Who would have thought that the answer to unhealthy loans would come from another loan?
“Two wrongs doesn’t equal right, but a debt consolidation loan can make things right.”
When you acquire a debt consolidation loan, many benefits may come your way. Here are 3 super ones.
A slashed interest rate!
The reason you got into this situation is probably because of the interest rate. You planned well. You drew up a budget. Somewhere along the line you missed a few instalments. Now the compounding of interest on these overdue payments is getting out of your financial reach. A debt consolidation loan makes it possible for the interest rate charged to you to be lowered. This is because of the fact that the payback period of your debt has been extended.
Lower monthly repayments!
It’s a thing of beauty really. When handled responsibly of course! A loan that finances another loan with lower monthly instalments. Think of the pressure that will be released from your cash flow! Have we emphasised responsibility? We repeat it!
One loan = one creditor!
Paying more than one personal loan is in itself an administrative feat. It is hard to manage all the payment dates when you have to consider the payment of necessities as well. And for most people, admin keeps them from bringing the most value to their through what they are great at! One consolidation loan allows you to make a single payment in a month. It is easy to anticipate. It means less people breathing down your neck and certainly less “hate mail” - a.k.a. bills.
These 3 super benefits give you a glimpse at the advantages of a debt consolidation loan - just what the doctor ordered to prevent bad debt.
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