way, we apologize for any salt that accidentally dusted that wound. <!–
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