Lower My Bills: How I Did It

2007-03-08 10:33:40

( Financial )



After some research, I have concluded that the best way to lower my bills is through the consolidation and refinancing of my loans. Student loans, mortgage payments and credit card bills come every month, all of which eat up a significant amount of my monthly earnings and leaves little for savings.

The first step that I have done is to make a list of all the pending obligations that I still have in an attempt to lower my bills. There are two places where you can look for ways in which to acquire lower interest rates for these loans. First, you can consult with the bank wherein you have a current account. Another method is by checking the Internet for companies that can help you with your loans. There are also several federal loan consolidation programs that are being offered and which you could be eligible for.

What I have done to lower my bills is to take out a larger loan that covers all my existing loans but with a significantly lower interest rate. The only downside when you lower your bills is that there will be a much longer payment period for these loans, but it does free up enough of your paycheck every month to make other investments.

However, there are some precautions that must be taken when you are considering debt consolidation. Some companies only offer the lower interest rate during an introductory period and then revert to a high interest rate after this period is over. Aside from this, there are many companies on the Internet that have fraudulent claims for debt consolidation so you need to check with the Better Business Bureau first regarding their reputation. You should also refrain from giving out any sensitive information over the Internet since this could be used in cases of identity theft.


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