There is one loan package that will enable you to pay off other loans without any tension. It can be availed easily and it ensures lower monthly repayment amounts.
It is called a “Debt Consolidation Loan“. It is an option that you can consider if you find yourself struggling to make your monthly mortgage payments and also trying to pay off of your debts at the same time. Debt Consolidation Loans involves the process of refinancing your current mortgage loan and combining any or all of the following debts into one mortgage. All of these debts have their own repayment terms, interest rates, fees and charges, and differing days of the month to repay the debts:
- Short Term Personal loan
- Credit card
- Store card
- Car loan
- Leasing arrangements, and
- Other loans
Do You require a debt consolidation loan?
Like many consumers you have made your life miserable and stressful by getting yourself into a situation where you have:
- A number of different loans, and
- The loans being held with a number of different lenders/credit providers
Is Debt Consolidation Finance the Right Solution?
If you are currently finding it hard to keep up with your debts and you are struggling to make ends meet, for whatever reason, it is important to act quickly. Look no further because, we can help you get your finances back on track. Here are some practical reasons why debt consolidation finance is the right solution for you:
- You will be able to avoid the stress and pain of overdrawn or over the limit credit card balances
- There will be no higher credit card interest rates anymore
- You will be able to undertake effective management of your personal and household budget
- There will be improvement in your cash flow
- You will have a lower interest rate and affordable monthly repayments
- You will make only one repayment
A Debt Consolidation Loan Example
To see how much you will save monthly is best illustrated in the following example. The example assumes that you have a mortgage loan of $300,000 and credit card with a credit limit of $12,000:
From the example illustrated above you can clearly see that:
Your will save interest by choosing a debt consolidation loan will be $91,003 and your monthly repayments will be reduced by $401 per month.
*Note -The example provided is an approximate guide only and for illustration purposes only. The results generated in the example, do not constitute an agreement to provide credit. All lending is subjected to normal lender/credit provider lending criteria.
What Action should I take for obtaining Debt Consolidation Finance?
The first step is to talk to a brokerage firm. Let the firm’s professionally qualified and expert finance brokers know that you are experiencing financial hardship. The finance brokers are committed to reducing your financial stress and getting you back on track again. Here’s how they will help you:
- They will analyse your overall financial situation and devise a budget plan for you.
- They will help you improve your cash flow and help you manage your payments.
- They will help you obtain low rate debt consolidation loan and find a solution to your debt problems.
Remember that debt consolidation loan has the potential to get you back on track. So, make a conscious decision and choose an experienced finance broker.