Unless you have been living under a rock, you’ve probably heard a time or two how important it is to build up an emergency fund with about three to six months (or more) of your living expenses. Yet, despite hearing this advice, most Americans aren’t heeding it. In fact, some statistics report that the majority of people live paycheck to paycheck. This could explain why credit card debt is so high. If you don’t have an emergency fund to draw from when the unexpected happens, odds are good that you’ll look to the credit cards to cover the expense.
Unfortunately, over time and with credit cards bills piling up, the ability to put money aside for a rainy day seems even more daunting. So how do you get out credit card debt and start saving money? A Consolidated Plus loan could be the answer to help you build your emergency fund faster.
How You Could Make Your Emergency Fund a Priority
While most people probably agree that an emergency fund should be a priority, how to turn it into one is often difficult. There are always pressing bills and other expenses that come up. And even three months of living expenses can seem like a huge and impossible amount of money to save. The good news is that it is possible, and not as difficult as you may think.
The first step is to create a plan of action. Build a habit of tracking your spending. When you really look at what you spend your money on each month, the odds are good that you’ll find ways to cut some of these costs. Could you reduce your grocery bill by shopping the weekly sales? Eat out a little bit less? Find ways to reduce spending and in turn, you can put the money you saved into your emergency fund. If you found a way to save five dollars every day, that would add up to $1,825 in a year.
Even if you start with very small steps, it all adds up. According to Kevin Gallegos, a Vice President of the Freedom Financial Network, you also need to make sure you can pay your monthly mortgage or rent, and try to pay off your credit card debt. Think of all the money you could put towards your savings if you were free from the burden of credit cards.
Consolidation Plus Could Help You Eliminate the Credit Card Debt
If you aren’t careful, credit card debt can wreak all kinds of havoc. You try to pay it off, then an emergency happens. But you haven’t been able to establish an emergency fund and so you have to use the credit card you had just paid down. You see the cycle here? Fortunately, you can break out of this cycle with a loan from Consolidation Plus, which is a member of the Freedom Financial Network.
This exclusive loan program was designed to help eligible customers consolidate their unsecured debt, such as credit card debt, allowing them one easy and manageable payment each month at an agreeable rate. So, no more juggling multiple high-interest credit card payments.
How Does This Program Work?
The Consolidation Plus program works in just three simple steps.
First, once you express interest in the program, a company representative will contact you, review the details and see if a consolidation loan is a good fit for your situation. If it is, and you qualify, you can apply for the loan. You will know within two to four days if you are accepted.
Second, once your application is approved, you’ll be able to start the program immediately. All you need to do is review the details with your loan consultant, sign the agreement, and send it back.
Third, They will get to work negotiating settlements for your accounts. They will settle them quickly for you while you begin making one monthly payment on your Consolidation Plus loan.
With this program, you could resolve your credit card debt quickly and regain control of your finances. You could also use the money you save to build up an emergency fund so that you don’t have to resort to using the credit cards again.