Staying in control of your financial situation can be difficult when youre juggling multiple payments to your personal loans and credit cards. Often, a simple way to stay ahead is by consolidating debt into one easy payment.
Debt Busters can work with you to administer the best debt consolidation method, effectively combining all your outstanding payments into one affordable repayment plan.
There are various ways to approach personal loan and credit card debt consolidation. Generally, the main ways that you can consolidate credit card debt and other debts are either through mortgage refinancing or by taking out an unsecured personal loan.
Mortgage Refinancing as a Form of Debt Consolidation Management Mortgage refinancing to consolidate debt will give you the added benefit of reducing the total monthly payment to cover your consolidated debts. The compromise is that youll be paying off these consolidated debts for the term of your mortgage, which is typically 25 30 years. Whilst mortgages attract a lower interest rate than those of credit cards and personal loans by extending the term, you can actually end up paying more in interest.
Debt Busters can help you organise and manage your refinanced debt consolidation agreement, offering advice and online support to clients across Australia.
Personal Loan as a Debt Solution to Bad Credit Consolidating credit card debt and other debts using a personal loan will, generally, have you paying the same amount per month to service the loan. However, the benefit is that youll only be settling one simple payment. The trade off with using a personal loan to consolidate debt is often found in expensive setup fees, as well as the termination fees associated with your existing loans.
With the higher setup costs associated with utilising personal loans for your loan and credit card consolidation, the interest rate must be significantly less than those of which youre consolidating to offset this.
Consolidate Credit Card Debt & Other Debts Seamlessly, Effectively
Loan and credit card consolidation can be an excellent option if you want to stay on top of your debts and free yourself from the hassle and anxiety of having to pay off several loans at once. However, as the best debt consolidation companies know, consolidating credit card debt and other loans can often make ones financial situation worse if a person doesnt have proper guidance on how best to do it.
We at Debt Busters understand this. As one of the best debt management companies, weve seen and helped many people who have previously availed of debt consolidation in Australia only to have then spent further on their credit card.
Thus, to ensure this doesnt happen to you, Debt Busters will evaluate your financial position and help identify the best way forward. If loan or credit card debt consolidation is not suited to your needs, we can arrange other debt solutions for you such as debt negotiation or a Part 9 Agreement.
We invite you to contact Debt Busters today for a free debt review and to discuss the best consolidation method for you.
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