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Understanding Debt Consolidation Loans?

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What Are Debt Consolidation Loans?

A debt consolidation loan combines some or all of your existing debts, including existing debts such as credit cards, personal loans, car loans and other high-interest loan products, into one loan.

The idea behind debt consolidation is to make it easier to manage your repayments.

What Are the Benefits of Debt Consolidation Loans?

While it makes it easier to repay your debts, an added benefit is, if you take out a loan with a lower interest rate than what you’re paying on your existing products, you could reduce your overall debt.

Another benefit of having all your debts consolidated into a loan is that term loans are repaid over a fixed term, so you have a clear timeline for when you can be debt-free.

We take a look at how a debt consolidation loan helps Penny in our video below:

How Can A Mortgage Broker Help You with Debt Consolidation Loans?

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At Finance Hub and Networks, we can advise you on whether a bridging loan would be best suited to your circumstances.

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Debt Consolidation Loans FAQs

Could I End Up Accumulating More Debt a Debt Consolidation Loan?

If the personal loan is more expensive than your existing debts, you could accumulate more debt through interest and fees.

So, it’s super important to compare the interest rate and fees of any new loan you’re considering against your current debts.

To avoid making the wrong decision, it may be helpful to chat with a mortgage broker – especially if there is a home loan involved. As a go-between for borrowers and lenders, mortgage brokers can play a useful role in accessing more loan options for you.

This way, you can compare interest rates and see if debt consolidation would be in your favour or not.

Will a Debt Consolidation Loan Hurt My Credit Score?

While opting for a debt consolidation loan can lower your monthly payments, it’s likely to cause a decline in your credit score.

However, as long as you stick to your payment plan and don’t accumulate more debt, the overall result is positive.

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Speak To a Debt Consolidation Loan Expert Today!

At finance hub and networks, our Debt Consolidation Loan specialists will do all the work for you: research, advise and assist in helping you make the best decision for your circumstances.
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Applying for a home loan can often be overwhelming – especially if you’ve never gone through it before. Having finance hub and networks on your side can help make the home loan process a whole lot easier.

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