Do you struggle to keep track of all your loan repayments? Then you should probably consider rolling all your repayments into one manageable loan.
Consolidating or refinancing loans may be a viable solution for some people struggling to manage their repayments, and it can mean paying less in fees and interest in the long run. However, it is important to read the fine print on your loans so you don't end up paying more in fees for a changed arrangement. The cost of a new loan must be significantly lower than what you’ve been paying to ensure an effective debt management strategy.
The benefits of debt consolidation include:
- Reduced monthly payments
- Management of a single payment to one institution
- Money savings with an overall lower interest rate and fees (when compared with previous loan arrangements)
The team of experts at National Financial Advisors can help you compare the conditions set out in your current loans, and work with you to set up a debt consolidation strategy, if it is a viable option for your particular situation. With a view in mind to improve your financial position in the shortest time possible, National Financial Advisors can assist you with obtaining a mortgage for your first home sooner than you thought possible, consolidating your loans to reduce your servicing costs and reduce your repayments, and potentially free up thousands of dollars a month for spending or saving. Contact us today.