Debt Consolidation Loans
Debt consolidation may be the solution. When you take loans, you get into debt. When you take loans from many lenders, you have multiple debts. Multiple debts are real headaches. This also increases the risk of defaults and you have additional pressure of repayments. Using one loan to consolidate your debt can solve your problems.
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
It often involves a secured loan against an asset that serves as collateral, which is most, commonly a house (in this case a mortgage is secured against the house.) The risk to the lender is reduced so the interest rate offered is lower.
This is also a loan and means another debt in your account. However, it has several advantages. It helps you consolidate your other debts, and thus to bring down the interest rates as applicable.
One of the best features of a debt consolidation loan is that you arrange the monthly payments so they fit your budget. Each month, you know how you can manage your payments and get you some breathing room so that you can start to resolve your money issues.
Another important feature of consolidating bills is that it helps your credit record. As you accumulate more and more debt, you damage your credit record. If you have missed payments or carry excessive credit card debt, your credit score suffers. When you consolidate your accounts and pay off your outstanding debts, you stop the damage being done to your credit.
You show accounts that are paid off which helps with repairing your credit.
So how does that benefit you?
A better credit score means lower interest rates in the future for things like a mortgage, car loan or home refinancing. In the long run, it can save you thousands (maybe tens of thousands) of Rands.
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Debt Consolidation Loans
One of the best features of a debt consolidation loan is that you arrange the monthly payments so they fit your budget.
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