Do you feel like you are spending too much time paying off numerous credit cards and loans each month, each of them with their own due dates, terms, and interest rates? Does it feel like you’re never going to cut down the balances on high interest accounts, or feel restless constantly shuffling balances around for better interest rates? If so, you could seriously benefit from consolidating some or all of your debts into one monthly payment.
To determine whether or not debt consolidation will help you regain control of growing debt, compare the total of all of your balances to your income and assets and consider whether or not you are in a financial position to be approved for another loan. If so, then you are likely to benefit from contacting a third party lender to help you consolidate the debt you’ve accrued.
There are a few advantages to debt consolidation aside from having to deal with fewer accounts on a monthly basis. One of these advantages would be a lower interest rate and possibly even a completely interest-free grace period that many companies offer to gain new clients. Another advantage is the minimum amount you have to pay monthly could be reduced and paid over a slightly longer period of time. This gives you the opportunity to get ahead of payments or start saving a little bit of cash in a high interest savings account.
Dependent on age, this could make all the difference between a comfortable retirement & a struggle throughout. Equity release can alleviate the financial stigma of the ‘asset rich but cash poor’ scenario by taking tax free cash from the property & clearing all debts.
Consequently, this reduces monthly outgoings & thereby increases disposable income to spend on lifestyle matters such as holidays etc.
It is advised to carefully review the conditions of a loan offered by a company that has a low or no interest period for a set length of time. Whatever savings are made in those introductory months could very well be added right back onto your debt when an abnormally high interest rate kicks in. Instead, it is best to seek a loan company that will offer you a low interest rate for the entire life of the loan.
Use the tax calculator tool to find out what you will pay in taxes.
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