Dealing with debt can be difficult and stressful for you to manage. When you are searching for alternatives to trying to pay off your debt and are feeling overwhelmed, there is a way out. Considering debt consolidation is one what to help you managing the continuously growing amount of debt you are trying to juggle.
What does debt consolidation mean?
It means taking one large loan to pay off all the small loans and debts that are accumulating interest that is burying you. It is a way to help create a manged way of dealing with debt. Essentially, you get all your debts paid off and only have one, the loan, to worry about.
By consolidating your debts, you are helping yourself in many ways that can help impact your credit positively. There are some things to consider when choosing to consolidate your debts.
Reasons for choosing debt consolidation as a means of help:
- Provides you one lender to deal with instead of multiples.
- Give you a single repayment schedule that is manageable and within your budget
- An interest rate that you can count on that will not leave you further behind.
There are many personal situations where debt consolidation might be the best option.
- Credit cards with high interest that is making it difficult to pay down.
- Past due notices on utilities and other bill payments
- Loans with high interest rates that you are finding it hard to pay off.
There are many great things about debt consolidation that can benefit you. You want to be sure that you know what your options are when it comes to choosing this method of handling climbing debts.
These benefits are
- Helping to protect your credit rating from further negative impacts.
- You can take use your assets to help secure you the loan you need.
- All your debts will be paid immediately by the lender.
- Less of your money will go to interest rates and more towards the principle amounts.
The best benefit is the lower interest that you will be paying. You don’t want your hard earned cash to just disappear into interest and would rather see it go to the principle amounts you owe and by consolidating your debts, you are making sure this is what happens.
Our team at Bonsai Finance can help you achieve the goal of debt consolidation. We have trained experts that can seek out multiple lender that have a good reputation, are fair and will provide you with an interest rate that is manageable.
Reasons to let our team help you find the debt consolidation lender to work with.
- We help you navigate the terms and conditions.
- Full disclosure of all the hidden items in the agreement.
- You will only be offered lenders that are reputable and fair.
- We will make sure you get a repayment schedule that will help you.
- We help you weave through the various lenders to help you find which one is best suited to your situation.
There are certain requirements that you need to meet in order to find out if getting loans to consolidate your debt is the best avenue for you.
These requirements are
- Having a regular income that allows you to live and make your payments.
- Your regular income must be verifiable.
- Be 18 years or older
- Have debts that are difficult to manage.
- A verifiable bank account that is active.
If you are deciding if debt consolidation is right for you, you can come talk to our team of experts. Here at Bonsai finance, we can help you weigh the pros and cons of this method of dealing with debt while directing you to lenders that will help your current situation without further hurting you. All the details of consolidating your debts will be laid out in terms you can understand and we can help you make an educated decision.