How can debt consolidation help my debt?
Do you have a difficult time making all of your payments? Do you find yourself not having enough money at the end of the day for food or necessities because of your debts? Are you only making the minimum interest payments and not paying down any of your principle? If you are trying to pay down several consumer debts, a consolidation loan may be an option that could work for you.
A consolidation loan is when a bank or financial institution gives you money to pay off all of your outstanding consumer debts and consolidate them into one big loan. There are a lot of reasons why consolidating your debts can be beneficial to you in paying off your debt.
A consolidation loan is a way to pay off your debt faster. High interest rates mean that more of your money each month is going towards the interest rather than the principle amount. If you can consolidate all that you owe into a low interest loan, then more of your money goes towards your actual loan and it will be paid off much quicker than before.
If you find it difficult to remember which bills are due on what day or find yourself stressed because you have so many different loans and is it confusing to figure out which one to pay first, then having only one payment would be beneficial to you. A consolidation loan will help simplify your debt repayment plan.
When applying for a consolidation loan, a good credit rating is essential. You also need to have the income needed to make the monthly payments. If you have a poor credit rating and do not qualify for a consolidation loan we still may be able to help you. Give us a call at 4 Pillars Medicine Hat to set up a free consultation to look into all of the options available for you.
