A person once said to me that when you’re in a hole and you want to get out of it, the first thing you should do is stop digging.
In other words, when it comes to addressing a debt problem, perhaps more debt is not the solution.
One of the biggest mistakes that people make is assuming a consolidation loan will be cheaper.
This is not always the case and interest rates will vary depending on your credit reputation and the lenders assessment of your application.
Once your debt is consolidated the difficulty in juggling several commitments will be relieved and you can once again feel on top of your finances whereas before it may have been a struggle.
Keeping on top of your finances has never been more important than today in light of the newly introduced credit reporting laws.
The best thing about consolidation is When it comes to consolidating debts, Debt Fix has the skill and experience to guide you through the process.If you believe the debt issue is likely to be temporary because the circumstances about it are not likely to be lasting, then some short term financial hardship may well provide an adequate remedy.On the other hand, if your circumstances are not short term and your financial situation is dire and unlikely to change in the short term, not only is a debt consolidation loan probably not the right way to go but short term financial relief is unlikely to provide any long term benefit.For example, if you have six debts and they each want different amounts at various times of the month but on a monthly basis the total commitment adds up to 0.If you were to consolidate all the debts into one payment, it may be more convenient but what if the new loan cost you 0 per month, would it still seem an attractive proposition?