If someone is snowed under with debts there is help available.
The main trouble with debt is usually simply having too many bits and pieces of debt scattered all over the place making it a constant struggle to even remember when all the loans, credit cards, etc.should be paid each month.
We are constantly surrounded by advertisements on billboards, television and the press, encouraging us to buy a shiny new car, some new furniture such as sofas and fitted bedroom furniture, garden furniture and so on.
The car advert made the car look so desirable that it made you want it so much that you went out the very next weekend to buy it and funded it with hire purchase with your old car paying the deposit.
The press is packed with adverts for all sorts of exotic holidays including cruises15,000 or more per person, and the adverts look so enticing with the magnificent cabins with balconies and ensuite facitities in addition to comfortable seating areas that make many go on trips that they cannot comfortably afford and for which they take out bank loans to pay for.
You look at the advert in the glossy magazine and see a sauna with a beautiful looking girl in it and you imagine that if you too had the same sauna you would acquire the beauty of this exquisite looking creature, and you decide there and then to phone the company to buy the same sauna, at the same time enquiring about a loan to fund the purchase, and even although the interest rate quoted is about 20% you happily proceed.
Before you know it you are knee deep in debt and even if have a high salary and can make all the repayments relatively easily every month, you are constantly juggling your finances.
It is absolutely futile, as well as unnecessary, to go on in this way as there is a way to make monetary management much more simple while at the same time saving money, and this is by the magic little life altering expression called debt consolidation.
Debt consolidation is when you total up all the balances of your credit cards, loans, etc. to ascertain the total of your debts in order to find out exactly how much of a debt consolidation loan that you require.
Clarify how much you are paying for these debts50,000 is costing each month by taking the monthly payment for each loan into account and calculating the credit cards at 3% of the outstanding balance, as this is the minimum payment required each month.
You will most probably be completely taken aback at just how much you are paying out.
Having decided the amount of debt consolidation, the next step is to obtain quotations for debt consolidation loans and it is better to approach a whole of the market remortgage broker, secured loan broker or independent financial adviser who all deal with all remortgage and secured loan products, unlike your own bank or mortgage lender who only sell their own products.
An experienced finance expert will give you a number of free a quotations for remortgages and secured loans and you are under no obligation. You will be amazed at how much you can save as remortgages have interest rates from 1.84% and homeowner loans start from around 9%.
Debt consolidation could prove to be the best two words ever as you now have one low payment to make each month instead of the number previously.
The main trouble with debt is usually simply having too many bits and pieces of debt scattered all over the place making it a constant struggle to even remember when all the loans, credit cards, etc.should be paid each month.
We are constantly surrounded by advertisements on billboards, television and the press, encouraging us to buy a shiny new car, some new furniture such as sofas and fitted bedroom furniture, garden furniture and so on.
The car advert made the car look so desirable that it made you want it so much that you went out the very next weekend to buy it and funded it with hire purchase with your old car paying the deposit.
The press is packed with adverts for all sorts of exotic holidays including cruises15,000 or more per person, and the adverts look so enticing with the magnificent cabins with balconies and ensuite facitities in addition to comfortable seating areas that make many go on trips that they cannot comfortably afford and for which they take out bank loans to pay for.
You look at the advert in the glossy magazine and see a sauna with a beautiful looking girl in it and you imagine that if you too had the same sauna you would acquire the beauty of this exquisite looking creature, and you decide there and then to phone the company to buy the same sauna, at the same time enquiring about a loan to fund the purchase, and even although the interest rate quoted is about 20% you happily proceed.
Before you know it you are knee deep in debt and even if have a high salary and can make all the repayments relatively easily every month, you are constantly juggling your finances.
It is absolutely futile, as well as unnecessary, to go on in this way as there is a way to make monetary management much more simple while at the same time saving money, and this is by the magic little life altering expression called debt consolidation.
Debt consolidation is when you total up all the balances of your credit cards, loans, etc. to ascertain the total of your debts in order to find out exactly how much of a debt consolidation loan that you require.
Clarify how much you are paying for these debts50,000 is costing each month by taking the monthly payment for each loan into account and calculating the credit cards at 3% of the outstanding balance, as this is the minimum payment required each month.
You will most probably be completely taken aback at just how much you are paying out.
Having decided the amount of debt consolidation, the next step is to obtain quotations for debt consolidation loans and it is better to approach a whole of the market remortgage broker, secured loan broker or independent financial adviser who all deal with all remortgage and secured loan products, unlike your own bank or mortgage lender who only sell their own products.
An experienced finance expert will give you a number of free a quotations for remortgages and secured loans and you are under no obligation. You will be amazed at how much you can save as remortgages have interest rates from 1.84% and homeowner loans start from around 9%.
Debt consolidation could prove to be the best two words ever as you now have one low payment to make each month instead of the number previously.
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