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Cost of Moving: Reduce debt before the move

It is important to pay down debt before moving.

It is important to pay down debt before moving.

Since buying a home and moving all your things there might be a stress on your wallet, you may not only want to budget properly, but also make sure that you cut down debt well before your moving company arrives. Getting your debt situation under control before a big life change can actually make your move easier, as well as improve your chances for success.

Check your credit score and make sure it is accurate before planning any future moving options. There are three major credit bureaus that you should check. They are TransUnion, Experian and Equifax. If there are any incidents listed in these reports that did not occur, it is important to get these solved, since they could be dragging down your credit scores.

Prioritize your largest debts first and worry about paying off smaller debts later. By cutting down the more major debt that is holding you back, you will make progress faster. This doesn't mean abandon the lesser debt, as that will ruin your credit score. However, by focusing larger sums of money on the larger debt, while paying minimums on your lower debt, you will fare better in the long-run.

If you cannot handle the debts that you have, look for consolidation options. There are many legitimate companies that will do this, but be sure you check reviews to find one that is held in high regard by the industry. In addition, your financial institution may offer these options, which can give you an easier payment each month.

It is important to remember that by not reducing debt, or letting it get out of hand, you can really hurt the chances you will be able to move. Many apartment complexes can reject your application if you have a poor credit history. Even if you think that you will be able to pay your rent, your landlord may not believe you.

Another major pitfall is that high debt levels that are not being managed properly can prevent you from purchasing your dream home. Credit is a vital indicator of your ability to get a mortgage, and with difficult lending conditions, you may have a great deal of trouble convincing a lender to help you out.

If you take these precautions, you will likely be much better prepared for the move. This will allow you to get to packing without worrying about financial issues, as well.