Most people have some form of debt, whether it is a mortgage, car payments or school loan. This type of debt is usually manageable and does not affect a person's finances too greatly. However, there are also a lot of people who have debt that increases every month and is the result of a lot of different loans, credit cards and other financial burdens. When the debt is the result of many different sources, it can be difficult to get out of, especially if you are paying very high interest rates. If you want to take control of your finances today and start getting out of debt immediately, one good option is to consolidate your debt. Here is a guide to help you get started.



The next step is only necessary if you cannot grasp the first step. Cut up your credit cards. Seriously! If you are the type of person who can be convinced that coaching lessons, incorporating your business, and hiring an accountant should all be financed through the use of your credit card stop yourself now.

When you don't want to liquidate your investments, you can keep it as security and sell it when the markets move up, paying for the funding gap, says S Govindan, general manager, personal banking & operations, Union made my day Bank of India. However, a dip in share price could be a nightmare. "That depends on the loan structure, varying across banks. Collateral can be taken to make up for the borrower's lower income or for enhancing the loan amount," says Arvind Hali, head, retail assets, Dhanlaxmi Bank.

After all, with a bank account you can access your cash from just about anywhere via the nation's interlinked network of ATM machines. Having an account of your own also allows you to make credit and debit card purchases, whereby the money is debited right out of your account. And there are other benefits, as well, such as the availability of online banking, special bank-sponsored auto & mortgage loans, having a place to cash checks written to you, and the ability to earn interest on your money.

Is it convenient? Choose a bank that is close by and that you can stop by when out running your errands or one your way home from work. If you bank is all the way across town it could become a real inconvenience to have to go there.

Keep these tips in mind when you are investing on the stock market. Stock market investment can produce big profits, but it can also incur large losses. It is important that you look at the whole picture and not just the best parts.