California Debt Consolidation Quote encourages consumers to partner Debt Management with savings
June 07, 2013 (PRLEAP.COM) Business NewsCalifornia Debt Consolidation Quote, an online resource for consolidating debt, recently published an article entitled "Partner Debt Management And Savings To Achieve Fast Debt Relief."
This article meant to encourage readers to combine a debt management program and their saving efforts to solve their financial problems. It acknowledges that while the debt relief program is effective in getting debtors out of their financial problem, it will be more beneficial to grow savings too.
Although putting all the extra money into debt payments seem like the fastest way to get out of debt, the article believes that this is not always the case. Given the uncertain future and financial state of every consumer, there has to be a back up plan for any eventuality. Of course, the back up plan that the article proposes is an emergency fund.
The article explains that the purpose of savings is primarily to help consumers stay out of debt. Without it, the consumer is in danger of borrowing money just to finance an emergency situation in their life. The article states that a car breaking down or a need to replace appliances will push debtors to borrow just to finance it. Either that or they will get the funds from their household budget or their debt payments. But if they have enough savings, none of these has to happen.
The author of the article believes that this is best partnered with debt management because of the low monthly payment plan that it allows consumers to make. The article strongly advises that the freed funds be used to grow the savings of the consumer.
The article also encourages consumers to grow their income too. This will allow them to have more money sent to their emergency fund. They suggest a passive income so that it will not be too physically exhausting for the consumer to attend to it. Also, hobbies can be a fun source of additional income so this is highly suggested.
The article acknowledges how hard it is to get out of debt but they believe that these sacrifices will make debt freedom sweeter once achieved.
To read the rest of the article, visit the California Debt Consolidation Quote website. The site was created to be a rich resource for debt, debt consolidation and personal finance information for residents of California. The information is also generally applicable across a wide readership.