Consolidated vs consolidating financial statements

30-Mar-2019 12:03

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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.Simply put, it brings a number of debts into one easy payment.It makes sense that it would be easier to deal with one debt instead of many.Consolidating debts may well be the answer to this issue because, by rationalising your many (smaller) debts and having one loan to manage, it stands that it would be easier to juggling your repayments and therefore there is less risk of you paying your debts late and thus decrease the likelihood of any adverse credit reporting.Naturally, there are some consequences which also need to be considered when deciding whether or not to consolidate.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.

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.One of the first things you should do if you’re struggling with debt is attempting to speak with your creditors and ask them whether you would qualify for .You will find that every financial provider has an obligation to consider an application made by you for assistance or relief.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.

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Keeping on top of your finances has never been more important than today in light of the newly introduced credit reporting laws.

If you have more than three debts and your creditors want different amounts of money at different times of the month you may find it difficult to co-ordinate your payments in a way that works with your budget.

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