Exploring Options for Debt Consolidation

Are you struggling to pay off your debts, such as student loans? Are your credit cards maxed out and can you no longer qualify for a 0% credit card balance transfer offer? In general, you want to choose a debt consolidation loan plan that simplifies your financial life or reduces the cost of your debt, or, ideally, both. There are some debt consolidation loans Canada offers and these are available from lenders that can simplify your payment but do not significantly reduce the cost of your debt. You don’t want to choose those.

Explore Your Options

You need to explore your options. This is why it is so important to research your debt consolidation loan providers before making the decision. One of the biggest obstacles to debt consolidation is the risk you run in incurring new debt before paying off the consolidated debt. Therefore, close all old accounts or cut them off. You may have heard that closing multiple accounts can hurt your credit. Initially, your score may take a small hit, but this is nothing compared to the hit your credit score will take when you keep adding more debt to your bad debt.

Learn how debt consolidation affects your credit

If you got into debt due to unexpected circumstances, such as a medical bill or job loss, rather than a recurring cycle of making poor purchasing decisions, it is probably better to keep your accounts open and just cut up your cards so your credit score remains intact. How debt consolidation affects your credit will depend on the options you choose. Every time you apply for a loan, this is considered new credit, which means that a thorough investigation of your credit will be done. As a result, your score will drop. Some lenders allow you to apply for a debt consolidation loan without affecting your credit score, giving you an interest rate without having to do rigorous research.

The Lenders

With some lenders, those with the best credit will get the lowest rates. Many lenders also don’t charge fees for paying off your loan early; however, they could charge upfront fees of up to five percent on your loan. Some may send money directly to your creditors to increase your chances of successful debt consolidation. Your credit score will depend in part on your credit utilization, how much debt you have compared to the total amount of available debt. When all your credit cards are maxed out and you open a new one, this increases your available debt and lowers your utilization rate, which can actually help your score. However, your score will suffer whenever you have a high balance on any card. Transferring multiple balances to one card will cause your score to suffer, even if you have paid off all of your other cards.


Using debt consolidation loans Canada offers to pay off credit cards lowers your utilization rate and increases your score. Many debt consolidation companies will negotiate with your creditors on your behalf for lower balances and lower interest rates. Look for those who will get a written agreement from each of your creditors that outlines the terms of the agreement.

Enter To Win $40K Towards Yours or Your Child’s Education

If you follow me on social media you’ll know that one of my favorite hobbies is entering sweepstakes. I don’t win too often and rarely ever the big prizes. But I go by the saying “You can’t win if you don’t enter”. It’s statistics right? If you enter so many your bound to win a few here and there.

This one I could not pass up. My oldest son is a freshman in college. Just started college about a month ago. While he was lucky to get a scholarship that covers some and a couple small loans, the rest we’re paying out of pocket. It would be so nice to to win this and just pay off his education.

Scootchy app is offering an amazing sweepstakes. Scootchy College Savings and Debt Repayment Sweepstakes. The winner gets $40,000 that can be used towards yours or your child’s education. That is amazing! I know I’m not the only one who would be interested in this so here is the link so enter for yourself. This could be a big help for one lucky winner, especially in these times.

Scootchy College Savings and Debt Repayment Sweepstakes

The sweepstakes is open until October 27, 2020. Open to legal residents of the USA excluding Florida and New York. No purchase or payment necessary. Purchase will not increase odds of winning. See sweepstakes rules on their page for more info.

Would you like to see more posts like this on Luv Saving Money? Let me know in the comments below.

3 Money Management Tips

Many people can find themselves in a financial situation they did not expect to face. Dealing with personal finances can be intimidating for people, especially if they were not taught good money management skills while they were growing up. That does not mean that it is impossible for people to take control of their finances. By taking an honest look at their finances, creating a monthly budget, establishing goals and taking actions to reduce expenses, people may be able to improve their situation.

1. Budget

One of the best ways to take control of a financial situation is to create a budget. Calculate all of the monthly, quarterly and yearly expenses to figure out how much money needs to be paid or put aside each month for bills. Do not forget to include things like oil changes, holiday expenses or yearly subscription fees. Write out all of the expenses that will happen each month and compare it to the household income.

2. Reduce Expenses

Look over the expenses and wean out anything that is not necessary. Cancel subscriptions or look for bargains for needed purchases. Call up credit card companies and ask about interest rate reductions. Consolidate debt if possible, check out payday loans in Ontario to pay for something that the cash is not yet in hand for. Make sure to pay off any loans quickly to avoid fees and high interest rates. Get quotes on lower insurance rates and better cell phone and internet deals.

