How Page Can Help You Consolidate Your Debt and Live happily – Nairametrics
Overwhelmed with multiple debts to multiple lenders that you find it overwhelming to keep track of all of your repayment dates or inability to access more funds (even if you clearly could), but because of multiple debts bad credit ratings? Finance page have a way out; it is known as debt consolidation.
Before we dive deeper into the subject, it is important that you understand how dangerous multiple loan defaults are and the damaging effects it can have on your creditworthiness. Lenders will not lend you money in the future if your credit report is riddled with bad debts.
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Debt consolidation is used by consumers to pay off a small debt at once by taking out a large loan. This saves you both interest and the financing costs of the small loan you owe. The borrower would now have to make one payment instead of making multiple payments to other creditors.
Debt consolidation can be done on debts that are not tied to an asset. Education loans, credit card debt, personal loans are some examples of unsecured loans that can fall under debt consolidation.
Debt Consolidation will help you with this;
- Pay off multiple debts with one new loan and monthly payment, which is better than maintaining multiple payments from multiple lenders
- Lower your total monthly spend and increase your cash flow
- Reduce stress with fewer bills to juggle with
- Hit your savings goals faster with every extra money you save
- Lower your credit utilization, which can help improve your credit score
3 Steps To Consolidating Your Debt – Stress Free
Now that we’re on the same page, there are steps you can take if you want to consolidate your debt.
1. Take an inventory of your current debt
The first starting point would be to make a list of all outstanding loans, including the interest rate and monthly payment. This is how you know how much debt you have in total and which offers best fit your consolidation strategy.
If you don’t know exactly where you are right now, you can take on another debt that could make your situation worse rather than relief.
Your debt consolidation option should be able to swallow up your other debts, leaving you with a debt that is more convenient to manage.
2. Get enlightened
When choosing debt consolidation, here are some things to keep in mind:
- Debt consolidation is not a debt reduction. They are restructuring, not eliminating, your debt.
- Understand the cost. Consider the total cost of borrowing. A longer term loan may have a lower monthly rate, but it can also increase the amount of the payment over the life of the loan.
- Avoid Unnecessary Debt: Use good credit habits and budget to control future expenses.
3. Explore your debt consolidation options
Once you know your numbers, you can start looking for a new loan to cover the amount you owe on your existing debt.
When you are approved for the loan, you will be given loan funds to settle your existing debts and then start paying the new loan on a monthly basis.
Finance page is one of the leading finance houses offering a fantastic debt consolidation personal loan option. With this type of unsecured loan, your Annual Percentage Rate (APR) is based on the specific features of your loan application, including an assessment of your loan history, the loan amount requested, and an income review.
Some lenders may have secured loan options that can offer a slightly lower interest rate, but be aware that if you do not repay the loan as agreed, you run the risk of losing your collateral.
Page has an exceptional customer service that is available 24/7 to help you complete your loan application. When your loan is approved, customers are paid out the same day, giving Page an edge over other providers.
Consolidation is not a panacea for money problems. It’s not about the excessive spending habits that lead to debt in the first place. However, it is a financial tool that you can use to make managing your personal finances easier.
In consolidation, the partner you choose is just as important as the decision itself. Choosing the wrong partner using hidden terms could make things even more complicated.
One of the fascinating things about transactions with Page is that there is transparency right from the start and even after your loan has been paid off, the transfer fees are FREE. You can send money to your other bank accounts or to friends and relatives or even business partners and colleagues and pay no fees for the transfers.
In addition, customer service is available 24/7 to help you obtain a loan or access other product offerings on the site.
Would you like to learn more about Page? visit pagefinancials.com or call 017007243 to learn more and get started.