Category Financial Services

The Debt Helpline: Your Trusted Debt Consultation Partner

Being in debt is very daunting especially if you have no means of clearing the debts. Good news is that you can take charge of your situation and seek help to enable you to finish the debt payments and stay out of debt completely. Your best bet to healthy credit scores is debt consultation since through these services you are able to get a lot of advice on how to manage your expenses in order to clear your current debts and also avoid being in debt in future.

Qualities of a good debt consultation service

Reputable: Before you settle for a debt consultation service, you should do your research to make sure it is licensed to offer those services in question. You can then look at a couple of companies then zero in on one which is the most suitable for your needs.

Services: While looking for a debt consultation service, be sure to check that they offer an array of services so that you can have a variety to choose from. Steer clear from those services that push you into choosing a debt management plan as your only option since these will not help your situation in the long term. These only seek to cash in on your misfortune without taking an interest in how to solve your problem in the long haul. A good debt consultant is keen to analyze your financial situation and provide you with options to help you get rid of the debts and also how to deal with a spendthrift nature.

Information: Your debt consultant should offer educational information freely since this is what helps you know more about how to deal with your financial situation. This can also help you avert some financial misfortunes in the long run. Many consultation services offer this information and can also give you a first free debt consultation session.

Trained certified counselors: As you are looking for a debt consultation service, you should be keen on who counsels you. Be sure to find out whether the counselors are certified professionals in their fields of financial expertise. They should also be well-read and in the know about all matters concerning debt consultation. This is because you would not want an incompetent person advising you on financial matters.

Good References: Reputable debt consultation services normally have great testimonials. As you are looking for such a service, find out whether other people have used the services and their experiences during counselling. Further, find out if their debt situations were handled in a professional manner and how the counselling changed their lives financially. This will be a great guide on what to expect after paying for the service.

Debt Helpline – free debt consultation services for all.

Choosing a good debt consultation service can really be difficult; however all you need to do is take some time to do a little research since it will go a long way in helping you get value for your service. In case you do not find a service that is to your liking, call The Debt Helpline. The debt consultation team will be more than glad to start you off in the right direction towards being debt free. Visit us at our website: http://www.debthelpline.com.au/debt-solutions/debt-consultation/.

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Consolidation of debt to improve your credit score

According to the report of Pew Charitable Trusts released in July 2015, about 80% of consumers in America are in some kind of debt or the other. It may be needless to mention that mounting debts can be frustrating and a stumbling block in achieving your aspirations of life. Naturally, you will have to find ways and means to free yourself from the clutches of debt. One of the ideal approaches in this regard is to avail the facility of debt consolidation, which is also called as consolidation of debts.

debt consolidation

Fuse multiple loans into one new loan account:

When you have multiple debts like, for example, auto loan, study loan and credit card loan, you can consolidate or fuse all these debts into one. There are banks and other financial institutions agreeing to provide you the debt consolidation facility. In such cases, the bank agrees to consolidate or pay off all the different types of debts you have. With that you are virtually closing all the multiple debts and in their place, you are opening a new liability with the banker agreeing for consolidation of loans. Normally, consolidation of loan facility will be available at a reasonably lower rate of interest.

Debt restructuring:

But, you should not mistake debt consolidation with debt restructuring. As already said, consolidation of debt is grouping or combining multiple debts into one large debt or loan. But, debt restructuring is renegotiating the terms of repayment on the existing debt with the same banker. In other words, by restructuring the banker makes your repayments much easier.  Normally, restructuring may give you the advantage of lower rate of interest with reduced instalments. In some cases, it may also involve enhancing the duration of repayment. Normally, debt restructuring involves entering into revised agreement with the bank. This facility is very much helpful for those nearing bankruptcy.

Advantages of consolidation:

By availing the facility of debt consolidation Australia banks offer, you are taking one loan to pay off the multiple loans. Therefore, instead of making multiple payments to different loan accounts, you are making a single payment to banker who has given you the consolidation of debt facility. With multiple accounts being fused into one account, it reduces your stress. As already said, consolidation of debts also entitles you to the advantage of lower rate of interest, and naturally this helps you to save a considerable amount of money. In addition to these, consolidation of debt also helps you to increase your credit scores. Check out Debt Mediators

Debt Consolidation of credit cards:

Many of the credit card users are making the best use of debt consolidation facilities. There are exclusive credit card consolidation companies that agree to consolidate your debts on multiple credit cards into one large loan account. Further, some of the banks offering credit cards also have now come up with this consolidation of loans under credit cards.

No new debts please:

Consolidation of debt is a wonderful plan provided you make the best use of it. Once you avail the debt consolidation facility or consolidate credit card debt, you should be careful and ensure that you do not again get into any new loans. If you do so, you may be caught into the cobweb of debt, and it may be very difficult to come out of it.

For more information, visit at https://www.debtmediators.com.au/credit-card-debt-solutions/consolidation/

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