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debt Use a debt consolidation loan to reduce debt
 

A debt consolidation loan is a single loan you can use to pay off the rest of your loans. Instead of having multiple loans to pay you will only have a single loan from one lender.

You will also save on monthly admin fees, annual fees and other costs associated with having numerous loans and credit cards for example.While this is in most cases a good solution to debt problems, you should do some research to make sure that a debt consolidation loan is right for you.

Most people take out a second bond on their home to settle all their high interest debt. Thus you are borrowing against the equity in your home that you have built up over the years. In such a case you must take into account over how many years you will be repaying the debt. Sometimes a debt consolidation loan can offer lower monthly payments by spreading the cost of your loan over a longer period. In the long term you will end up paying much more for such an option.

A better option will be to use the extra cash you have available and invest it by paying off the debt you have consolidated as soon as possible. This will result in ultimate savings and help you to become debt free.

You should also take into account the costs of consolidating your debt. Often companies will charge you a pre payment penalty for settling your loan before the time and this will add to your costs.

Another way lenders make money is by adding loan insurance that is not really necessary. Just remember if you take insurance from the same institution who offers you a loan, you’ll end up paying much more for convenience and not shopping around.

The key then is to shop around before making a decision. You can make use of a bond broker to help you with this. An experience bond broker will help you to get the lowest interest possible, with no or little cost to yourself.

Thus, debt consolidation can be a valuable tool to help you become debt free if you know what you are doing and are able to make an informed decision.

For more debt related articles see below:

-Types of Debt Consolidation Loans
-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

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

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