Should You Consolidate Your Debt?
Consolidating debt means taking out a new loan to wrap all your existing debt into one loan. It might not be best for everyone, so should you consolidate your debt? In short, consolidating your loans can save you money and simplify your life! Here’s why…
Clear your head
With one loan, you have a clear picture of your finances – you’ll know exactly how much you owe and how much interest you’re paying. Which means you’re in control and well on the road to becoming debt-free!
One easy payment
With your debts all rolled up into one, you’ll know exactly how much you’re paying and when. Since you’re in the know, it’ll be easier to avoid late fees and default payments– which can only improve your credit score. One loan repayment also make it easier to budget around your other costs and income.
A set date you’ll be debt-free
You’ll be motivated to pay off your debt because you’ll be able to see exactly when you’ll be debt-free – mark it in your calendar and start party planning!
Lower interest rate
Loans in the form of credit and store cards often have scarily high interest rates. By consolidating your debts, you can often take advantage of lower rates and a better deal. Lower interest rate = more money in your back pocket!
One easy lender
By choosing one lender to look after all your loans, you can deal with one company and choose which works best for you – look for flexible repayment terms and fair interest rates.
Here’s how The Lending People can help consolidate your debt:
Consolidate your debt up to $50,000 unsecured
Payments to suit (up to 5 years)
Fixed interest rates from 12.95%