Houstonians Struggling with Debt? Expert Recommendations | PrimeWay Federal Credit Union

Debt can be a terrible burden to bear.

For older individuals, yes, but also for young men and women looking forward to a bright future, yet plagued by punishing, unrelenting debt-induced stress and anxiety. How widespread is this issue? According to one study, 6 out of 10 Americans (60%) feel that money and debt management are "significant forms of stress" for them.

Use a Debt Consolidation Loan for Easier Management

Multiple payments, variable interest rates, and compounded interest are all stress triggers for millions of individuals, young and old. However, many debtors have discovered a light at the end of the tunnel: a debt consolidation loan. A debt consolidation loan can lighten the load of debt for many borrowers and save quite a bit of money by accomplishing the following objectives:

1. Eliminating higher interest debt
2. Removing the stress of minimum payments
3. Enabling one (and only one) payment each month, at a lower rate
4. Providing a fixed rate, fixed payment loan (i.e., no compounded interest)

If the ease of a debt consolidation loan doesn't appeal to you, then there are other debt management strategies out there. This article will focus on three popular plans: the debt snowflake, snowball, and avalanche methods.