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Debt consolidation loans are a practical way to consolidate all your debt into one. In essence, you take out a debt loan consolidation from a lending institution and pay off all of your creditors. Instead of having multiple bills to manage each month, you only have to pay off your consolidation loan.
Who Should Consider Debt Consolidation Loans?
Unfortunately, finding yourself in unmanageable debt is easy to do. All it takes is a few major emergencies that end up on your credit card, and suddenly you find yourself drowning in credit card debt. Anyone facing these situations may wish to consider debt consolidation loans:
– Unmanageable credit card debt
– Problems with mortgage repayments
– Facing repossession of a car or other important item
– Struggling to repay personal loans
– Seriously considering bankruptcy
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How Can Debt Consolidation Loans Help?
By securing a debt consolidation loan, many individuals find it possible to cut their monthly bills by 30 — 50%. From making minimum payments on several credit cards and a personal loan, to making one monthly payment on a debt consolidation loan, the amount an individual pays in monthly bills can drop dramatically. Not only that, a consolidation loan can sometimes save debtors money over the long term by trading multiple high-interest debts for one lower-interest debt. Whether a loan saves a debtor money or not, of course, depends upon the amount they owe and the interest rate of each debt.
What are the Disadvantages of a Debt Consolidation Loan?
Getting out of debt is never a perfectly easy process; even a debt consolidation loan has its drawbacks. For example, some loans have a fairly long period of repayment. On the one hand, this can be helpful because it gives the debtor plenty of time to repay the loan. On the other hand, the long repayment period means debtors can end up paying quite a bit in interest. Understanding this, it’s important that you research a lending institution carefully before deciding to choose their debt consolidation loan.
In sum, a debt consolidation loan is one way to simplify your debt and save money over the long term. For many Australians, it is far preferable to have one loan to repay than multiple high-interest bills.