DEBT CONSOLIDATION

The feeling of being debt-free is crucial to your mental health. It gives you a free state of mind and emotions. That is why it is important to find the right program that helps you become free of debt as seamlessly and quickly as possible and lets you know when you will no longer owe money. Debt consolidation is a good option that provides you with that. Debt agreements are suitable for people with unsecured debts that have become unmanageable i.e. People who are unable to pay their debts as they fall due because they have unmanageable unsecured debts are the ones who are best suited for debt agreements.

Learn how you can have peace and live an easier life through effective debt consolidation programs.

Simplify

Consolidating debt will allow you to simplify the entire process into one easy payment. You have 1 single monthly payment where you don’t have to keep track of multiple debts. This organizes your finances.

Save Money

You can pay out your debt faster at a lower rate of interest when you consolidate your debt with a lower-interest-rate loan where you make just 1 comfortable monthly payment. Consolidating your debt is convenient and brings you more peace of mind.

May Help Credit Score

There’s a hard credit inquiry when someone applies for a new form of credit. But this only temporarily lowers your score by a few points when your monthly payments are on time and in full. So overall it’s a net positive that’s good.

Efficiently Faster

Consolidating your debt focuses on paying off the principal of your debt by reducing your interest charges and thus getting you out of debt more efficiently and faster, even when you now may pay less each month in your new single monthly payment.

WHAT IS DEBT CONSOLIDATION?

One of the best ways for people to get out of debt with less headaches is often with debt consolidation. Debt consolidation is the process of combining two or more debt obligations into just one, or into a larger, new loan to more easily and affordably pay off multiple debts with the help of a more appealing loan term structure. All debts are combined into only one affordable regular repayment, tailored to your budget. Instead of making separate payments for each debt, the debtor makes just one monthly payment that simplifies her/his finances and eliminates the burden of multiple amounts of higher-interest debt. An effective debt consolidation loan gives you the long-term benefits of a lower interest rate on your debt. The debtor saves money because interest rates are lowered and the debt is paid off in the same or less time than they would have done prior to consolidation. The best candidates to benefit the most from debt consolidation are those with a good credit score because they would qualify for the most competitive, lowest interest rates on debt consolidation loans for the combined debts. Start New Financial always weighs your long-term goals with your immediate needs when we’re considering the best debt consolidation plan for you in order to find the best personal solution individualized for you.

How DEBT CONSOLIDATION can be the right choice for your financial needs

Consolidating your debt can bring you peace of mind because It helps you decrease your interest rates and quantity of monthly payments and provides term relief where you know exactly when you’ll be debt free. However, if you’re not careful to ensure you choose the right debt consolidation loan, there are long-lasting terms that could possibly make you pay more in total interest

Debt relief programs will enable you to balance all your debts into one single, simple payment with a more favorable rate of interest, eventually allowing you to better manage your credit and help you live an easier, happier life.

TALK TO US FOR A FREE ANALYTICAL REVIEW

We do a free credit inquiry and thoroughly go over your budget and alternative options to empower you with free information that helps you make the best possible decision for yourself on whether debt consolidation is a good idea for you.

DEBT CONSOLIDATION LOANS – DO THEY WORK?

It is very important to obtain good debt consolidation advice from a certified debt relief and consolidation company like Start New Financial because you have to make sure that you consider all your options very carefully since it’s difficult to balance all your debts on your own.
There are circumstances where handling debt problems on your own isn’t always the best choice since the potential exists of making your issues worse instead of better. There are folks that actually end up choosing the wrong option for debt relief in their specific financial predicament. For instance, you should refrain from using something like a home equity loan to consolidate credit card debt.

The first step Start New Financial advises you to do is to call us for a free analytical review to help determine which debt consolidation loans are the best options for your particular situation. We offer different types of individualized debt consolidation plans to reduce your burden and guide you with the best debt consolidation program that caters to your personal needs. You can combine all your debts into one with a consolidated loan arranged by Start New Financial on more favorable terms.

Prior to consolidating your debts, you should also know all about the advantages and disadvantages of debt consolidation.

