29 Nov 2017
How Can Debt Consolidation Help You Prosper?
Debt consolidation gives you the opportunity to clear multiple debts and begin again.
Taking the time to effectively manage debt now can lead to a much brighter financial future. Aside from the obvious goal of paying off debt sooner, consolidating your debt offers other long-term benefits which can help you achieve your financial goals and prosper.
Improved Credit Rating
In the same way that a bad credit score can decrease opportunities, a good credit score could open previously closed doors. It may positively influence your ability to build wealth and own property in the future.
Consolidating debt into a manageable loan before it’s too late means you avoid a blemish on your credit score (which can last years) and maintain a good credit history.
Increased Borrowing Power
When you reduce your level of debt you dramatically increase your borrowing power. If you’re looking to purchase a property or new car, a lender will look at your current level of debt and guess what? They’re more likely to be generous when your debt is low.
A debt consolidation loan that helps you clear multiple debts quickly can increase your borrowing power, which is especially important if you’re looking to buy property in an increasingly competitive Australian housing market.
Better Deals
A good credit score and minimal debt means you’re in a position to negotiate a better deal! A debt consolidation loan can help you achieve both, allowing you to take advantage of the lowest rates and best deals on future loans.
Build Wealth
A debt consolidation loan could make it easier to get on top of your debts, and like any loan, once you have begun to pay it off you may be able to apply to increase the loan amount. Used wisely, this strategy could help you build wealth through investments, assets and property.
Debt consolidation gives you the opportunity to clear multiple debts and begin again, but it’s important you don’t slip back into the same habits that lead you to debt problems in the first place.
Get a fresh start with Mortgage House!
We believe it’s never too late to resolve debt and start working towards your financial goals. At Mortgage House, you can consolidate debt with a personal loan designed specifically for debt consolidation purposes, while homeowners can refinance or add debt to their home loan and take advantage of Mortgage House’s super low competitive rates.
Debt consolidation can be overwhelming. Support and advice along the way will be necessary to make the most of all the benefits it has to offer. Mortgage House prides itself on superior customer service and personal attention. Access help when you need it and receive one on one guidance from your personal Mortgage House Lending Manager.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage.