It’s a new year, and many people often look for ways to get out of debt and back on track with their finances. Whether you experienced a medical emergency or got carried away with your credit cards, debt is an issue that keeps people up at night. Don’t fret — below is your trusted guide to debt consolidation and whether it’s the right choice for you.
What is Debt Consolidation?
Before searching for companies like Symple Lending, it’s important to understand what it means to consolidate your debt. Consolidation debt allows you to get back in control of your money by consolidating your credit cards into one lower monthly payment, while also reducing your interest rate so you can get your bills paid off sooner.
What bills can you include in this plan? Any medical, personal loans, and credit cards. When speaking with financial experts at trusted places like Symple Lending, they can discuss your options and help you create a realistic financial plan.
- Medical Bills
- Credit Card Bills
- Personal Loans
- And More
What Are The Benefits?
Consolidating your debt can give you lower APRs (annual percentage rates) and a more flexible payment plan with a lower amount than paying each bill separately.
Should I Consolidate My Debt?
While this question isn’t always easy to answer since everyone has a different financial situation, there are factors to consider before taking the next steps.
- How much debt do you have? If your balance total isn’t high, debt consolidation may not be ideal. Most companies usually require around $5,000 to work with them.
- How long would it take to pay off your current debt? Can you pay it off in less than six years? If so, debt consolidation is not the best option.
- Can you get a low interest rate? If you don’t qualify for an excellent rate, run the numbers and see if consolidation actually lowers your monthly payment.
- Can you avoid these cards while you’re paying it off? If you continue using these cards, it will increase your debt and make it harder to pay everything off.
- Do you have bad credit? While you can still consolidate your bills with bad credit, your options may be limited. Many experts often advise knowing your credit report to avoid any surprises when applying for a loan.
Get Additional Consolidation Details Today!
Getting out of debt doesn’t have to be stressful or difficult. It’s a new year, and it’s time to take action and get out of debt. Are you ready to get started?
