Reasons Why You Should Choose Debt Consolidation

If debt is currently an issue in your life,debt consolidation really can save you from the stress of bills,debt collectors,and the nagging thoughts of foreclosure or even bankruptcy. Debt consolidation can drastically change your life within weeks,months,or years depending on your current debt situation. Consolidating your debts will allow you to live with peace of mind that you are taking care of your financial obligations while continuing to live a happy life.

Debt consolidation is taking all of your bills and fitting them into one monthly payment. Fitting all your bills into one payment also means one interest rate,which will limit the amount you pay out every month,saving you a lot of money in the long run. Debt consolidation also makes paying off multiple debts easier because the monthly payments can be lowered when you take away insane interest rates. The average debtor pays more interest every month than they do on the actual principal balance of their debt! Eliminating the sky-high interest rates is a good start to getting your debts paid,without going completely broke.

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Many people assume when they can’t pay the bills it’s time to just throw up their hands and consider drastic actions such as foreclosure,repossession and bankruptcy. While there are some extreme cases where bankruptcy would be the best option,foreclosure is almost always avoidable as is repossession. Banks,car dealerships,mortgage companies,and creditors don’t like to have to take back property or write off your debts,they would rather work with you on debt consolidation so that they can get back what they are owed and you can go on your way with your credit still in tact. Bankruptcy,repossession,and foreclosure are not easy outs when it comes to debts; in fact,they are choices that will continue to affect you for a long,long time. Consider debt consolidation before making any hasty decisions.

Debt consolidation on your own can be tricky,or downright impossible depending on your credit situation. Luckily,there are debt consolidation companies waiting to help people who are in over their head,just like you! Debt consolidation companies will take your credit report and any unreported debts that you can give them and work out a payment plan for you. These debt consolidation companies often contact each company and strike a deal to lower or get rid of the interest and even split the balance of the amount due. Obviously,lowering or getting rid of interest and part of each debt will limit what you spend each month,enabling you to actually pay the bill.

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What’s the catch with this type of debt consolidation? Well,there really isn’t one. Yes,this is a business and the consolidator does make money because while he takes away the interest that each company is charging,he will charge you interest or a percentage of what you owe. Doesn’t seem fair? It is! It works out better for you,because even though you are still paying interest it’s just one interest payment for all the debts you currently hold. So,instead of paying twenty seven percent to ten companies you’ll pay twenty percent to one company. So,you go from having multiple payments and interest rates to just one payment for all the bills and one interest rate. It works! If you follow the plan,and make your monthly payments debt consolidation will soon have your credit report looking much better than it does right now.

You may think that you have so much debt you cannot possibly afford to repay even on a debt consolidation plan. You’d be surprised what these companies can get done on your behalf. And,if your debt is that outstanding you can work through the process slowly,a few debts at a time. There is nothing wrong with the process taking a while,as long as you keep up with the process and intend to actually pay off your debts. Getting your credit where it should be does take time,but it’s worth it. Your credit is your buying power,and each payment you make gets you closer to having more of it.

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Worried that the companies you are dealing with won’t work with a debt consolidation company? You’d be surprised. Yes,the companies will loose a little bit of money compared to if you showed up with cash to repay the debt tomorrow,but in the long run it’s better for them to take a debt consolidation deal than not. Most companies figure they’d rather get a portion of your debt back and settle the deal than not get anything back at all. Getting seventy five percent of your debt back is more reasonable to them than to keep paying debt collectors to contact you and try to get the money back. All in all,any money is worth striking a deal over,and that is why a debt consolidation company can really get you where you need to be. They are professionals and they know how to get companies to agree to their terms.

Debt consolidation companies will usually work with you to get your debts paid off within a reasonable monthly payment. Each month you’ll make just one payment,reducing the time and stress of paying the bill,and each month you’ll be a step closer to financial freedom. Paying off your debts,through debt consolidation or otherwise will take a weight off your back that you may not even realize is there. No one wants to have unpaid debts,but sometimes life gets in the way and it happens. It happens to the best of us. But,don’t be too proud to consolidate those debts and get back on the right track. Open up your local phone book,or get online and find a debt consolidation service in your area. Contact a debt consolidator not with shame,but with pride,because you are stepping up to do the right thing.

