get all the bills current
Philadelphia, PA (PRWEB) July 12, 2015
Debt Consolidation USA shared in a recently published article how consumers can use any extra funds they might find in their household budget. The article, titled “8 Smart Ways To Use Extra Funds In Your Budget,” explains some of the best ways people can make the best use of extra funds.
The article explains that for those that have to live from one paycheck to the other every month, finding some extra funds in their budget is a breath of fresh air. But this can be both a happy and confusing day for consumers because they get to have extra funds but are quite unsure how to make the most out of it.
One of the things that the article points out is that if the extra funds are supposed to be a monthly on-going basis, then consumers might want to pay-down their credit card debt more aggressively. This is because credit card debt usually carries the highest interest rate across all consumer debt. Paying high interest on a loan is not an ideal situation because consumers waste money on interest payment which could have been used elsewhere.
The article also shares that it is a good idea to get all the bills current if consumers have fallen behind on their payments. This helps them save money from having to pay multiple late fees and charges as well as rescue their credit score from further damage. Late payments and getting delinquent with financial obligations does not sit well on a credit score.
The article also encourages consumers, especially parents, to start thinking about saving for a college fund for their children. The sooner they start with the college fund or even a retirement fund, the more the compound interest can work in their favor.
To read the full article click this link: http://www.debtconsolidationusa.com/personal-finance/8-smart-ways-to-use-extra-funds-in-your-budget.html