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Debt consolidation is a method of taking out a new loan to pay off the high-interest debt in an effort to streamline monthly payments and save money over time. People typically use personal loans, low-interest credit card balance transfers, or debt management plans to consolidate their debt.
At Fresh Start, we have a number of partners that specialize in debt consolidation loans of amounts up to $40,000 and rates as low as 3.9%
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What Do I Need to Know About
Debt consolidation is an excellent solution for anyone who feels they are losing control of their financial situation, and potentially struggling to meet their minimum payments every month. Debt consolidation is an excellent solution because
It provides the borrower with a simple and easy to follow debt repayment plan. With some structure and determination, money worries and concerns can quickly become a thing of the past.
A reduction in interest rates - Many of the people who come to Fresh Start for debt consolidation are paying extremely high rates of interest. With some hard negotiating and our industry knowledge, we are regularly able to slash the amount of interest and charges our clients face. This could drastically reduce the overall cost of your loans and your monthly repayment amounts.
Single Monthly Payments - Sometimes, it is not the amount of money owed but rather the number of different loans that can get people into trouble. With so many small repayments every month, it can be easy to miss one here and there and fall into arrears. With a debt consolidation plan, clients only have one repayment to make every month, which makes everything much easier to follow.
No More Collection Calls - Sometimes, the volume and persistence of the collection calls can cause physical and mental health issues. Every time the phone rings can send a slither of fear down your back, and if these calls are happening ten or twenty times a week, it can quickly become very stressful. With debt consolidation, once you sign a power of attorney, the calls disappear almost overnight.
Is Debt Consolidation Right for Me?
As with any financial product, there is never going to be a one size fits all solution. Before agreeing to provide our clients with a debt consolidation option, we spend time with them to ensure it is the best product for their individual needs.
Debt consolidation may be a great option for you if:
Need Structure - You need some structure in your life and a plan that if followed, will lead to you becoming debt-free within a set period. Life can throw so many temptations in our way, and it can be very easy to keep adding things to the credit card every month. Unfortunately, that is not a sustainable plan, and eventually, those debts will need to be repaid. Debt consolidation helps people to focus by giving you a step by step plan to becoming debt-free. It also instills financial discipline, which helps people succeed in the long term.
Want To Pay Less Interest - Nobody likes to pay more than necessary, but credit cards can be one of the most expensive forms of credit in the marketplace. The repayment options for credit cards are also designed to encourage people to pay the minimum every month, which then leads to people paying excessive amounts of interest on every dollar they borrow. With debt settlement, our customers end up with one fixed rate of interest, which will in the vast majority of cases be significantly cheaper than what they are currently paying.
Are Trying To Avoid Bankruptcy - Bankruptcy is a long, scary, and exhausting process, that can destroy your credit score for many years to come. Debt consolidation for most people is a much better option, with fewer long-term negative consequences. It also does not put your assets, such as your home and car at risk.
If You Need Better Repayment Terms - Not all people seeking a debt consolidation loan are struggling with their finances, Some people who come to us may have realized that they have not been managing their money very well, and are looking for an alternative solution. With debt consolidation, our customers can benefit from better terms such as a shorter or longer repayment plan. Don’t forget to examine the other aspects of your loans, such as any charges or fees, as these can have a dramatic effect on the overall cost of your loan. Debt consolidation can remove all of these issues, by effectively starting your loans with a new company at a better rate of interest with an affordable repayment plan.
Debt consolidation may not be the best option for you if:
You Do Not Think You Can Stick To The Plan - Debt consolidation is one of the best options to dig yourself out of a financial predicament, but you must be committed to changing your lifestyle. If you successfully qualify for a debt consolidation loan and then keep borrowing money elsewhere, you will end up with more debt than ever. If you are not committed to making a change in your financial life, then debt consolidation, may not be the best option for you.
Choose A Repayment Period Which Is So Long That It Costs You More Money - Whenever you are contemplating taking out a debt consolidation loan, it can be very tempting, to choose the longest repayment period in order to lower the monthly cost. If you are tempted by this then be aware, that the longer it takes you to repay the loan, the more money you will end up paying in interest. By not choosing wisely, you could end up paying more money back over the course of the loan, than if you had persevered with your current situation.
You Are Worried About Your Credit Score - If you are still current with all of your payments, and are potentially contemplating applying for a mortgage in the near future, then a debt consolidation loan, can negatively affect your credit score.Although you are repaying all of your debt, your repayments are likely to be less than your initial agreement. This can lower your credit score in the short term, which could then make it more difficult to get credit in the future until the agreement has been completed.
Debt Consolidation Frequently Asked Questions
Debt consolidation provides people with a structured method of repaying their debt, with a final repayment date they are working towards. In most cases, it will save them money and help them repay the debt quicker.
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At Fresh Start, we are an ethical company, who are determined to help as many people as possible reset their financial future, hence our name. Working with us, you can quickly get your life back on track, and look forward to a stress-free financial life.
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