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Debt Consolidation:

New Year’s resolutions don’t have to be reserved for diets and exercise. Sometimes the area of your life that really needs attention is your finances and this might be especially true if you have been impacted by the continuing pandemic.

Struggling to deal with debts, sometimes continually shifting debts from one facility to another while interest continues to add up, is a stressful reality sadly experienced by an ever-increasing number of people. Financial problems can hit you for a wide variety of reasons – ill health, loss of job or family issues, to name just a few – and satisfying all sources of finance can leave you feeling that you are caught in a situation spiralling out of control, that you will never be able to get out of it, and your life will be constantly filled with worry.

Re-mortgaging your existing property or taking out a secured loan/second charge mortgage for debt consolidation may be the answer.

Benefits of debt consolidation:

  • Streamlines finances – combing multiple outstanding debts into a single loan reduces the number of payments and won’t have to worry about multiple due dates
  • May reduce monthly payment – your overall monthly payment is likely to decrease because the future payments are spread out over a new and perhaps extended loan term allowing you to free up some of your monthly expenditure
  • Could lower interest rate – With the average annual interest rate for credit cards being 21.49% you could be going on a lower rate of interest through a mortgage or secured loan. You will be going from high interest unsecured debt to low interest secured debt

Speak to us today and we’ll be happy to discuss any of your financial needs.

Remortgaging doesn’t always guarantee that you’ll reduce your monthly outgoings, but it could. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

How can we help?

Speak to us about your Debt Consolidation needs by calling on 01564 791 120 or emailing hello@the-right-advice.com, and we’ll be happy to discuss. Or if you’d prefer click here for someone to give you a callback.

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