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Debt Consolidation | When Is It Not An Option?

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Debt Consolidation | When Is It Not An Option?

When is debt consolidation appropriate and when is it a hindrance?

For many who face the hardships of debt, debt consolidation can be an inviting option.
It can seriously help you to reduce your debt and interest very quickly,
but you need to be in the right situation and mindset to tackle debt consolidation and reduce your debt.

Debt Consolidation Options Celebration In Sydney

The Debt Consolidation Process

How does the debt consolidation process work?

Debt consolidation is the process of taking all your debts and combining them into a loan, usually a home loan, with a lower interest rate. This gives you the ability to pay off all your other debts with the money from your loan and can halve the amount of interest you have to pay. Debt negotiators and counsellors use this as bargaining chip to negotiate with your creditors and reduce the amount you have to pay, promising upfront payment.

It is a smart way to reduce your debt overall, but you need to be prepared to tackle the loan debt head on, otherwise you could end up paying more overtime. Due to this, there are two main reasons you wouldn’t want to enter into a debt agreement which are; lacking in self-discipline and saving acumen and if you have an unstable work future.

Both of these situations can lead you further into debt, so it's important to understand that the most important thing you need to do is to get into the right mindset. Once you have the right mindset to want to get out of debt you can start taking action. This could be starting by getting secure full time work or talking to a debt negotiator about getting you time to sort out your finances.

If you are on this site you are already making a good start in getting into the right mindset to pay off the debt, but debt consolidation is a long term commitment and you need to make sure you can stay dedicated to paying off the debt as debt counsellors can only help you so much. For more information on debt counselling services call us on (02) 9011 7919 or read on to find out more. Our main aim is to help you avoid other forms of getting out of debt including bankruptcy and debt agreements which can have long lasting effects on your life and leave you in a bad situation.

Not Having The Self Discipline For Debt Consolidation

Debt consolidation still requires you to pay off your debts and you will need the right mindset.

If you are reading this article then you have probably had problems with money, whether due to unforeseen circumstances or your own spending. If you are now looking to get out of debt that is a good first step, but if you have been spending above your means, then you are going to have to seriously change your spending habits to change your financial situation. This can be hard for some people and for them we would recommend something other than debt consolidation as it is a long term solution to debt that will require you to spend within your means and stop occurring new debts.

Debt consolidation is basically about saving to pay off your debts and is a sort of self-governed way to get out of debt. In that sense, it is down to you to pay off your debt consolidation loan cause if you fall behind on payments and the loan ends up lasting longer you could end up paying more as you will be forced to continue paying interest over that loan period. Also if you continue to spend you can fall back into bad habits leading to your debts such as credit card debt increasing once again. Get Out Of Debt Today can help you with proper budgeting and financial advice which is flexible and easy to follow. The main thing is that you stick to your budget and save to pay off your debts as soon as possible. Remember, the sooner you pay off your debts, the less money you will have to pay in total.

If you are finally ready to put your foot down and get debt out of your life but are having trouble managing your finances you can talk to a debt counsellor. Getting your personal finances can be a challenge, especially if you haven’t been keeping proper records and avoiding the problems you face. We usually recommend that people either cancel their credit cards or only have one with a much lower limit.

A flexible budget is the best way to plan your finances. This should take into account any unforeseen cost that you may occur. This means that if you do have to spend a lot of money on something like a medical bill or car repairs, your entire budget doesn’t go out the window. You need to set yourself reasonable goals and not give up the first time you stray from those goals, but instead attempt to get back onto the budget.

If you do need help sticking to your budget or planning your budget don’t hesitate to call Get Out Of Debt Today for a free consultation. We can ensure you stay out of debt and keep your budget on track. Get protection from debt collectors and creditors by calling today on (02) 9011 7919.

Improper Work Conditions For Debt Consolidation Loans

How secure is your current work situation and do you earn enough to make repayments?

If you have an uncertain working future in that you’re not sure if your job is fully secure or you think you might change positions in the new future, then debt consolidation may not be for you. Debt consolidation makes paying off debt easier as you have one guaranteed amount you have to pay each month, but you need to make sure you are able to reach those payments so a stable work situation is optimal.

At the same time if you don’t think you’ll earn enough money to pay off your debt then you may need to seek another option. A plus side to this is that if you hire a debt negotiator they can use a debt consolidation to lower the debt overall. They negotiate on your behalf, using the debt consolidation to get you a good deal. For example, if you have 2,000 owed to one creditor and 5,000 owed to another but are struggling to make the repayments then a debt negotiator might offer the first person a full up-front payment of 1,500 and the second a payment of $4,000. Your creditors will assess and usually accept the offer, seeing it as the best possible way of getting most of their money back. This often offers the best solution possible for both parties and means that you may now be able to pay off your debts.

Talk to a debt counsellor today about your job situation and finances, they will be able to give you advice on how to handle your job situation and whether or not you will be able to afford the monthly repayments. You can also have an informal agreement drawn up by your counsellor, which might grant you the time you need to find secure employment.

If you are unable to afford a larger repayment with your current job or position, there are other ways that you can reduce your debts. Talk to your debt counsellor today about other opportunities available to you and your situation. They will ensure that you don’t undertake anything that you can’t handle financially or mentally when tackling debt.

Debt Negotiations And Counselling

Get Out Of Debt Today can help you through the debt consolidation process and get you the best possible deal.

A debt counsellor is a professional at handling debts and creditors. We know how to get things done and can handle any debt related situation. We can also advise you on whatever debt reduction method you choose to undertake. We understand that debt can be a heavy burden, which is why we attempt to share the load with you, reducing your debt as best we can while setting you up to be able to pay off your debts in the shortest time possible.

Call Get Out Of Debt Today on (02) 9011 7919 and discuss how we can get you the best possible solution for your situation. As mentioned above, our debt consolidation specialists can negotiate on your behalf with your creditors to get you a great deal on your repayments. We will also offer counselling though planning a proper budget with you that is flexible and that you are able to stick with.

There is no point in having a strict budget that fails after 2 months. Unforeseen circumstances can arise, which is why our budgets are flexible and easy to follow. We do all we can to ensure you are able to make loan repayments and getting your life back on track without the dark storm clouds of debt hanging over your head. We also do our best to avoid bankruptcy and debt agreements which can have much further reaching impacts on your life. So call today or fill out our quote form and start planning for your future without debts.

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