Debt Consolidation

Debt can be a valuable tool to get the finance for what you need today - as long as your control it! But, you need to understand the difference between needs and wants. Once you do this, you can use debt to your advantage.

The amount of debt you can absorb is dependent upon your income and your living expenses.
If you have a problem, or can see one coming then please refer to my debt page for advice.

A useful strategy for those with credit problems can be the concept of Debt Consolidation.
You create only one new account, from one lender, in which all your debt is linked.

The benefits of this are;

• You pay only one account.
• You may be able to secure a better rate of interest than with some of your other accounts.
• You extend your repayment term through the new loan.

Maybe you have decided to investigate debt consolidation?
Now you need to shop around to find the best deal.
Depending upon the type of accounts you have - credit card, bond etc. you may find that one of them offers you the lowest rate of interest.

Your objective is to increase that "best" account by all your other debt. Then immediately pay off the higher interest rate debt, leaving you with just one account to pay every month.

You must pay off the other debt immediately - otherwise you will quickly be on the road to financial ruin.

Before consolidation, find out about;

the new charges (especially if you increase your bond)

the new rate of interest

how much your repayments will be

how long you can extend the term of the loan

how much in total you will pay

what if you miss a month's repayment or make a late payment

Then make your choice.

Above all, don't think because you have only one repayment amount you have solved your problem! As I said before - you have to control your impulse to buy wants.

If you have others who rely upon your income to live, you need to ensure that if you die, they do not have to pay this debt with their inheritance.

Life insurance is the only way to immediately wipe this debt away.

And what if you were disabled and could not earn a salary? How will you live and pay the debt?
Disability insurance is your answer!

So, I urge you to call me for some ideas on protecting those you love from having to pay your debt.

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Don't leave your concern here. Call me for advice - no obligation!

Especially if you need Debt Consolidation