If you’re not familiar with debt stacking, here’s one way to understand it. As you pay off a bill, usually the ones with highest interest rate first. Use the money that you were using to pay that bill, and apply it to the next bill using the same criteria. When you pay that one off, use the money from the first two towards the next bill. Then, using the money that you were paying the first two or three bills with towards the next one. By doing this, you will pay off your bills faster. You do this until you have all of them paid off. DO NOT create new bills while doing this. That defeats the purpose of paying off the bills.
Now that you either have your bills under control, or are on your way, here’s the next step. A good financial advisor will be able to cover all facets of your finances. Including mortgage, retirement, debt, life insurance and other things. The simple interest loan is better than a compound interest loan. Ask about the difference, and if they offer the simple interest loan, then you need to investigate that option. If you do pursue the loan, you will save a substantial amount of money, usually thousands to tens of thousands. The advisor should then review the procedures with you about how to eliminate your debt and how to best utilize the money that you will be saving.
Depending on your financial position you may want to review the Found money article.
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