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I Do a Crappy Job Keeping Up With My Credit Card Payments

By on March 19, 2018

Question:

Dear Steve,

I am a college graduate with both federal and private loan debt. On top of that, I have credit card debt which I am trying to pay off. However, poor decisions and lack of understanding of some terminology my credit score is very low. I am recently engaged and we are trying to get our finances in a better place so that we can build a future together.

I am having a hard time keeping on top of my credit card payments and dates, this usually ends up with one missing or one or two not being paid because I can not afford it. I am wondering if a debt consolidation loan is a good option?

Caitlynn

Answer:

Dear Caitlynn,

I completely understand the issue.

First off, just because you are struggling with these issues does not make you bad in any way. Not everyone is really good with those kinds of things. Those that are not good at those tasks tend to be more creative while people who are good at that stuff tend to be more analytical.

To find out what your money personality is, take my online test here.

Coincidently, opposites do attract. While you might not do a great job at managing your finances the odds are that your future spouse does handle those issues with more organization. Maybe you could turn to them and ask for some help to keep things straight.

If you don’t want to do that there are some things you can easily do. For example, you could set your minimum payments up on automatic payment and set a calendar reminder for yourself when they are supposed to hit. But you’ll have to be careful because you don’t want to overdraft your account when you think there is more free money in it and a debit just has not hit yet.

Is a Debt Consolidation Loan a Good Idea?

There is no clearcut answer if a debt consolidation loan, like this one, is a smart move to make. So let’s look at the pros and cons.

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Pro

  • It would potentially pay off all your debt and give you just one payment to make each month for your unsecured debt.
  • You could consolidate your federal student loan debt into one Direct Consolidation Loan.
  • You could consolidate your private student loan debt into one private student loan consolidation.
  • The rest of your debt could go into a regular debt consolidation loan.

Con

  • You still have to remember to make the payments.
  • It could be more expensive than the interest rates you are paying now.
  • Be careful to NOT consolidate your federal student loans into a private student loan consolidation.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Caitlynn

    March 19, 2018 at 2:20 pm

    Answered question on money management skills.

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