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The Right Reasons To Consolidate Debt

There are many finance companies and other loan companies that make a lot of money from “selling” debt consolidation loans which is a process of refinancing loans and other debt that you may have.

These finance companies will often “sell” their loans on the basis that your weekly repayments are less,but don’t always tell you that they will extended the loan term,they do not tell you about the higher interest rates or the additional fees that you will be charged.

People want to consolidate their debts to help their financial situation and allow them to manage their money better; however you also should ensure that you are not just extending the loan term with higher interest rates and more fees just to reduce the weekly repayments.

The Right Reasons To Consolidate Debt

It is easy to get weighed down with debt and being mortgage brokers we do see a lot of people that are struggling to meet all of their loan payments. People may say that you should never have taken on so much short-term debt,but there are many situations where it has happened and it is no point dwelling too much on the past anyway. We need to deal with the debt that you have now and consider if a debt consolidation loan is the right option.

The first thing that a mortgage broker should do is get a statement of position from you so they can establish exactly what debts you have. Only then they should assess which debts should be consolidated.

This decision to refinance debt is typically based on the interest cost you are paying for each debt,the penalties (if any) for early repayment,the term remaining and the actual repayment amount.

You should refinance IRD debt where possible as the interest and penalties can be extremely tough,but why would you refinance an interest free loan?

There are times when you may refinance an interest free loan; however you would need to consider this carefully in the overall debt restructure to ensure that it is the best thing to do – normally it wouldn’t be.

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What If I Have Bad Credit?

As mortgage brokers we get approached a lot by people who have too much debt and want to get a debt consolidation loan,but have bad credit and therefore think that they cannot get a loan.

There are degrees of bad credit;
A few small defaults on your Veda report – we look at what these are and the reason that they happened and generally if we can explain these then the lenders will be okay with them.
Larger defaults and judgements on your Veda report – we will need a better explanation and we may be limited with the choice of lenders; however there are a range of lenders including non-bank mortgage lenders that have options.
Loan or mortgage arrears – any new lender will want an explanation regarding why the loans or mortgage is in arrears,and this could be the very reason that we want to arrange a debt consolidation loan.

Without looking at your personal situation there is no way of knowing if you can consolidate your debts when you have bad credit,but it is certainly worth looking at. A debt consolidation loan might be the best way to tidy up your credit and manage your way back to “good” credit.

Beware Of The Costs Of Debt Consolidation Loans

The costs of debt consolidation loans vary from company to company and depending on your situation and security. An unsecured loan will almost always be more expensive,so it is definitely worth considering using your vehicle or property to secure the loan and therefore reduce the cost of the loan. Also generally you will pay more if you have bad credit and other situations where you fit outside the “ideal profile” set by the lenders.

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Debt Consolidation Loan Comparison

It is extremely hard to source the information to do a proper debt consolidation loan comparison as many of the options to you are based on a risk assessment which sets the interest rate that you would be charged.

The costs involved in a debt consolidation loan are normally;

The interest rate – while often it is hard to find out what the interest rate is with debt consolidation loans you should always ask and compare this to what you are currently paying and also with any other options. Sourced from their websites GE Money quote an example of a 5-year loan with an interest rate of 19% and Finance Now quote rates starting from 13.95% – starting from!
Easy Loans (NZ) say they will quote on a case by case basis,Geneva Finance,QuickCash Finance,Instant Finance and Max Loans do not have any mention of rates that we could find.

The fees – a lot of finance companies will charge an establishment fee and some also charge on-going monthly fees and termination and/or early repayment fees.

Insurances – most finance companies will “sell” a payment protection insurance policy with every loan. This is generally a very expensive way to buy insurance and we suggest that you should speak to an insurance adviser rather than take these options.

Our experience shows many of the debt consolidation loans will have interest rates between 20-30% with an establishment fee and they would have also included an expensive payment protection insurance that would not be needed if you already have your own Income Protection Insurance.

