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Debt Consolidation: Are You Buried Under Mounting Debt?

 


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.



"I was caught up in a debt trap due to circumstances beyond my control and a lot of institutions offer assistance in this regard, but do not deliver on their promises.  I was given an opportunity to improve my cash flow, without having to sell my single biggest asset.   Honestly, I think you were very effective and efficient! You showed understanding of my situation without being judgmental in any way." D. Jevon, CT, South Africa


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.

“We saved R8,300 pm on debt payments. I would really like to thank you for all your assistance in acquiring a second and third bond for us.” B.Botha, CT, South Africa

“We’ve found it increasingly difficult to keep up with all our accounts every month and so we decided to consolidate our debt… With Zulika’s help we’ve improved our cash flow with R5,312 pm and this was by far the easiest financing that we’ve ever got.” F.Rheeder, Jhb,  South Africa


Another important feature of consolidating bills is that it helps your credit record. As you accumulate more and more debt, you damage your credit record. If you have missed payments or carry excessive credit card debt, your credit score suffers. When you consolidate your accounts and pay off your outstanding debts, you stop the damage being done to your credit.

You show accounts that are paid off which helps with repairing your credit. So how does that benefit you? A better credit score means lower interest rates in the future for things like a mortgage, car loan or home refinancing. In the long run, it can save you 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 about finding financial stability for you and your family. That way you can look forward to a brighter financial future.

Eliminate high interest debt - the thing that causes you stress and anxiety month after month. By making only one payment each month, it's just easier - giving you the chance to resolve your debt issues. A debt consolidation loan will help you to improve your credit rating, which in turn will save you more money in the future.

For more on debt consolidation see below

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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