Take Control of Your Finances: Consolidate Your Debt
While debt forms part of a healthy financial situation for most
households, debt that is not managed properly has the ability to
cause immense stress, stunt progress and even ruin lives if left
unattended. We all have experienced those times when the accounts
start piling up and we realise that if we do not do something about
the situation it might escalate beyond our financial abilities.
It is at times like these that you have to cut spending wherever
possible and focus primarily on repaying current creditors. One
of the clever ways of proper debt management is to consolidate
your debt. This can be done by taking out one personal
loan to cover all your smaller accounts, leaving you with only
one payment in the month, rather than many small ones.
The benefit of this consolidation is that the one amount is often
smaller than the numerous small ones added together, leaving you
with more disposable income at the end of the month. Even more
importantly, if you shop around, you will find that you can often
get this one larger loan at a better rate than the small amounts
of credit provided by shops and even some financial institutions.
But how do you consolidate your debt if the situation
has deteriorated to such a point that the credit providers are
breathing down your neck and you have acquired a bad credit record?
At ClearDebt Financial Services we provide solutions to people
struggling with debt. We do a debt review which will allow us to
determine the best ways of repayment. We then renegotiate your
repayment terms with you creditors. While under debt review, you
will pay only one amount towards the National Payment Distribution
Agency (NPDA) appointed by the National Credit Regulator. The NPDA
will then distribute payments amongst the creditors in accordance
with ClearDebt’s proposal. While under debt review, your
creditors cannot take legal action against you with regards to
the repayment of monies owed.
If you are struggling to repay your debt, contact
us at ClearDebt. We can advise you on how to
best consolidate your debt and regain control
over your financial situation.
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