Myles of Investments

Read about my successes and failures. Learn from my experiences and gain insight without losing any cash!!!

Lesson: Catching a Falling Knife
Lesson: Currency Exchange
Lesson: Mutual Fund
Lesson: Paid to Wait
Lesson: Pricing in a Downturn

This is where you’ll find find my Blog. I will comment on the latest news relating to investing, real estate, and the financial markets.

Consolidating Debt

Consolidating debt can be a great way to improve your cashflow and eliminate your debt faster, or even just make it more manageable. For example, if you have a few credit cards at 28% interest and a car loan at 8%, you should consider a meeting with your financial institution to see if they can approve consolidating debt for you. With a new loan, at a lower interest rate, you will pay less interest over time, and your money will be working harder for you! Even if you can only get a loan at a few points lower than what you are currently paying, you will pay much lest interest overall, and it will have been worthwhile consolidating the debt.

Here’s another great tip when consolidating debt. Before you sign, you should compare the monthly payment on the new loan to the monthly payments on the older debts. If your former payment is higher, you will improve your cashflow at the same time!

With a bit of work, you have managed to save yourself interest and improve your cashflow, saving money simply by consolidating debt. Now, don’t go out an blow those savings! Take that gain and pay down the debt faster, or find an investment for your money. You don’t want to buy more liabilities and end up needing to do this again do you? Of course not!

See Buy Cashflow Cheap for more tips on debt. (link)