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What You Need to Know About Debt Consolidation

Let’s face it, debt can be a daunting prospect. From personal loans to high-interest credit card bills, when these start building up the pressure is almost indescribable. To make matters worse, those just managing to clear these expenses at the end of the month may suffer increased strain if their job or other situation changes.

Initially, one or two debts may not seem like the biggest thing. However, once multiple interest rates start piling up, the balances on the accounts sometimes don’t seem to decline. In this situation, when debts become unmanageable, a consolidation loan could be the best way to regain control.

What is a debt consolidation loan?

A debt consolidation loan works by taking out a sum equal to, or greater than, the total of your combined debts. By paying all these off, you will only have the loan left to manage – and this can be repaid through one, affordable monthly payment.

What are the benefits of a debt consolidation loan?

Once you’ve been accepted for a debt consolidation loan, the primary benefit is one of financial control. Not only can this solution help you manage funds more effectively, but you could have additional cash to put toward savings. Furthermore, as there is now only one creditor instead of multiple, the chances of you missing a payment decrease.

A debt consolidation loan can also assist you in improving a credit score. By making payments on time and not missing deadlines, you can start to build a payment history which looks a lot more favourable to future lenders. Eventually, you should be able to access the better rates on financial products offered through some banks and mainstream lenders.

I have bad credit. Can I get a Debt Consolidation Loan?

At Consolidation Express, we consider all financial circumstances and credit scores. While some lenders won’t provide loans to those with bad credit, this doesn’t mean you won’t get the funds you seek through us.

Can I choose which debts I consolidate?

When you receive the funds from a consolidation loan, it’s entirely up to you what you do with it. However, we would recommend that you consolidate as many debts as possible.

Am I eligible for a consolidation loan?

We help thousands of people obtain the finance they need every year. From people looking to consolidate credit card debts to those seeking help with personal loans, we can assist you in finding the best solution possible.

To find out more, get in touch with our specialist team today. We should be able to quickly tell you whether you’re eligible for debt consolidation.

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