Have you ever had that feeling that you’re drowning in debt, that your finances are in a real mess?
Well, debt consolidation may well be the answer
Consolidating your debts will in most cases reduce your overall monthly repayments and allow you to make one monthly repayment instead of several because you’ll be dealing with one lender only. Take the example of a client of mine, Beth (name changed for privacy reasons) an Office Admin. Beth came to me with emotional and financial troubles. Beth had been sucked into getting a couple of credit cards from the banks. She had a few impending expenses, her daughter was due to get married and she also wanted to update a few of her home appliances.
Before long she had maxed out the two cards and at best, on her salary, was only just able to meet the minimum monthly required repayments on the cards each month. So the debt was not reducing at all.
Here’s what we did to help her fix her situation.
To her credit she always paid her home loan on time…phew…but what she now found was she had no spare cash at all and was simply caught in a vortex of debt and she was beginning to feel there was no way out. Beth needed some help. I told her that in most cases there is a solution. After meeting and discussing her situation with her personally, we were able to ease her financial burden by consolidating the credit card debt into her home loan and by doing so, freed up approximately $600 a month in cash flow.
Beth was extremely relieved, she began to feel lot better and optimistic about her situation, and more importantly, she was in the position to repay her credit card debt and took great delight in chopping up those credit cards!
I’ve consolidated debt for many of my clients. If this is something I could help you with, contact me for a chat. It really is easier than what it might seem.