Should You Consolidate Your Debts?

Let’s face it: Being in debt is no fun. It’s a lot to keep track of, potentially a lot to pay, and a lot of people and companies to answer to. When you’re working hard and simply trying to get on with things, debt is the last thing you want to be thinking about.

There are many ways to tackle debt. But by consolidating your debts, you might be able to tackle those payments without having to turn into a mindless, money-saving robot. You might be able to pay off your debts and still have enough left over for weekends, family holidays and Christmas presents.

If you’re feeling weighed down by multiple debts, consolidation might be the first step towards kicking them to the curb once and for all.

Do you have bad credit and/or a large amount of debt?

If you feel like your finances are out of your control, debt consolidation might be right for you. By combining all your current loans into one, you can minimise ongoing expenditure and make your credit easier to manage.

Rather than deal with multiple interest rates and fees, you can save more by consolidating all of your loans into a single repayment.

In addition, there are also entities that specialise in bad credit debt consolidation loans. Just be wary, because some of these agreements might involve bankruptcy.

Do you have trouble keeping up with monthly repayments?

Instead of dealing with dates, fees and more for multiple repayments, you can merge everything into a single repayment with debt consolidation. That’s one repayment, one interest rate, one set of fees and one loan to repay.

If your credit cards are nearing their limits (or if you’ve already maxed a few of them out), debt consolidation can be especially helpful.

Do you have equity in your home?

If you’ve already paid a decent amount of your home loan off, you can leverage this with debt consolidation to help pay off the rest of your debts.

The interest rate of your home loan might be quite a bit lower than the rate of your personal loan or credit card. By consolidating your debts and leveraging your equity, you might be able to lower the overall interest you pay on all your debt.

Consolidate your debts with Mortgage House

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 consolidating your debts, you can contact us for advice about the best options for you.

Click here to speak to us!