Think Consolidation When You’re Drowning In Debt
Many attractive goods and services on the market.
+ Smart bankers ready to finance your dreams and aspirations
= Rapidly multiplying debts and EMI obligations
And before you know it, lots of small bills add up to a hefty amount that threatens to take most of your salary… every month.
If your debt problems have not yet reached serious proportions…
If you haven’t crossed that important point of no return yet…
…there is a remedy to solve all your debt problems.
Known as ‘Debt Consolidation’ in financial jargon, it simply means replacing many small debts with one or two large ones. This may, at first glance, not sound like a big problem. However, the effect can be quite magical. As I repeatedly stress, keep things simple. Simple investments, simple insurance, simple debts, etc. are enough to give you a great financial life. You don’t need any complicated products to get rich.
Consolidating your debt simplifies your debt profile, as it has the potential to lessen your burden in many different ways.
Lower are the service loans
As you may have experienced, keeping track of multiple loans and trying to pay multiple bills before the due date is a tedious business. Even when you have the ability to pay off all your debts, it’s easy to miss payments when the number is large. And in a short time it can become a gigantic problem. When you consolidate all your debts into one or two, you get a much better perspective on your financial picture, and your debt problems seem a lot less frightening.
The lower the interest output
Different debts have different rates. In addition, there is additional criminal interest every time you default. When you take out a single loan to pay off multiple debts, the interest payment on this new loan is almost certainly lower than the sum total of interest on many individual loans. This is a double bonanza. One, your monthly payment is reduced. Two, a lower payment means more money available, which can help speed down your debt reduction. So within a short period of time you will see a rapid decrease in your liabilities.
Less the pressure of time
One of the key aspects of too much debt is too many late payments. Naturally, therefore, you are under immense pressure from these numerous unpaid bills. And despite your best intentions, you may not have the means to pay for them all at once. What happens if you have the opportunity to pay the past due amount in installments? Debt combining comes to your rescue by spreading these outstanding payments over a longer period of time. With the pressure off, you begin to rebuild your life with much more ease.
Minor is the bullying
Lots of debt means lots of forgotten bills. And a lot of bad debt means a lot of disgruntled lenders. Lots of disgruntled lenders means lots of foreclosure notices and lots of threatening phone calls. One or two creditors, after consolidation, means less chance of not remembering your due dates. No delay means no more harassment.
Try it… now. you will not regret
You may also be interested in reading ‘7 Ways to Manage Debt’.