Money Talks January 2021 | Stephanie Garcia

Los Power Payers

Los Power Payers

Saturday mornings as a kid meant café con leche☕️, pan Cubano🥖, cartoons… and Mami blasting Celia Cruz to remind you, the house still needed to be cleaned. Pero, we all knew, Saturdays really started with watching the best kids’ TV.📺

Those TV shows taught us “ la union hace la fuerza.” Like the Power Rangers! There was nothing stronger than those Mighty Morphin Power Rangers morphin into Megazord. Like, güau. You knew someone was gonna get wiped out with Megazord. ⚔️

Well, you can morph all your debt together into your own “MegaLoan” with debt consolidation and help wipe your debt away. Nerd Wallet describes debt consolidation as rolling multiple debts, typically ones with high interest rates, into one single payment.💵 Debt consolidation can help you get a lower interest rate which could help reduce your total debt and help you pay it off faster! Just like Megazord takes out those bad guys faster. POWER UP! 🤜🏽

There are a few ways to consolidate your debt, some riskier than others. Two primary ways according to Nerd Wallet are to transfer all the debts to a no interest, balance transfer credit card💳 that you pay off in full during the promo period or getting a loan and using that money to pay off all your debt so then, all you got to pay back is that one loan. Easier to fight one bad guy than a whole bunch, right? 🤷🏽‍♀️

A couple other ways mentioned are taking out a home equity loan or a 401(k) but those are riskier to your home and retirement, respectively.

Pero, debt consolidation isn’t for every debt. Sometimes that Pink Power Ranger had to fight all on her own, right? And she still kicked ass! 🙌🏽So, you have to weigh your overall debt with how much you would save or whether debt consolidation would actually help your financial wellness. You may be able to DIY it with a Snowball ❄️or Avalanche🗻 method if your debt is small or you may have to look into stronger options if your debt is overwhelming.

Whatever it is, know you have that fuerza 💪🏽 inside you to defeat your debt however it needs to be destroyed. One place to start assessing your debt is SUMA’s Credit Card Calculator. Then, gather up those bills and decide if, for you… IT’S MORPHIN TIME!

SOURCE: https://www.nerdwallet.com/article/finance/find-debt-relief

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