The average Australian has more than one credit card and when you add to that the various types of other loans that are available. It is not too difficult to find consumers having to juggle several credit card debts and any other loans, all at once.
If you find yourself in this situation, then debt consolidation may be a means to minimise the impact that your debts have on your cash flow.
At Singh Finance we are able to help you to understand and answer the following questions:
- What is debt consolidation?
- What are the benefits of consolidating your debts?
- Can debt consolidation improve your financial situation?
- Can you incorporate your multiple debts into one home loan? and
- That by using our handy borrowing power calculatoryou can calculate for yourself what your repayments will be.
What Is Debt Consolidation?
Debt consolidation involves consolidating a number of different debts into one single home loan, often at a lower interest rate.
What are the Benefits of Debt Consolidation?
The benefits of debt consolidation will enable you to:
- Combine all your multiple debts into one single home loan;
- Lower your interest rates;
- Only have to make one single monthly repayment instead of several;
- Lower your monthly repayments;
- Only have to deal with one lender/credit provider;
- Only have to deal with looking at one set of loan statements;
- Get out of debt faster; and
- Protect your credit rating.
Can Debt Consolidation Improve Your Financial Situation?
Debt Consolidation is one way to make paying off your multiple debts to be more manageable. You could find also it can improve your financial situation in that:
- Instead of you having to pay "several" monthly payments on a number of credit debts. You will only have to repay all of your debts with "one" monthly payment.
Can You Incorporate Your Multiple Debts Onto Your Home Loan?
Providing you have both a home loan and the available equity in your home, then incorporating your multiple credit card debts onto your home loan could save you a significant amount of interest payments.
What Are My Mortgage Repayments?
Our website features a number of calculators that will show how much you could save through debt consolidation. You can use our handy borrowing power calculator to help you calculate:
- What your repayments will be? and
- How much you can borrow?
Seek Expert and Professional Advice
If your multiple credit card debts and any other loans are getting out of control and you are struggling to meet your minimum monthly payments to the lenders/credit providers, then it is important that you seek advice from a professionally qualified finance & mortgage broker who is also an expert in home loans.
Singh Finance is a reputed Australian finance brokerage firm. We employ a team of expert and professionally qualified finance brokers who are also home loan experts. Their team of finance brokers will guide you through the process requirements and they will even obtain a pre-approved debt consolidation home loan for you as well as find suitable home & contents insurance for you.
Contact Us Today
For an obligation-free assessment, call on 0424 190 908 today or simply click on the enquire online form.
Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.