Debt consolidation can relieve individuals and families from the stresses of multiple repayments. By bundling payments and reducing them you can help free yourself from the stresses of high debts.
What is debt consolidation?
Debt consolidation is the process of taking multiple debts and consolidating them into a single loan with a single repayment. For instance, a car loan, a home loan and a credit card debt can be consolidated as a single loan.
It’s not unusual for Australian families to have a multitude of debts pulling on their weekly budget. The various debts attract varying interest rates. Higher interest rate debts, such as credit card, can contribute significantly to the amount you need to pay to service your debts.
A debt consolidation example
As an example, let’s talk about an average family we might consult with, the sort of standard debt consolidation we deal with regularly. Mr and Mrs Smith are the case study we’ve made up to demonstrate the power of debt consolidation while protecting the identity of our clients. This fictitious couple have two children and are comfortable middle-income earners. Their problem is debt is eating away at what should be a decent income.
Mr Smith has an over-draft of $50,000 and a credit card debt of $10,000.
Mrs Smith is juggling credit cards and has accumulated a decent sized debt across those cards of nearly $24,000. Together they own a home they’re proud of which was financed through a major bank.
Total monthly repayments on the various debts are $3,396.90. Debt consolidation with Finance and Loan reduces that amount to $2,248.25. That’s a saving of $1,148.65. That kind of debt consolidation across a year translates to a saving of $13,783.80. That’s the kind of figure that makes a significant difference to a family like the Smiths.
Gold Coast debt consolidation is integrity
We see many clients like Mr and Mrs Smith every year. What we aim to do is demonstrate to them how we can improve their financial situation. There is no obligation to follow our advise or pressure to use our debt consolidation services. A typical client will be given choices. We’ll encourage them to talk to their bank and ask that bank to match our rates. Most clients are happy with their banks, they just want to pay less. So if their bank can match our rates then why go to the trouble of moving loans? In most cases banks won’t match our rates and our clients contact us for the kind of debt consolidation we’ve shown above.
We do find cases where changing loans isn’t necessary or is unlikely to assist our clients. For instance, we had a client recently who was close to retirement, was only a couple years away from paying off his house, and had come to us through a referral from another client. We could have refinanced this man but it didn’t make sense to take him through the process for a very small net gain. We recommended he stay where he is. Cases like this don’t apply very often to debt consolidation, where multiple debts can just about always benefit from refinancing, but our attitude always remains the same. The process is only working when there is a clear and tangible benefit for our client.
Debt consolidation consultations on the Gold Coast
As a Gold Coast based company we’re always there to talk to local Gold Coast people about debt consolidation. If you have multiple debts and want advice that is impartial, free and has no obligations attached, then talk to us. We’ve helped many Gold Coast families achieve the kind of savings through debt consolidation we outlined for Mr and Mrs Smith.
In most cases we visit Gold Coasters to chat about their debt consolidation within the same week they contact us. We’ll come to you in your time, be it during work hours or after work, and listen to you as you describe your debt situation. We’ll ask you for figures on your loans and your other debts. We’ll take those and we’ll get you the best possible rates for consolidation on those debts. We’ll encourage you to seek other advise and talk to your banks. If you can get better rates elsewhere on the Gold Coast then you should go there. We’re confident we get the best rates on the Gold Coast so we’re never afraid of letting you seek options.
When you come back to us we’ll help you through the processes of consolidating your debts and refinancing. Once your debts are consolidated, you’ll pocket the difference!
Contact A Gold Coast Company About Debt Consolidation