Debt Consolidation

Debt Consolidation

Find Out About Debt Consolidation

Did You Know That If You’re In Debt And Have A Solid Credit History You Could Consolidate (I.E. Combine) All Of Your Debts With A Debt Consolidation Loan. People Normally Pursue Debt Consolidation Loans For The Following Reasons:

To Secure A Lower Interest Rate. If You Have Credit Cards The Interest Rates Are Usually Higher Than The Rates For Debt Consolidation Loans; And

To Reduce The No. Of Payments To Manage Each Month. If You Have Say 5 Credit Cards, You Could Potentially Combine All Of These Into 1 Loan.

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On What Terms Will The Loan Be Offered?

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In some cases you may be able to secure a loan on an unsecured basis but some lenders may want security (i.e. an unencumbered asset) to back the loan. In other words some lenders may want an asset put up as collateral in the event that you stop paying the loan. So this means if you stop paying the loan the lender will foreclose and sell the asset to recover their debt.

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How Do Banks Market These Loans?

How do banks do it?

Debt consolidation is not always marketed as “a debt consolidation loan”. The same can be achieved (i.e. consolidating all of your debts into one loan) with a personal loan, or if you have a house with sufficient equity in it, then you can “refinance” your house mortgage.

What Are The Pros And Cons Of Debt Consolidation?

What are the pros and cons?

The benefit of only having one loan to manage will bring less stress and hopefully the rate of interest will also be less. Before you go ahead and apply for a debt consolidation loan you need to compare the rates of interest of your current debts and see how they compare.

Lastly, you need to carefully assess if you can afford the loan, otherwise your finances could deteriorate if you take out a loan that you cannot afford.

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What Service Do We Offer?

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We do not offer debt consolidation loans, but if you have been refused a loan and are looking for alternative options then give us a call on 1800 676 598. Our personal debt advisors we help you find a debt solution appropriate to suit your needs.

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