being that low, the best thing to do is pay off the smaller debt first, then apply that payment amount to the next smallest debt and so on. . . it is called the debt snowball (Dave Ramsey’s book called Financial Peace. ), takes a little while but it works and also keeps you from getting dinged you credit.
The question is a little difficult to answer since so much depends on your personal situation and some other data. What is your monthly payment for each loan, what is the interest rate on each loan, how much additional money can you apply to your debt each months, etc. A personal attitude that matters is your degree of discipline when pursuing a goal.
Without knowing any of these particulars, I would suggest that you don’t need to consolidate your debt because your debt does not seem to be that large. If you want to accelerate your debt payments (and get rid of them faster), I would tackle one debt after another starting with the one on which you pay the highest interest. You may also want to check with some of your creditors – like a credit card company – whether you can negotiate a lower interest rate. These days creditors are more eager to have customers pay back the money they owe than default on their debt due to higher interest rates.
No I think its not the best thing. . .
being that low, the best thing to do is pay off the smaller debt first, then apply that payment amount to the next smallest debt and so on. . . it is called the debt snowball (Dave Ramsey’s book called Financial Peace. ), takes a little while but it works and also keeps you from getting dinged you credit.
The question is a little difficult to answer since so much depends on your personal situation and some other data. What is your monthly payment for each loan, what is the interest rate on each loan, how much additional money can you apply to your debt each months, etc. A personal attitude that matters is your degree of discipline when pursuing a goal.
Without knowing any of these particulars, I would suggest that you don’t need to consolidate your debt because your debt does not seem to be that large. If you want to accelerate your debt payments (and get rid of them faster), I would tackle one debt after another starting with the one on which you pay the highest interest. You may also want to check with some of your creditors – like a credit card company – whether you can negotiate a lower interest rate. These days creditors are more eager to have customers pay back the money they owe than default on their debt due to higher interest rates.