ADVANTAGES OF DEBT CONSOLIDATION

The advantage of debt consolidation is that you have a solid plan to become debt free with a process that is entirely simplified by a single, same monthly payment with a lower interest rate that for the length of the debt consolidation loan will never have any unexpected fluctuations. You will not have to be dependent on whether your creditors will agree on anything. Nor will you have to worry about which credit card or loan to pay first or about multiple due dates. What you will be is on a faster track to total payoff with a debt consolidation loan, particularly when you have a huge amount of credit card debt. You have a clear beginning and end to the loan with the fixed monthly payments of a consolidation loan, unlike credit card debt that never has a set timeline for completely paying off its balance.
The quicker you’re debt free, the sooner you’ll have money of your own to be free to do and take care of other things and goals you’ve always been wanting to, and the overall interest you pay will be less as well. Budgeting is simplified as every time you will know exactly how much funds you must set aside each month for your one monthly payment that will always remain the same, making it impossible to miss a payment due to forgetfulness. Your credit score can ultimately be improved by consolidating debt since it’s only initially that it might slightly be lowered by the hard credit inquiry you’ll have to go through, but over time it’s actually going to be boosted and improved by the on-time payments you’re more likely to make. Keeping your credit cards open during a debt consolidation also helps your credit score. Going with a debt consolidation program will benefit you in many ways as long as you consider the advantages and disadvantages of the plan you select and you choose the right one for you.

All the ongoing interest on existing debts are usually frozen. The negotiated reduction in the total debt amount you owe puts more cash in your pocket each week. You have no more hassles with creditors or debt collectors. Unlike in bankruptcy, where you can lose them, you are enabled to keep certain assets and trading licenses and assets and can travel overseas.

Your debt relief specialist disperses your one regular repayment to all your creditors after negotiating with them and while managing all the paperwork as well as the debt agreement proposal. If the new loan has an overall lower interest rate – as they usually do – then you save money. Your repayments may lower by extending the loan term. Since you only have to make one regular loan repayment to just one creditor, your debt and account is so much easier to manage. Start New Financial provides you with a clear plan to get you out of debt ASAP and back on track to a healthy financial future.

DISADVANTAGES OF DEBT CONSOLIDATION

The downside that could exist is that there may be some upfront fees and costs on some consolidation loans which may include loan closing costs, origination fees, balance transfer fees, and annual fees. This is why you must inquire about any fees before taking out your debt consolidation loan, including for early repayment and for late payments. It doesn’t necessarily reduce your debt, and it certainly doesn’t remove it.

As with everything, one must always carefully read the fine print and research to fully understand everything you’re getting into, what’s the full cost of the debt consolidation loan you’re considering. But this is why it is important to have a professional debt relief company on your side to advise and guide you and take care of the debt consolidation process for you. As we mentioned earlier, the best beneficiaries of a debt consolidation loan are those with a good credit history, or else it’s possible it could come at a higher rate than what they presently pay because the interest rate they get is based on their credit rating. The loan term and amount also influence your interest rate. Be mindful that your monthly payment could be less but in the long run you may end up paying more in interest if you extend your loan term.

The advantages, if you’re able to arrange a successful consolidation by yourself, is that you save money because your interest rate would be lower and you won’t have to pay a company to do it for you, you make just one monthly payment that’s generally less than what you were paying, and your credit rating can take a boost once you pay off your debt consolidation loans.

The main disadvantage of a DIY debt consolidation is that you may commit the error of falling into the trap of obtaining a SECURED debt consolidation LOAN to consolidate and pay off debts that are unsecured, such as putting up your house as collateral. This would be risky due to the fact that things such as accidents and disease do occur in life that prevent people from making their payments because they are unable to work.

ADVANTAGES OF A DO-IT-YOURSELF DEBT CONSOLIDATION

The advantages, if you?re able to arrange a successful consolidation by yourself, is that you save money because your interest rate would be lower and you won?t have to pay a company to do it for you, you make just one monthly payment that?s generally less than what you were paying, and your credit rating can take a boost once you pay off your debt consolidation loans.

DISADVANTAGES OF A DO-IT-YOURSELF DEBT CONSOLIDATION

The main disadvantage of a DIY debt consolidation is that you may commit the error of falling into the trap of obtaining a SECURED debt consolidation LOAN to consolidate and pay off debts that are unsecured, such as putting up your house as collateral. This would be risky due to the fact that things such as accidents and disease do occur in life that prevent people from making their payments because they are unable to work.

CALL START NEW FINANCIAL FOR A FREE ANALYTICAL REVIEW

There are many forms and variations of borrowing to consolidate debt, some of which include an IRA Loan, Annuity Loan, Bank Personal Loan, Credit Union Personal Loan, Peer-to-Peer Lender Personal Loan, PayDay Loans, Finance Company Loan, Home Equity Loan, Home Equity Line of Credit, 401(k) Loan or even a Note loan. All of which will be explained to you by a certified loan expert from Start New Financial, giving you the best guidance to quickly manage your debt and become debt free.

Get A Free Debt Assessment

Simply fill out the form and one of our credit counseling experts will contact you. Soon, you’ll be on your way to a debt-free life!