Debt consolidation may be the solution. When you take loans, you get into debt. When you take loans from many lenders, you have multiple debts. Multiple debts are real headaches. This also increases the risk of defaults and you have additional pressure of repayments. Using one loan to consolidate your debt can solve your problems.
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
It often involves a secured loan against an asset that serves as collateral, which is most, commonly a house (in this case a mortgage is secured against the house.) The risk to the lender is reduced so the interest rate offered is lower.
This is also a loan and means another debt in your account. However, it has several advantages. It helps you consolidate your other debts, and thus to bring down the interest rates as applicable.
One of the best features of a debt consolidation loan is that you arrange the monthly payments so they fit your budget. Each month, you know how you can manage your payments and get you some breathing room so that you can start to resolve your money issues.
Another important feature of consolidating bills is that it helps yourcredit record. As you accumulate more and more debt, you damage yourcredit record. If you have missed payments or carry excessive creditcard debt, your credit score suffers. When you consolidate youraccounts and pay off your outstanding debts, you stop the damage beingdone to your credit.
You show accounts that are paid off which helpswith repairing your credit. So how does that benefit you? A bettercredit score means lower interest rates in the future for things like amortgage, car loan or home refinancing. In the long run, it can saveyou thousands (maybe tens of thousands) of Rands.
How Much Is Financial Stability Worth To You?
So what value can a debt consolidation loan provide you? It's all aboutfinding financial stability for you and your family. That way you canlook forward to a brighter financial future.
Eliminate high interest debt - the thing that causes you stress andanxiety month after month. By making only one payment each month, it'sjust easier - giving you the chance to resolve your debt issues. A debtconsolidation loan will help you to improve your credit rating, whichin turn will save you more money in the future.
For more on debt consolidation seebelow
Types of Debt Consolidation Loans
Debt Consolidation - What Options are available?
Debt Consolidation Advantages
Debt - Free Living
Lowering Your Debt For Life
Are your debts keeping you awake at night?
Is Debt Consolidation for You?
Good Debt vs Bad Debt
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