The burden of debt can be heavy, but consolidating your debts with a bank with your best interest at heart can put you on the fast track to living debt-free.
The first thing you need to do is take stock of your credit situation as a whole. As painful as this may be, it will allow you to get a realistic picture of what lies ahead.
You should calculate how much you owe on each debt, how much interest you’re paying on each debt, your debt total and the timeframe you’ve been given to honour each debt. Don’t forget to include any fees and charges you are also currently paying.
Consolidating your debts can come with many advantages.
You can potentially save money by not paying multiple different interest rates and sets of fees, and time by reducing your debt to one convenient monthly repayment.
When it comes to methods of consolidation, the choice is yours. If you have multiple smaller debts, you may benefit from taking up a Credit Card.
If your debt total is larger, a Personal Loan might be the better option for your needs.
Before you sign up for anything, make sure you do your homework. It can be worth your while taking the time to talk to an expert from an organisation with a history of responsible lending practices, like Greater Bank.
If the idea behind consolidating is to make your repayment process easier, cheaper and more convenient, speaking to us is the way to go. As we have no shareholders, we’re able to invest our profits into providing better value rates, lower fees and helpful product features designed to help you become debt-free sooner.
Now that you’ve simplified your debt landscape and are only making one repayment, with one interest rate, all you have to do is stay on track.
The key to this is setting up and sticking to a budget.
Once you’ve configured your finances so that you can support your consolidated debts, the hard part is over.