Saving Money Through Debt Consolidation – Does it Actually Work?

November 4, 2015 - Posted in Financial Planning, Money Saving

Debt is not a dirty word. It can be important to remind ourselves of this when we’re struggling to balance the books. Plenty of Australians have experienced, or are experiencing debt problems, struggling to keep track of credit cards and home loans alike. The good news is, there is a light on the other side of the debt tunnel. To guide you on your way the compassionate team at Multi-Choice Home Loans are here to tell you all about their debt consolidation service offering.

Simplifying Your Loan

Quite often, the problem with all things finance is that we find it easy to get lost and overwhelmed in a sea of numbers. It can seem easier to stick your head in the sand, but this is not sustainable and will result in serious consequences. For some people, it might be industry jargon that stops them from getting the best results, and for others it might be the multiple debts and loans that they’re trying to juggle. Debt consolidation is like a spring clean for all your loans, combining them all together and allowing you to make regular repayments, steadily whittling away at your debt. Just like it’s easier to read a book rather than a pile of loose pages, debt consolidation makes payment management simpler.

Is It Time for You to Consider Debt Consolidation?

If you’re considering debt consolidation don’t waste time asking, “how did it come to this?” but rather say, “I’m ready to take control”. At the end of the day debt consolidation is just a change in attitude and a structured way for everyday Mums and Dads to save money in the long term. Debt consolidation isn’t a solution reserved for reckless spenders, but a genuine option for anyone who is ready to take charge.

3 Great Benefits of Debt Consolidation Loans

One of the main things that debt does is give you grey hairs. Maybe not literally, but debt can be a major source of stress that manifests itself in a range of different ways. Debt consolidation gives you a stress-free solution to managing your money, but that’s not all it offers. Here are 3 great benefits of debt consolidation.

  1. Consolidation Creates Convenience

Remember our comparison between a pile of loose pages and a book? Well debt consolidation is the book. It’s easier to understand, easier to manage, and easier to get rid of. A debt consolidation loan creates a single loan from any and all existing ones. Say goodbye to multiple deadlines for multiple payments and start focusing on reducing that debt!

  1. No New Debt

Debt creates debt, or at least it can when multiple debts become difficult to manage. We’ve all heard the analogy of paying off one credit card by using another, and this is the exact cycle that debt consolidation can help you avoid. You won’t need to turn to new loans and more debt when all you have to do is meet a single monthly payment.

  1. Are You Interested in Lower Interest?

If your answer to the above question is “yes” then you’re in luck, because that’s exactly what debt consolidation does. Your single debt consolidation loan will typically be kept at a low rate meaning your payments won’t just stave off increasing interest, they’ll be reducing your debt.

If you live in Brisbane or around Queensland and are interested in consolidating your debt, talk to the mortgage brokers at Multi-Choice Home Loans. Consultation is free and can take major steps in restoring financial security and reducing stress for you. For more great reasons to consider debt consolidation and loan refinancing, check out the Multi-Choice list on loan refinancing in Queensland.