Are you on the hunt for debt consolidation advice that’s the genuine thing? Having trouble deciding whether or not rolling all your debts into one loan is as elegant as it sounds?
The answer will invariably depend on your unique circumstances. Thus, consulting a debt consolidation company for advice on whether or not to opt for their product somewhat defeats the point.
‘Many consolidation lenders will stretch out the loan term to make more money’
Comprehensive debt consolidation advice should include full disclosure of the pros and cons. As always, if it sounds too good to be true, it’s probably a fantasy. Bear in mind that what such credit vendors will and won’t tell you is often eschewed to their own interests.
What they won’t tell you is that even though the loan will be at a lower monthly interest rate, the total amount of interest you’ll pay over the life of the loan will be much, much higher in the long-run. What’s more, the majority of consolidation lenders will stretch out the loan term well past the average time span or for as long as possible, as this is how they make their money.
‘Credit providers won’t be able to repossess your assets, slap garnishee orders on your salary or drag you to court’
An approach that would be significantly in your favour, especially if you are over-indebted or on the brink thereof, is to work with a NCR-registered debt counselling organisation, such as National Debt Advisors. The reason being, we will renegotiate your current debts with your credit providers for you.
For more info or to get started, fill out our online form for a free call back from one of our consultants.