4 Debt Consolidation Strategies that Work | Life Hacks and Tips
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4 Debt Consolidation Strategies that Work

With such a high cost of living, it is quite a challenge for any family to balance the books, and aside from living expenses, those essentials like car maintenance and school fees seem to consume what little we manage to put by. All it takes is a couple of unexpected vet bills or a roof repair to put you in a mini financial meltdown, and if you are already looking at the figures and scratching your head, here are a few effective debt consolidation practices that will help you get your head above water.


  1. Seek Professional Help – If your outgoings are higher than your income and you find it a challenge to meet the monthly repayments – which likely fall on different dates – then this is the time to seek expert advice. Debt consolidation is the obvious solution, providing, of course, you can meet a single monthly repayment once the consolidation plan is implemented. For Australians, there is debt consolidation by Debt Fix, Australia’s leading debt recovery experts, and for those elsewhere, a Google search will point you in the right direction.


  1. A Single Payment – With the many loan agreements that most of us have, the real challenge comes when making repayments, as the dates are invariably spread through the month. What might be in your account at the beginning of the month, slowly shrinks as time goes by, and if you have to make a loan repayment towards the end of the month, you go into debt to make the payment. This monthly juggling takes its toll on a person, and by consolidating all the debts into a single payment, you can say goodbye to that stress.


  1. Avoid Using the Credit Card – This is the route to further debt, and it is tempting to use your plastic, especially when the phone calls and letters arrive. If you have reached the point where the CC is bailing you out, it is time to look at debt consolidation and with an online search, you can be talking to a company that is dedicated to c, and with their help, you’ll end up with a single, affordable monthly payment and all of your debts will be settled.


  1. Liquidate an Asset – If you are fortunate enough to own land, for example, borrowing using the title deeds as collateral is one way to go. You borrow enough to clear all your debts, and then make a single monthly payment, but beware, failure to meet the payments might result in you losing the asset. If you have some equity in your home, it is possible to release this and then pay off the outstanding debts, although this might be very expensive interest wise.


If you are finding it difficult to keep your head above water, it might be time to consolidate your debts, before your credit history is tarnished, and this could have serious consequences in the future. There are specialist finance companies who can help you to consolidate your loan repayments, and with some careful planning, the single monthly payment will ensure that you no longer have the stress of trying to make several payments.

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