Consolidating Your Debts is a Solution to Multiple Debt Problems
- Author Ray Ethell
- Published November 7, 2022
- Word count 503
A Solution for Multiple Debt Problems
Are your debts getting out of control? Are you unable to manage your multiple debts? If your debt is giving you sleepless nights, it is important to seek help quickly. Remember, ignoring your debts won’t make them go away. It will only make things worse.
If you are in debt, here is a list of questions you should ask yourself:
Are you finding it difficult to meet your monthly repayments?
Consider rolling all your multiple debts into one monthly repayment. It will:
Reduce the amount you pay each month; and
Make your debts easier to manage.
Do you have multiple debts i.e. mortgage loan, credit cards and store cards?
Multiple debts means:
Paying multiple sets of interest; and
Finding it hard to stay on top of your multiple debts.
So, consider consolidating your debt because it will:
Enable you to keep track of your debts.
Enable you to pay down your multiple debts.
Do you have negative listings and defaults listed in your credit file?
If you do have a bad credit history, you will find that your loan options may be limited with prime lenders however there are Non Conforming Lenders that specialise in Debt Consolidation with Bad Credit.
Do your multiple debts have high interest rates?
Consolidating your debt should enable you to get a loan with a lower interest rate.
Do you have equity in your home?
If you do have equity in your home, you may be able to use it to pay down all your multiple debts.
When is it the best time to consolidate your multiple debts?
You can consolidate your multiple debts:
Whenever you consider you are ready.
When you are unable to manage your multiple debts anymore.
Before you Borrow
If you are thinking of borrowing money, here is a list of steps you should consider and which may help you:
Use a budget planner to work out what you are spending now.
Use a borrowing power calculator to calculate:
How much you can afford to borrow; and
If you can afford the repayments.
If you decide to borrow, shop around for the best deal and take time to compare:
Product features on offer; and
Fees and charges.
Know who you are dealing with. This means anyone engaging in credit activities (e.g. anyone providing credit or providing credit assistance to you) must give you:
A copy of the “Credit Guide”; and
A “Statement of Credit Assistance “, with the required information listed such as their Australian Credit license (ACL) number, fees and details of your right to complain.
Avoid seeking help from someone who makes unrealistic promises about getting you out of debts or who advertises that they can help you, no matter how much you owe. Remember to choose a reputed, qualified and experienced Mortgage Broker who will go the extra mile in solving your problem.
Ray Ethell offers a wealth of experience to his clients, gained from 20 years in the Finance industry, and prides himself on providing reliable customer focused service.
Visit our website: https://www.nonconformingloans.com.au/Article source: https://articlebiz.com
There are no posted comments.
- Why move to Roseville CA
- Simple Interest Mortgage Advantage
- Are Low Doc Commercial Loans available in Australia
- How to Obtain a Rural Agriculture Loan Quickly and Easily
- What is a Caveat Loan?
- Tips for improving your Credit Score before getting a Home Loan
- 3 Things To Look out for With An Equity Release Mortgage
- Manage your Debts by Refinancing your Current Home Loan
- How to Get a Home Loan with Unusual Employment or Income?
- 20 Effective Debt Consolidation Loans Tips with Bad Credit
- Tips for Choosing a Non Conforming Lender
- Why is a Good Credit Rating Important in Australia?
- Most Common Ways That People Fall Into Personal Bankruptcy
- How to Choose a Consumer Credit Counseling Agency?
- Consolidate Your Debts and Take Control of Your Finances
- How to get a Home Loan due to a Bad Credit Report
- Debt Consolidation Home Loans are a Solution to Multiple Debt Problems
- Facts You Should Know About Low Doc Home Loans in Australia
- No Doc Loans from Private Lenders
- Home Loans to Consolidate Debt for People with Bad Credit
- How Can I Get a Mortgage If I Have a Bad Credit History?
- Guidelines to Fix Bad Credit Effectively Through Dispute
- Dealing with Debt – What to know about Debt Consolidation
- Investing In Yourself Before Investing in the Market
- What Options Are Available to Settle Bank and Credit Card Debt Fast?
- Buying property in the USA — Tips for buyers from abroad
- Home Loans for Bad Credit in Australia
- Can I still get a Home Loan after Bankruptcy in Australia?
- A Guide to Non Conforming Lenders for “Out of the Box” Lending Scenarios