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Many people who find themselves in overwhelming amounts of debt choose to consolidate what they owe in order to get a full understanding of how long it will take them to be debt free as soon as possible.
Is Debt Consolidation For Me?
Pay Your Debts As Soon As Possible With Lower Interest Rates
As we all have experienced, having multiple bills to pay every month at different times to different companies can become hard to manage and make it easy to fall off track with repayments. By consolidating your debt, you are putting all your focus on one loan rather than multiple high interest loans.
By taking a stand and consolidating your debt you become closer to reaching the financial freedom that you and your family deserve. For this reason, we’ve put together our top reasons for consolidating your debt rather than paying multiple bills every month.
There are a number of ways you can get out of debt in Australia, with some being much more extreme than others in their results and restrictions. Bankruptcy, which includes part 9 debt agreements and personal insolvency agreements, is one of the main things you need to look out for in terms of having a massive effect on your life. Thousands of Australians enter bankruptcy every year, a process that has serious effects on your financial situation in both the short and long term. The problem with this is that there are other ways that you can reduce your debt without causing yourself so much financial pain.
What Is Debt Consolidation? | Credit Card Debt Solutions
Reducing Credit Card Debt Is Possible With One Easy To Pay Loan
Consolidating your debt means to combine your total debts into one easy-to-pay loan, which leads to lower interest rates and faster repayments. Consolidation loans are usually provided by a lender that is separate from your creditor, who will negotiate your debt into payments that you can afford, making your finances more manageable.
One of the main ways people consolidate their debts is through a mortgage refinance. This is where you refinance your home loan, accessing more funds to pay off your debt. You are basically increasing your home loan to pay off your other debts. The reason people do this is due to the lower interest rate of the mortgage means you can end up paying much less if you stick to a budget. Unfortunately, debt consolidation isn’t the be all and end all, as it still requires you to budget and save to pay off your refinanced mortgage or your new loan.
The main reason that debt consolidation is used is due to the ability to combine all of your debts into a lower interest account. This means that you have one easy payment each week or month and allows you to stop the calls from your creditors looking for payment. Lower interest can seem very attractive, but you must remember that if you fail to pay your loan, the amount of interest you pay could actually be more as you will be paying off the loan for much longer.
Another reason people consolidate their debts is that it allows you to negotiate with your creditors. When you are making a lump sum payment, creditors will often take a lower amount that what is owed. A debt negotiator can negotiate with your creditors on your behalf and get you a better deal and lower total repayment. Transparency is key, if you are struggling to pay off your debt then show your creditors that and they will usually accept a smaller lump sum payment. Creditors would rather get less of what is owed than none at all, so realizing this they will often accept a lower payment. Make sure to contact My Credit Card Debt to get your debt negotiations underway and help you secure your loan or mortgage refinance.
Why Is It Important To Avoid Credit Debt
Never Be In Debt By Avoiding Credit Cards In Sydney
Credit cards that offer long repayment periods often times seem too good to be true and the reality is, they are. They are designed to keep you in debt for long periods of time, and can often times lead you to rely on them for financial stability. Australians with credit cards fall into debt all too often for the simple reason that they can’t afford interest rates and repayments and easily become overwhelmed with months of backed up payments due. By avoiding credit cards altogether you can afford to be more sensible with the money you have rather than reckless with money you borrow.
It can be very easy to fall into credit card debt, where unlike a loan, it is much easier to overspend. With a loan you usually have to get it accepted by the lender after a look at your finance and collateral. With a credit card, you can get a card with a large limit without needing to show you have the ability to pay it back. This can lead to over spending, problems with your credit rating and inability to pay off your debt.
Access to credit cards can also affect you over the long term. If you get a debt now you could have a bad credit rating into the future meaning you may be unable to borrow in the future. While this may not feel like a big deal now, in the future you may want to open and business, make a big purchase such as a car or get a mortgage to buy a home. What you do now will affect you in the future so it’s important to keep that in consideration when spending on your credit card.
Make Your Repayments On Time Australia
Debt Consolidation Helps You With High Interest Rates & Monthly Repayments
Often time’s credit cards can have interest rates that are higher than 25%. If you find yourself in the unfortunate situation of owing repayments with an interest rate anywhere near that, you will find that paying it back is a daunting and overwhelming process. By combining all of your loans and taking a strong stand against your debt, you can negotiate lower interest rates with your financial adviser giving you the time and practice to get yourself out of debt.
If your interest rates are high, then your monthly repayments will increase appropriately. Before you know it you may be in way over your head with repayments stacking up and no means to repay them on time. If you have multiple cards and pay small amounts on each, the interest may overtake you and keep you in debt for longer. By consolidating your debt, all of your credit card repayments can be grouped together with a re-negotiated interest rate that will take the burden off of your shoulders every month.
Pay All Of Your Bills On Time Melbourne
Debt Consolidation Helps You Stay On Top Of Your Bills
Having too many bills to pay is a problem that almost every Australian faces each month. Once you begin to miss repayments due to the stress of other creditors, it can be a slippery slope before you are out of debt. Due to the stress of paying multiple creditors at different times every month, you may decide to put your bills off until the last minute or even forget altogether. If you find yourself taken back, you can improve your ability to pay your debt by focusing on one single payment towards a consolidated loan.
What Are The Benefits Of Debt Consolidation In Australia
Debt consolidation is extremely helpful for people who have for whatever reason found themselves in debt to multiple creditors. If you find yourself in any of the following situations, debt consolidation may help you recover your finances and bounce back to financial freedom.
Your bills have accumulated and you’re not sure how to pay them all on time
You have fallen behind with credit card repayments for more than one card
Your interest rates seem too high to repay
You have lost track with all the creditors that you owe
Seek Financial Advice In Sydney | Debt Negotiation NSW
Seeking Financial Advice In Order To Consolidate Your Debts
The best way to take a strong step forward in the direction to a debt free life, is seeking financial legal advice and debt counselling services. By doing so, you can utilise debt management strategies to get yourself out of debt as quick as possible. An experienced financial adviser can help you liaise with your creditors and negotiate lower interest rates to make repayments possible by paying less over longer.
Being in debt can drastically affect your lifestyle, often times leading to long periods of stress and uncertainty. By tackling debt head on with a consolidation loan, you can reduce stress, allow yourself to maintain your standard of living while budgeting for your future of financial freedom. Stop the harassing calls from debt collectors and let a proven financial legal adviser negotiate a better deal for you and your family.
How Can My Credit Card Debt Help You Become Debt Free In Australia
Free Yourself From Debt Melbourne | Enjoy Financial Freedom In Perth
My Credit Card Debt offer proven debt counselling services based on years of experience helping everyday Australians free themselves from debt and stress. We will defend your credit score by assisting you with debt management solutions that are specific to your individual situation. Don’t wait another day, contact My Credit Card Debt now for proven strategies which will fast track you to a debt free lifestyle in Australia.