It’s not uncommon to be paying off more than one debt at any point in time. However, if you’re struggling to repay multiple debts it may be the time to consider a debt consolidation personal loan.
For example, you may have three credit cards and a store card, each charging different interest rates. These four debts would also all have different payment dates, so you continually have money going out of your account and it may be difficult to keep track. By bundling all of these debt amounts into one personal loan, you may not only be saving on interest but also only paying one total amount monthly, giving you increased control and certainty.
The key advantages of consolidating your debt are:
- Potentially getting a lower interest rate, saving you money on interest.
- Streamlining your repayments into one manageable loan
- A clearly defined timeline of when your debt will be paid off.
All of this may be a huge help with your budgeting. Instead of just paying the minimum amount to cover interest accrued for the month, you’ll be making set repayments on the loan amount and interest – so you can get ahead at last.
To see whether your repayments could be reduced, get in contact with us today.