Credit card consolidation loans come with high fees and rarely make financial sense.
Total worldwide debt is expected to continue growing over the coming months, despite having just climbed to a fresh all-time high. Given the three previous waves of global debt accumulation have all ended with financial crises, CNBC’s Sam Meredith takes a look at the risks associated with the latest build-up.
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When you ignore the warning signs, debt problems can climb out of control. Using credit cards and making minimum payments only makes the problem grow. Break the cycle; you can get out of debt. Well help you reduce your monthly payments, lower or eliminate interest charges and stop those stressful collection calls. Well work with you to develop a plan that fits your budget so you can live while paying off your debt sooner.
Welcome to episode #30 in the series #AskADC (Ask A Debt Counsellor) where Andre discusses and dissects the most common questions in and around debt counseling, also known as debt review.
Today’s question is: “How long will I be under debt review for?”
Is debt consolidation a good idea or not? I love this topic and I am going over some money tips to help you decide what is the best way for you to pay-off debt and become debt-free.
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In todays video I talk about Dave Ramsey plan to pay off of debt. I talk about what I agree and disagree with in his plan.
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If you have more than one loan, it may sound like a good idea to roll them into one consolidated loan but it may end up costing you much more over time! In this video we break down debt consolidation on Home Loans, and what it might cost over time.
For more info https://www.huntergalloway.com.au/
For home loan enquiries
Find Jayden here:
T: 1300 088 065
Mortgage Broker Brisbane – Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000
Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
Next steps and settling your first home
Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.
Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.
If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).
Debt consolidation (or refinancing) can make it easier to manage your repayments. But it may cost you more if the interest rate or fees (or both) are higher than before. You could also get deeper into debt if you get more credit, as it may tempt you to spend more.
Here are some things to consider before deciding to consolidate or refinance.
Avoid companies that make unrealistic promises
Some companies advertise that they can get you out of debt no matter how much you owe. This is unrealistic.
Don’t trust a company that:
is not licensed
asks you to sign blank documents
refuses to discuss repayments
rushes the transaction
won’t put all loan costs and the interest rate in writing before you sign
arranges a business loan when all you need is a basic consumer loan
Make sure you will be paying less
Compare the interest rate for the new loan — as well as the fees and other costs — against your current loans. Make sure you can afford the new repayments.
If the new loan will be more expensive than your current loans, it may not be worth it.
Use our mortgage switching calculator
Compare the interest and fees on a new loan with your current loans.
Remember to check for other costs, such as:
penalties for paying off your original loans early
application fees, legal fees, valuation fees, and stamp duty. Some lenders charge these fees if the new loan is secured
against your home or other assets
Beware of switching to a loan with a longer term. The interest rate may be lower, but you could pay more in interest and fees in the long run.
Protect your home or other assets
To get a lower interest rate, you might be considering turning your unsecured debts
(such as credit cards or personal loans) into a single secured debt
. For a secured debt, you put up an asset (such as your home or car) as security.
This means that if you can’t pay off the new loan, the home or car that you put up as security may be at risk. The lender can sell it to get back the money you borrowed.
Consider all your other options before using your home or other assets as security.
Consider your other options first
Before you pay a company to help you consolidate or refinance your debts:
Talk to your mortgage provider
If you’re struggling to pay your mortgage, talk to your mortgage provider (lender) as soon as possible.
All lenders have programs to help you in tough times. Ask to speak to their hardship team about a hardship variation
. They may be able to change your loan terms, or reduce or pause your repayments for a while.
Consider switching home loans
A different home loan could save you money in interest and fees. But make sure it really is a better deal. See switching home loans.
Talk to your credit providers
If you have credit card debt or other loans, ask your credit provider if they can change your repayments or extend your loan. The National Debt Helpline website has information about how to negotiate payment terms.
Consider a credit card balance transfer
A balance transfer may be a good way to get on top of your debts. But it can also create more problems. See credit card balance transfers to help you choose wisely.
Consumer credit counselling is a service that can help you get out of debt. The process starts with a free credit counselling session that helps you identify the best debt solution for your needs, credit, and budget. If you need help getting out of debt, the counsellor can help you enroll in a debt management plan.
To learn more about the process visit: https://www.debt.ca/credit-counselling/how-does-consumer-credit-counselling-work