Dealing with multiple debts, whether they be leftover bills, credit card payments or hire purchases, can quickly become stressful and overwhelming. Interest costs, and the difficulty of keeping track and managing multiple payments can often make several debts more expensive than if they were combined into one personal loan. This is where debt consolidation could help you.
Debt consolidation can make any existing loans or other debt cheaper and easier to manage by combining them into one simple loan - usually with lower interest rates over a longer loan term - and only one payment schedule to manage, removing the hassle and stress of multiple loan applications and payment deadlines. Debt consolidation can help you to manage debt more flexibly, giving you more time to repay debt if needed. The lower cost can also help you to set aside money for yourself each week and save more in the long run.
In order to apply for a debt consolidation loan, you’ll need to provide details about your existing debts as well as information about your income and any assets. Once your loan has been approved, the funds will be paid out directly to the organisations you currently have debts with. Debt consolidation can be a great way to get rid of existing debt, but it is important to avoid acquiring any new debt while paying off your debt consolidation loan.
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