This is a common problem for consumers, choosing between paying their debts and saving for the rainy day.
Dallas, TX (PRWEB) August 02, 2013
Debt Consolidation Whiz, an online resource for debt relief information recently published an article that provides consumers with information about paying off debt and saving. The site believes that this is a common problem for consumers, choosing between paying their debts and saving for the rainy day. This is why the article will focus on how consumers can manage both even if their income is limited.
The article was published on July 29 and entitled “How To Pay Off Debt And Save Despite A Limited Income.” Debt Consolidation Whiz provided two solutions that will help consumers accomplish this seemingly difficult feat.
The first solution involves increasing one’s income. If the consumer is having a hard time making ends meet, the article suggests that they should just increase their monthly cash inflow. According to the article, there are many opportunities to earn extra money. The article provided suggestions that will help the consumer earn more without really making it too mentally or physically exhausting.
1. Passive income. The article encourage consumers to seek out passive income generators because this will help them earn without requiring too much input. The hard work will be in the beginning but it should provide extra money for a long time. The article gave the sample of converting the garage as a studio apartment for rent.
2. Earn through hobbies. Since it is a hobby, it should not be too difficult to work on it after the consumer’s day job. The article suggests cooking meals for family and friends or selling baked goods. Even people who have carpentry skills can make furniture for neighbors.
3. Online jobs. The last sample suggested to consumers are online jobs. There are small businesses that are looking to hire workers over the Internet. Consumers who can design websites, create programs, write or have the talents to be a virtual assistant can make a living online. Ecommerce sites can also provide consumers with the income that will help them commit to both debt and saving contributions.
The second solution that is provided by Debt Consolidation Whiz is to get debt help. Specifically, the article urges readers to opt for debt consolidation. It comes in two forms, debt management and debt consolidation loan. The article provided the benefits of this debt solution but the most noteworthy is the fact that it lowers the monthly contributions of the consumer. This will allow them to free enough funds that will help grow savings.
The lower monthly requirement is possible because the debt is spread over a longer payment term. There is also the possibility of the interest rate being lowered and that will add to the savings of the consumer.
Debt consolidation, as the name suggests combines debts into a single payment scheme. This enables the consumer to exert less effort in monitoring debt payments and thus give more attention to growing their income.
Debt Consolidation Whiz hopes that consumers can take the solutions they have provided to help them rebuild their financial stability despite the presence of debt in their lives. They are very confident that it is possible - although it does take hard work.
To read the whole article, visit the website of Debt Consolidation Whiz.