Sometimes debt consolidation can help with managing your payments. There are a number of things to consider about debt consolidation and in discovering if this is the right path for you.

Debt consolidation can involve either getting a loan or refinancing a mortgage to pay off other debts.

It is important to know exactly what you are getting when discussing a consolidation loan.

 

You will want to know:

  • who is lending you the money,
  • what the interest rate is,
  • what the repayment terms are,
  • what happens if you can’t make payments, and
  • what, if any, assets are being ‘pledged’ against the loan.

Sometimes debt consolidation is a solution that works and helps alleviate the stress of having multiple payments to different creditors.

Other times, depending on your situation and what the terms of the loan are, debt consolidation is merely delaying the inevitable.

 

Contact us today for a free (no commitment) consultation to see what is the right solution for you.