How To Get On Top Of Debt This Year
A new year signifies a new start. It’s out with the old and in with the new smart money-saving strategies.
In reality, you can get started any time .. not just at the start of the new year. The sooner the better!
How can you get on-track for debt elimination?
Here’s our tips.
Consolidate Your Debt
Some people find they can manage their various debts by compiling them into one loan.
Benefits of doing this include:
– Less paperwork
– Easier to anticipate expenses and budget accordingly
– Lower monthly interest rate
Sound good to you?
It’s worth looking into but you have to carefully consider whether debt consolidation is right for your circumstances. Rolling all your debts into this package could mean you have to forfeit some benefits you currently enjoy.
There’s also the temptation to keep using your credit cards and accumulate more debt after clearing them into the one loan. To make a success of this method, you need to be committed to reducing unnecessary expenses.
An experienced finance broker can help you weigh up the options.
What About Refinancing?
Swapping out your current loan for a new one could result in lower interest rates. The downside is that your new plan may have you locked into making payments for a longer period of time, resulting in more money lost to interest rates. There could also be hidden fees associated with switching your loan. Of course, a finance broker helps you avoid any traps.
Move On And Get A Fresh Start
There’s absolutely no shame in simply selling off a property you have trouble making payments on. It’s understandable that you may be fighting to make your dream home a reality. But keep your options open and be realistic.
Selling and beginning anew could help you clear your debt, pad your bank account and set you off on the right track to trying again.
Be Cautious About 'Debt Deals'
Be extremely cautious of deals that sound too good to be true.
They probably are.
There are lots of agencies claiming that they can reduce your debt no matter how much you owe. They make promises that you’ll get to keep your property.
They might even charge you astronomical amounts for some services that you could get for free.
Keep in mind that it will take time and commitment on your part to work your way out of debt. There is no magical overnight cure. Accept this fact, don’t panic, and seek professional help that will provide solutions tailored to your needs.
Seek Expert Advice
An expert in debt and mortgage will uncover debt elimination options you didn’t even know existed.
Don’t let crushing debt crush your dreams for the year ahead. Funding Options has the help you need to get on top of your debt this year and stay there. Contact us as soon as possible to set up a consultation.
– Dom Cassisi, Managing Director