Burdened with multiple debts from multiple lenders that you find it difficult to keep track of all of your repayment dates or can’t access more funds (even when you clearly can) but due to bad credit multiple debts? Page Finances have a way out; this is called debt consolidation.
Before delving into the subject further, it is important that you understand how dangerous multiple defaults are and the detrimental effects this has on your credit rating. Lenders will not be willing to lend you money in the future if your credit report is riddled with defaults.
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Debt consolidation is used by consumers to pay off a small debt all at once by taking out a large loan. In doing so, they save on interest as well as the financial cost of the small loan they owe. The borrower should now make a single payment instead of making multiple payments to other creditors.
Debt consolidation can occur on debts that are not related to an asset. Student loan, amount owed on credit card, personal loan are some examples of unsecured loans that can come under debt consolidation.
Debt consolidation helps you;
- Pay off multiple debts with a new loan and a single monthly payment, which is better than maintaining multiple payments from multiple lenders
- Reduce your overall monthly expenses and increase your cash flow
- Reduce stress with fewer bills to juggle
- Reach your savings goals faster with the extra money you save
- Lower your credit utilization rate, which can help improve your credit score
3 Steps to Consolidating Your Debt – Hassle Free
Now that we’re on the same page, there are steps you can take when looking to consolidate debt.
1. Take an inventory of your current debts
The first place to start would be to make a list of all of your outstanding loans, including the interest rate and monthly payment. This way you know how much debt you have in total and what works best for your consolidation strategy.
Without a good understanding of your current situation, you could incur another debt that could worsen your situation rather than becoming a relief.
Your debt consolidation option should be able to swallow your other debts and leave you with debt, which becomes more convenient to manage.
2. Be enlightened
If you decide that debt consolidation is right for you, keep the following points in mind:
- Debt consolidation is not the elimination of debt. You are restructuring your debt, you are not eliminating it.
- Understand the costs. Consider the total cost of the loan. A longer term loan can have a lower monthly payment, but it can also increase the amount you pay over the life of the loan.
- Avoid unnecessary debt: Use good credit habits and create a budget to help control future spending.
3. Explore your debt consolidation options
Once you know your numbers, you can start looking for a new loan to cover the amount you owe on your existing debts.
If you are approved for the loan, you will be given the loan funds to use to pay off your existing debts, and then you will start making monthly payments on the new loan.
Page Financials is one of the leading financial companies offering a fantastic personal loan option for debt consolidation. With this type of unsecured loan, your annual percentage rate (APR) will be based on the specific characteristics of your credit application including an assessment of your credit history, the amount of credit requested and an income verification.
Some lenders may have secured loan options that may offer a slightly lower interest rate, but keep in mind that you risk losing your collateral if you don’t pay off the loan as agreed.
Click here to use the Loan Page for your debt consolidation
Page has exceptional customer service that is available 24 hours a day to help you complete your loan application. If your loan is approved, clients receive the funds the same day, giving Page an advantage over other providers.
Consolidation is not a quick fix for money problems. It doesn’t tackle the overspending habits that create debt in the first place. It is, however, a financial tool that you can use to make it easier to manage your personal finances.
When consolidating, which partner you choose is just as important as the decision-making itself, choosing the wrong partner with hidden terms could make matters even more difficult.
One of the fascinating things about doing transactions with Page is that there is transparency up front, and even after your loan has disbursed, the transfer fee is FREE. You can send money to your other bank accounts or to friends and relatives or even business partners and colleagues, and you won’t pay any fees on transfers.
Additionally, customer support is available 24/7 to provide you with any assistance you may need in obtaining a loan or accessing other Product Page offerings.
Want to learn more about Page? Visit pagefinancials.com or call 017007243 to learn more and get started.