3. Evaluate Income Options

Sometimes people can reduce their expenses as much as possible and still not have as much money left over at the end of the month to suit their needs. Consider the available options to increase income. Perhaps asking for a raise or seeking out a promotion at a current job is a solution. Taking on a second job or picking up small gigs can be helpful in filling any income gaps. Investigate passive income streams like investing, blogging and affiliate marketing. They will take some initial investment to begin, but once started they can be a great source of extra money.

Having a messy financial situation can be stressful. Making a plan and taking active control over all aspects of the financial plan can reduce stress in a person’s life.  Take control and try to account for all of the expenses that come up during the year to be ready for them. Talk to a professional financial advisor if needed in order to ensure the best results.

Earn Gift Cards In Your Down Time with Dabbl

I feel like, with current conditions, everyone could use a few extra bucks right? Imagine being able to interact with ads, take surveys, and more from your phone while waiting for the bus, sitting in the waiting room of your doctor’s office, or while sitting on your couch and earning free gift cards for doing it!

This time of year is the perfect time to start earning too. In my experience starting by this time or sooner in the year usually produces at least one gift card for the holidays. A gift card that can be used for holiday shopping, to gift, or used to buy donations. If you could earn gift cards to Walmart, Disney, Target or hundreds of other stores for FREE, would you try it?

Dabbl is a reward app that offers everything I just mentioned. Simply download the app, for free, and start earning your way towards free gift cards.

Dabbl is available in the apple app store and Google Play. So if you’re phone or tablet uses either of those options for app downloads, you’re good to go.

Dabbl has paid out over $2 million in gift cards since 2017. If you find yourself having just a little extra time on your hands with this pandemic this is a great way to spend your relaxation time. Doesn’t hurt that you’ll earn some free gift cards either.

I was looking at the list. Some of the gift cards that caught my eye include:

  • Spotify
  • TJ Maxx
  • Amazon
  • Ulta
  • Lowes

That’s just a sampling. 100s of gift cards to choose from for your efforts. Start earning now and maybe earn some extra scratch by the end of the year!

Download Dabble now

This post does contain affiliate links. I will earn a commission from downloads through my links.

Why Join AARP Before Age 50? Here’s Why

There’s been a number of times when signing up for a service, buying tickets, or other times where I was asked if I was an AARP member. I kind of scoffed and said no. I’ll be honest I thought AARP was only for those 50+ yrs of age. I mean, at those times I was late 30s then 40. I couldn’t join AARP right? And, even if I did what would the benefit be to me? Turns out, I was wrong, I can join before I’m 50 and yes there are benefits to joining AARP before 50.

When did I really take a look at it. Well I’d say it was about April of this year. We were switching our cell phone carrier over to Consumer Cellular. They asked me if I was an AARP member. I said no. She said I only ask because we give a 5% discount off your monthly service for AARP members. I thought, she has my information. She can see that I’m not 50 yet right? So I go onto the AARP website and do a little more research and find out that yes I can join and yes I can get the 5% discount on my mobile bill. We already saved BIG by switching to Consumer Cellular (which is in another post I wrote) but an etra 5%? Why not? It was only $16/yr for AARP the cell phone saving alone would still save us $60/yr even after the membership was deducted. It pretty much paid for itself!

As I explored the site more I found they also have a rewards program. As you read articles on the site, complete exercises, link up my fitbit, and more I can earn reward points that can be cashed in for things like discount gift cards, enter sweepstakes, health assessments, and more.

You can also get local discounts. While they have national discounts like Consumer Cellular you can also search your local area code for discounts. I found 63 in my little area!

The articles on the site are very informative. I can honestly say I’ve learned a few things from reading the articles. There are also recipe and exercise videos that I enjoy trying. I’ve done several of the yoga videos.

Now not ALL benefits are available to people under 50 years of age. Certain benefits that apply to medicare or are strictly for senior citizens do not apply. I attempted to get a quote through the link on their site for life insurance but it said it was only available for those 50+ yrs of age.

Honestly though its so affordable at $16/yr. My cell plan savings made it worth it alone but I’ve gotten so much more out of it. You can even link your Exxon Mobil rewards to earn points. 20% discount on Allstate Roadside insurance, WW (formerly Weight Watchers) discounts, and so much more.

Ready to sign up? It’s easy to sign up. Join AARP here.

This post does contain affiliate links. I will get a small commission from registrations through my link. This does NOT affect the cost to you.