Something to Consider
Debt consolidation is a lifeline for people in debt because it helps simplify your debt management and reduce monthly payments.
There are two ways to consolidate debts: personal loans and mortgages.
Benefits of Debt Consolidation
- Only have one monthly payment to worry about
- Consolidate at a lower interest rate which saves you money
- Debt will be paid off in a set amount of time (typically 2 -5 years)
- There usually aren’t any fees if you borrow money from a bank or credit union
When granting a personal loan or mortgage for consolidation, your banking institution will discharge your current debts and replace them with a single loan. If you respect the terms of payment of your consolidation loan, your credit rating should not be negatively affected.
To learn more about the consolidation process, call us!