Fast Loans Do Not Often Make Sense

The focus of most finance companies that offer debt consolidation loans is the speed of the application process. They advertise “1-hour approvals” and “online applications” and even the names focus on the speed of acceptance with Finance Now,Instant Finance and Easy Loans (NZ) all giving the impression that you can get your debts sorted out with the minimum of fuss.

Maybe speed is not the most important thing to consider!

You might want to consider taking a little more time to ensure that you get the best option which could save you a lot of money over a very short period of time.

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Negotiate Repayment Of Existing Debt

Often there can be some savings that you can make when repaying existing debt.

Any debts that have been handed to a collection agency like Baycorp or Veda are often easy to negotiate a discount if full settlement is offered.

IRD debts often include excessive interest charges and penalties and often a discount can be given if you are able to offer full settlement.

Most personal loans and hire purchase agreements included a payment protection insurance cover. You should be able to get a refund on the portion of cover that has not been used due to early repayment.

Talk to your mortgage broker and they can help to ensure that you can access any of these discounts – they can save you a lot of money and may provide a good reason to consolidate debt.

Mortgage Brokers Do Debt Consolidation Loans Too

Mortgage brokers speak to a lot of people who have had situations where cashflow issues and want to consolidate debt.

Most of the time mortgage brokers deal with home owners,or those who are about to buy their first homes; however most mortgage brokers know a lot about debt and are typically the best people to talk to when you want advice on the best options for any given situation.

Most mortgage brokers will be able to show you the true costs of a debt consolidation loan and then it is up to you to weigh up your options. Mortgage Link is one of the best mortgage brokers around and your mortgage adviser knows how to get you the best options for deb t consolidation and show you how to structure your debt to help you pay it off faster.

Before you try the “fast” options,consider if you would be better to take a little more time to meet with a mortgage broker in person and ensure that you get a suitable debt consolidation loan.

You have a choice – you can use a mortgage broker or go to the bank yourself.

A mortgage broker should be able to give you better choice of lenders,better advice on how to structure your mortgage and knows how to make sure you get the best deal.

In most instances you can find a mortgage broker that gets paid by the bank and therefore are a free service to you,so ask yourself why you wouldn’t use a mortgage broker?

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How To Improve Your Credit Rating Through Debt Consolidation

Debt consolidation lender helps you find a way to get rid off your long pending debts by consolidating all loans into one payment. A debt consolidation loan is in fact a loan designed to convert short term (credit card) debt into a longer-term loan with lower interest rates. If you have multiple credit card debt that was accrued,as the result of unrestrained spending. u can consider taking debt consolidation loan subject to condition that you can make change in your spending habits- otherwise the credit cards that are paid off with the loan are going to remain an alluring option,and soon there will be another set of big credit card charges to pay off in addition to the debt consolidation loan.Eliminate Debt Today!

It is in fact very necessary to keep check on your credit spending once you have taken debt consolidation loan that is secured by your home .If the household debt once again becomes unmanageable and one of the delinquent debts is the consolidation loan,it is possible that you will loose your house. There are a number of other reasons to look closely at using a home equity loan for debt consolidation. But consolidating more than one debt into single debt saves you a lot of money.

Reduce Your Debt by 50%

Enabling to combine and consolidate all out standings that otherwise you are finding increasingly difficult to pay day by day,you need appropriate Debt consolidation information which is normally available with Debt consolidation lender or if necessary may seek guidance from an expert in the field to bail you out from unpaid debts. Debt consolidation help is usually needed when a consumer has found themselves in a situation where making monthly payments on multiple credit accounts is daunting. It therefore needs review of your credits and income history in order to organize a way to lower monthly bill payments

While considering consolidating your loan liability,you can use Debt consolidation calculator,available with Debt consolidation lender or onsite to determine whether debt consolidation is right for you and also your monthly payment would be with a consolidated loan. With different loan terms,types,interest rates you can select an consolidation plan that fits your needs – and most importantly your budget.

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Consolidating debt not only improves your credit rating but also make relieve you from unwanted db that can cause a big trouble if not paid at time.

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The ‘Free’ Part Of ‘Free Debt Consolidation’

A person who is in debt is constantly praying for a miracle. So if he sees an ad promising free debt consolidation,he will think it as an answer to his prayer.

