Consolidating debt tips

Many people become overwhelmed by their debts, but they don't have to be.One way to help alleviate some of the strain is to consolidate debt from multiple sources.Book your free appointment with an Aussie Broker online now, or call us on 1300 44 55 66.

Studies released by Urban Institute in July 2014 showed that 35 percent of Americans -- roughly one out of three -- are so behind in their finances that they have debt in collections.“Our research finds that people often get this decision wrong (from a strictly financial perspective), focusing on paying off small-balance loans, rather than high-interest loans.” The one constant with any true debt consolidation program is the availability of additional credit –typically the ability to get a new loan or line of credit.This is an extremely important differential because true debt consolidation may not be feasible if your debt problems have already damaged your credit standing or your debt-to-income ratio is so high that no one wants to approve you for additional credit.Many zero-percent or low-interest credit card offers only last for a limited amount of time. It entails paying off a number of different debts with a single loan or line of credit.

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