Hi Guys,
In this video I discuss what debt consolidation is. Debt consolidation is getting one loan and paying all the other loans using that one loan.
When consolidating debt, your qualifying accounts are reduced into one single monthly payment at a fixed interest rate, freeing up cash. A Consolidation Loan is designed to simplify your finances, so instead of having several lending and credit accounts to manage, you’ll have just one
The advantages are:
1. A single service fee and credit protection plan.
2. The Personal Protection Plan will settle your outstanding loan balance in the event of your death, permanent disability or certain dread diseases.
3. A single fixed monthly payment.
4. Lower monthly payments on your qualifying credit; consolidating debt frees up cash.
5. A fixed loan term that avoids the cycle of revolving credit.
6. Your monthly repayment of the qualifying credit will be lower than what you’re currently paying.
7. Consolidating your debts will give you only one loan to pay off and one interest charge instead of many
Things to consider:
1. Your consolidation loan might have a longer repayment period than your other personal loans. This could translate into paying more interest when loan terms are extended.
2. Consolidating smaller accounts, such as store accounts, might take longer to pay off.
3. With more money on hand, it is tempting to spend on more credit. Remember, it is about getting rid of debt and not making more debt. Spending more could get you back to square one.
4. When consolidating debt, it is smart to do some careful calculations. It is not about the duration and amount your monthly payment is alone, but also about all the costs involved when you take credit.
5. It is a good idea to get an online quotation before you decide to take out a single loan to settle your debts. You can then ensure the consolidation is going to benefit you and will be affordable enough to pay off.
Remember to do you own research and make an informed decision.
Makeup- jazzup_glamour on Instagram and Facebook
Tel 064 587 5476
Video link to video ‘How to improve your credit score videos – https://youtu.be/0Ur_dimNLHs
Thanks
Comments