How To Figure Out If Debt Consolidation Is Right For You

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Why Should I Consolidate My DebtHave you made some regrettable moves financially? Have you had to spend outside your means in order to survive? Have you somehow or another found yourself swamped with debt that you’re finding impossible to shake? Debt Consolidation might be the answer you are looking for, to help you get that fresh start you deserve.

No matter what your reasons, we are here to help. In this day and age, getting into debt is something that happens to us all for some reason or another, and unfortunately, when you acquire too much debt, it can affect your credit score, which can then affect your ability to purchase a house, get a loan, or get a new car. So figuring out if debt consolidation is right for you can help make sure that your debt does not get out of control and that you have a good chance to jumpstart your financial success.

It is important to make the decision as early as possible, to keep interest rates from getting too high once you do decide to consolidate your debt. It is generally agreed that in order for you to be seriously eligible for debt consolidation, you must be struggling to pay your monthly bills due to the high amount of debt you have accrued.

Another good way to tell if you are ready for some debt relief through a debt consolidation loan is if you ARE paying your monthly rates to pay back lenders, but your credit doesn’t seem to be going anywhere. It can be frustrating trying to get your credit rating up after taking on a lot of debt, but with debt consolidation it makes it easier than ever to climb back into good standing with an amazing credit score, and become eligible again for new opportunities, new home loans, and other things that would be impossible with an abysmal credit score.


What is Debt Consolidation?

Debt consolidation is when a single lender meets with you and gives you a loan that covers all of your current debts, then you figure out a way to pay the lender back one low price a month until your loan is paid off. While it might seem silly adding another debt onto your plate, it is actually a great way to get yourself back on track with paying your bills on time, especially if you are living paycheck to paycheck.

Getting all your debts under one bill a month can help save you the hassle of remembering to pay each one, and can give you an easier way to boost your credit score back up from being swamped by all the previous debt.

Another good thing about debt consolidation is that the lenders usually give you a longer time frame to pay off the debt than a high-interest credit card would, and with less interest, too. It can be extremely beneficial to anyone who had to, for some reason or another, accrue a large sum of debt across multiple platforms.

Tired of annoying phone calls every day from debt collectors? The anxiety you face when that phone won’t stop ringing can really sting. Debt consolidation pays off the debt collectors and gives you peace of mind. Debt collectors can be a hassle, some even call once per hour, every day of the week in order to get an answer out of you, and blocking the numbers can be futile because they’ll just call you from a different number. The mail you get is also very annoying, and luckily with debt consolidation, you can put those worries behind you because there is only one debt to pay, and it will not chase you around endlessly.

What is Debt Consolidation

Why Should I Consolidate My Debt?

Debt consolidation can help people out in the roughest of times when they are starting to think about filing for bankruptcy. When you’re struggling, you may get a paycheck which resembles a magic trick. You get paid, then immediately, poof, the paycheck disappears as you pay bills and overages, which leaves you little to no money for food and other necessities. Or, you could be feeding your family but have to default on one too many payments, causing your credit to go down the tube. Debt consolidation can help you during these dark times, and give you an end in sight to your debt. Wouldn’t it be nice to just have all that debt under one easy payment? Talk about magic!


Why Not Just File For Bankruptcy?

Many are probably thinking, “what’s so bad about bankruptcy?” well, while filing for bankruptcy can help people out in the most extreme cases, most people are closer to being savable than they think. Most people have better credit than they think, and so it would be a waste to throw that away and file for bankruptcy.

When you file for bankruptcy, your credit stays at an abysmal rate for anywhere up to 7 years, and makes it nearly impossible or even illegal to enter into a new contract or apply for loans. Why would you choose that over consolidating your debt and figuring out an easy way to pay it back over the course of a few years? Keep your credit in good standing and stay creditworthy by simply consolidating your debt into a single monthly payment that will always end up being less than the combined total that you were paying before.

So, before you start to panic about how you’re going to make ends meet this month, take a step back — and a deep breath — and look at where you are compared to where you would like to be. Assess if your bills are making it hard to make ends meet month to month, and figure out how great life would be if you could just make that all shrink into one easy payment a month. Debt consolidation could be the answer, and relief to debt, that you are looking for, and we can help you through the process of figuring it out. So don’t wait, ask us about our debt consolidation programs today. We are always available to answer any questions about debt consolidation you may have on your mind.