Evils of Money, Money and consolidating Debt

Evils of Money,  Money and consolidating Debt

Evils of Money, Money and consolidating Debt

Evils of Money, Money and consolidating Debt - It is always believed that money is the root of all evils. Yes, it could be but it is not all-true. We need money for our needs. If used well, it is the greatest material asset you could have. But, if you let yourself get carried away with the things and the services money could afford without proper use would result to negative outcomes.

Money could be an angel and save you from worries and give you a life of comfort and of convenience. 

On the other hand, it could lead to a worse situation. 

Money could be the source of the guts to be into gambling and other forms of vicious activities. This would further result to even worse outcomes.

 With money, materialism is also growing. Too much of it would be very negative in effect.

People gets too reliant on money and laziness or tardiness are triggered. This of course plunges down the dignity of work.

Money is the cause of selfishness and greed for most modern-day people. With the wrong perception that money would make one feel happy and secured, people do all means to covet it.

Relationships are broken due to the disagreement in money matters. Feuds blow up when money is at stake.

Money in form of prizes, people tend to rely on their luck by joining games of luck and become too impatient of working hard.

Fraud in the government like corruption rooted from the influence of money.

As we see it, it is not money that is evil. How people see and consider money is what matters most. Through time, money has become the wrong core of lives people have. Due to such, misery wraps the world and it all falls back to the fact that majority of people around the globe has the thinking that money buys all and money influences all.

In a shallow look, these are true but beneath the materialistic worldly eyes, there are things that money could buy and the things that are of huge essence are not necessarily things.

Money and consolidating Debt

Money and consolidating Debt

Debt Consolidation is a means of simplifying payments of debts. It is a method wherein you pay all your debts using one single loan. On the other hand, it may extend your repayment time. It would also mean an increase on your finance charges. Refinancing is one option to lower interest rates.

Let us take a peek on the advantages and the disadvantages of debt consolidation.

As its plus points, it requires only one monthly payment rather than numerous. This simplifies bill paying. It assures also that the bill is paid on time. When it comes to interest, it may also have lower interests than other debts.

As its minuses, reduction in the monthly payment may tempt you to take on more debt. What’s worse is that you may lose your home if you take out a mortgage to pay off unsecured debt.

A well-chosen consolidation plan is necessary so that it will not push you to a deeper pool of debts. There are certain means to get money for debt consolidation. Here are some of them:

Borrow money from yourself

Money from your savings accounts, Certificate of Deposits (CDs), stocks, bonds, or retirement could be of use or consolidating debts. It just takes risks because this amount may serve as your emergency fund. You may need it ay time soon.

• Borrow from family and friends.
• It sounds easy to borrow from this group of people but not paying the said amount properly or just being on time will ruin the relationship.

• pawnshopst can give money instantly but only 30-50% of the real price of an item.
• Lie Insurance, Loan Account or Home-Equity Loan
• Are also means of money for debt consolidation but they post disadvantages.

Just bear in mind, a consolidation loan is fine if and only if YOU:

• Have a high amount of debt; 
• Have a very high interest rate on that debt; or 
• Are considering borrowing more money at a high interest rate. 

If you are not committed to repay the debt, you are tempted to use “freed up” money to have more debt or you are risky enough to lose your own car, debt consolidation is not a good idea in any side o the spectrum.

You have to think of some alternatives and not resort to consolidating debt.