The recession seems to be going on and on. debt consolidation loans
Many thousands of people have been made redundant. Even those who are still in employment have had their income cut. Some employers have asked their workers to take a pay cut, as it is the only way to survive until the economic climate improves. debt consolidation loans
Other workers are working five days per week, but are only being paid for four. debt consolidation loans
The more fortunate among us who are being paid fully for a working week may not now be doing the overtime they did in the past, and which was needed to maintain their standard of living and pay all their outstanding credit monthly. debt consolidation loans
The most awful thing in life, apart from suffering from ill health, is the problem of struggling financially. debt consolidation loans
It can affect your physical and mental health, and even break up relationships. debt consolidation loans
The recession turns out to have been even more grave than we were first advised with the Government announcing recession figures of 2.4% compared to the original figure of 1.9%, debt consolidation loans
If each month you are really juggling your finances, and have even started to make late payments, you must act now before the situation becomes even more serious, and your credit rating could be affected, making it difficult for you to obtain a loan or remortgage in the future. debt consolidation loans
The best way to alleviate the situation if you have numerous financial commitments is by debt consolidation debt consolidation loans
Debt consolidation is combining all your credit cards, personal loans etc. and consolidating them into one by means of debt consolidation. debt consolidation loans
If you do not own your home and are finding it impossible to meet all your repayments, debt management could be the only way forward. debt consolidation loans
In cases of struggling so much that you are really insolvent, a Trust Deed in Scotland or an IVA in England may be the only option. These are very serious methods to enter into and should only be considered as a last resort. debt consolidation loans
However if you are a homeowner you have a choice of two main ways to arrange this. debt consolidation loans
The first method of debt consolidation is by taking out a debt consolidation loan. debt consolidation loans
If you are feeling overcommited financially but still have a fairly good to good credit rating you can obtain a homeowner loan with a rate of interest starting at about 8% APR. debt consolidation loans
Compared to the interest rates on credit cards, this debt consolidation rate of interest is very good. debt consolidation loans
Add up the balances on your credit cards, personal loans, etc, and if they come to say £40,000 apply for debt consolidation of that amount. debt consolidation loans
When you obtain a quotation you will be amazed at the saving every month. Paying the minimum payment to £40,000 of credit cards would cost £1,200 per month, and only ever making the minimum payment hardly decreases the balance, and experts say takes about teweny six years to clear. debt consolidation loans
A homeowner loan for that amount would be in the region of just under £500 per month over a ten year period. What an enormous saving! With this method of debt consolidation, you keep your existing mortgage in place and arrange the loan separately. debt consolidation loans
The other main method of debt consolidation if you are a homeowner is a debt consolidation remortgage. debt consolidation loans
If you have £40,000 outstanding in credit cards, etc. and an existing mortgage of £120,000, you would take out a remortgage for £160,000 which pays of your present mortgage and all your oustanding credit. debt consolidation loans
The interest rate for a remortgage varies considerably, with one of the most important factors for being granted a very low interest being the L.T.V which means the amount of equity on your property. debt consolidation loans
A remortgage also saves a considerable sum of money monthly, and also gives you peace of mind. debt consolidation loans
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