A common thought of those considering debt consolidation is to how much money debt consolidation can save, and this is not an uncommon thought
Debt consolidation is of course the combining of a number of debts normally in credit cards, personal loans, etc. into the one repayment
Debt consolidation makes financial arrangements much easier by leaving only one repayment to be met each month rather than a number of them and juggling with a number of debts can be a problem.
Even remembering when all loan and credit cards are to be paid can become quite a chore and if someone is over due in paying, charges can be levied and a black mark can be registered at a credit reference agency.
When paying the debts either directly from the bank there are bank charges made which can amount to quite a sum every month adding further to financial outgoings, and you can certainly do without this.
It does seem rather foolish to be burdened down with a number of different debts each month when there is a good way of making financial life simpler by debt consolidation which will even cut down non bank charges.
Nobody really needs four, five, six or even more credit cards and they are certainly not cheap with interest rates often of 40%
Retaining one single credit card may be handy but there is no requisite for a number of these extremely expensive ways of borrowing.
Debt consolidation is the ideal way of paying off expensive borrowings, and the amount that can be saved is incredible.
Arranging a remortgage or a secured homeowner loan as a means of debt consolidation makes the management of financial outgoings much better in addition to offering enormous savings.
As remortgages start from less than 2% and homeowner secured loans from 9% it becomes apparent just how much can be saved by paying of the extortionate credit cards, etc.
There can be so much money saved that you find you can now afford the odd weekend away or that summer trip abroad that you thought were gone forever. It has not gone forever thanks to a remortgage or a secured loan.
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