The latest buzz word is “debt consolidation”. What does this mean? Does it really help? What are the benefits to consolidate accounts into one larger account?
Benefit 1
When you have several accounts to pay every month, you have just as many due dates and different amounts to keep track of. This makes it more difficult to plan your budget. Since you don’t pay everything the same date, you will have money in your account that you can’t use, since they must be used to be back debt. This means you have money in your account that is not actually yours.
After you have consolidated your accounts in to one account, you only have to worry about one due date, one minimum payment, and what is left in your account is yours to spend as you please.
Benefit 2
With multiple payments come multiple bank charges. Save on bank charges by only having one account to pay at the end of the month.
Benefit 3
With only one monthly payment, it will be easier for you to draw up a comprehensive budget. With more control, you will be able to control your finances better, and it will be easier for you to pay off your debt quicker.
Benefit 4
When consolidating unsecured debt into a secured loan (mortgage) you will benefit from more beneficial interest rates. This means lower monthly repayments. The result will be a better cash flow. If handled correctly, you can use your additional cash to invest into your mortgage, shorten the term with a couple of years, and save thousands.
If you are a home owner, and want 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. Go to: www.debtconsolidation-loan.co.za
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