Should I Consolidate My Debt? [Quiz]

Debt consolidation can be a helpful tool for managing multiple debts and simplifying your financial situation. However, it's not the right choice for everyone. If you're considering consolidating your debt but aren't sure if it's the best option for your circumstances, take this quiz to help you make an informed decision.

Question 1: How many different debts do you currently have?

• 1-2 [+3 points]
• 3-5 [+2 points]
• 5+ [+1 point]

Question 2: What is the interest rate on your current debts?

• Low (Up to 18) [+ 20 points] [+3 points]
• Moderate (between 19-29)  [+2 points]
• High or Extremely High (30+) [+1 point]

Question 3: Are you struggling to keep up with multiple debt payments?

• Not at all [+3 points]
• Sometimes [+2 points]
• Yes, frequently [+1 point]

‍Question 4: Do you have a good credit score?

• No, it’s poor (300--692) [+20 points]
• It's average (693-742)  [+2 points]
• Yes, it's excellent (743+) [+1 point]

Question 5: Are you committed to changing your spending habits to avoid getting into debt again?

• Not really/I’m not sure [+3 points]
• Yes, I’m willing to try  [+2 points]
• Absolutely, I’m ready and motivated to make changes [+1 point]

‍Question 6: How do you feel about the idea of consolidating your debt?

• I'm hesitant, I'm worried about the potential drawbacks [+3 points]
• I'm unsure, I need more information  [+2 points]
• I'm open to it and think it could help me [+1 point]

Quiz Responses

If you had between 6-9 points = See answer 1.

If you had between 10-20 points = See answer 2.

If you had more than 20 points = See answer 3.

Answer 1

Debt consolidation could be a good option for you. You have multiple debts, struggle with payments, and are open to making changes to improve your financial situation. We recommend applying with Parachute to get more information about how a debt consolidation loan could work for you.

Answer 2

Debt consolidation might be worth considering, but it's important to weigh the pros and cons carefully. You're experiencing some challenges with debt management, but you may need more information or assistance to make an informed decision. We recommend contacting the experts at Parachute who can guide you.

Answer 3

Debt consolidation may not be the best choice for you at this time. While you have some debt, you may not be struggling significantly with payments, and you're unsure about committing to changes in your financial habits. We recommend taking a look at other options to help you with debt.

Conclusion

Debt consolidation can be an effective strategy for simplifying your debt repayment process and potentially saving money on interest. However, it's important to assess your individual circumstances, including the number of debts you have, your interest rates, your credit score, and your commitment to changing your financial habits.

By taking this quiz and considering your results, you can determine whether debt consolidation is the right choice for you. If you're still unsure, it may be helpful to consult with a financial advisor who can provide personalized guidance based on your situation.

You can always contact us at Parachute to discuss your options.