The ‘Free’ Part Of ‘Free Debt Consolidation’

Most of the time the free part will be a free debt consolidation help. The debt consolidation company will roughly tell you what debt consolidation is. That means if you contact the debt consolidation company,it will review your case and send you a free debt consolidation quote which will cover charges for the service offered. Some companies may counsel you free of charge for the first time,but most of the time,further service will cost you money.

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So There Is Nothing ‘Free’ In Free Debt Consolidation?

There is,if you go to a non-profit group. They will advise you on how to manage your debts better. They will also give you free credit counseling so that you don’t make the same mistakes in future. They will help you by negotiating with your creditors to bring down your debt amount. They may also ask for a longer time period for you so that you can repay the loan easily. You can also avail their help by paying your monthly dues to them and they will distribute it for you. They will do all this free of charge giving you relief from the problems of having to remember all the due dates of different credit cards. You will not be hounded by your creditors anymore and they will be happy as they will be getting some regular money.

But if you decide to go for credit debt consolidation by taking a loan,then such a non-profit debt consolidation company will not be useful. When you take a loan,it of course won’t be free. But the interest rates will be lower than credit card companies. If you take free christian debt consolidation loan from a Christian debt consolidation company,then rates will be further lower as these companies are subsidized by the Parish. They will,however ask you to make a donation toward the church after providing you help.

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A Note Of Caution

Some unscrupulous companies try to cheat people who are already in trouble. So be informed about the debt consolidation company you choose,look for hidden fees and charges that may come behind the pretense of ‘free debt consolidation’. Also sometimes a non-profit company giving you free debt consolidation will be sister concern of a company that you already owe money to. Such companies will advise you to take a debt consolidation loan even if not needed. Don’t forget to check the track record of the company before trusting them and giving them money to distribute on your behalf. They may delay it and collect interest whereas you might land up getting penalized.

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Hence,never jump at the first free debt consolidation offer you get. Be an informed consumer and reap the best benefits of free debt consolidation.

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A Secured Or An Unsecured Debt Consolidation Loan?

A debt consolidation loan offered by consolidation companies can bring you a lifelong relief only if you utilize their services well – be it the paid consultation or the free debt consolidation help they offer. The first step of taking full advantage of the services offered is to ask for free online debt consolidation quote. You need to be aware of the types of debt consolidation loans available in the market. Research well. Ask as many people as you can. There are quite a few frauds prowling around. Beware. Now,a debt consolidation loan can be of two types- Secured Loan and Unsecured loan. You need to decide on whether you want to go for secured or unsecured loans.

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A Secured Or An Unsecured Debt Consolidation Loan

A secured debt consolidation loan is offered to the debtor only when the latter has a real estate or immovable property of considerable value like a house,to mortgage. If you are opting for a secured debt consolidation loan,you can get a higher amount of loan to clear your debts. Nevertheless,you need to be very confident,any mistake and you will lose your house! An unsecured debt consolidation loan is given to the debtors without any property assurance. The interest rates are higher here as the risks are high. Be sure that you can manage this one loan with high interest rates after clearing off all your other debts. These loans can play havoc with whatever credit ratings you have managed to acquire all this while! When you are asking for your free online debt consolidation quote,clarify whether the debt consolidation loan you are eligible for is secured or unsecured.

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Bring Your Finances Under Control

You need to find a long-term solution to the debt problems you are stuck in. At the end of the day,the best way to steadily banish your debts and improve your credit ratings is to for look ways of reducing your expenses and increasing your monthly income simultaneously.

Some debt consolidation companies offer free debt consolidation help in the form of counseling and advice by financial experts. In most cases,it is seen free debt consolidation that debt-ridden families usually spend some 150 to 200 dollars every month in something they can live without for a few months! That 100 channels TV subscription,that costly aftershave,the high-end detergent powder,the weekly home deliveries when the members do not feel like cooking,etc all add up to the ever mounting debts.

So,before you jump,look at your own expenses critically and try to increase your income. When all fails,an online debt consolidation loan will always rescue you temporarily.Get Debt Help Today!

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