Managing personal finances can be challenging at the best of times and a nightmare at worst; some people are better at money management than others and if you are finding it difficult to make multiple credit card payments, the following information might be just what you need.
What is a debt consolidation loan?
A debt consolidation loan is one way of dealing with multiple loan repayments and it involves taking out a loan that covers all existing debts, which are paid off, leaving you a single monthly payment that is affordable. This is the first step to becoming debt-free; if you would like to learn more about debt consolidation loans, search online for a leading Australian lender and see what they can do for you.
Debt consolidation loans are not for everyone
We all have unique needs and debt consolidation loans are not suited to everyone; the best way forward is to contact a leading Australian finance house, one that specialises in debt consolidation loans; the experts are happy to listen to your situation and offer the best advice going forward. There are other ways to deal with debt; you can seek out a lawyer to draft a letter to all your creditors, outlining your plan of repayment. Creditors prefer to sort out some payment method rather than ending up in court.
Review your finances
Prior to making contact with a finance company, you should make a list of your income and expenditure to get a clear idea of a monthly amount that you can pay. If you are employed and have a regular income, there is every chance that a debt consolidation loan could be the solution. The experts have your best interests at heart and they are happy to work with you to find the right solution. If you have never heard of a balance transfer credit card, click here.
Take the first step to becoming debt free
The worst thing you can do is nothing; ignoring the issue will not make it go away; sure, it is easy to ignore the final demand letters and don’t pick up on the phone calls, but all that does is bring you stress. Start with a Google search to bring up a list of leading Australian finance companies, then browse until you find a site that looks promising and make an online enquiry.
Communicate with your creditors
Banks and credit card companies much prefer it when customers talk to them about issues; things can be worked out without having to resort to red letter demands and talking to someone is much better than ignoring the issue. You will feel much better when you create a line of communication and you would be surprised at how accommodating they can be!
When you are heavily in debt, it can impact your health and we advise you to enquire with a leading Australian online lender about setting up a debt consolidation loan, which should be the first step to becoming debt-free, then you can start thinking about investments.