Debt Consolidation - FAQ

  1. What is Debt Consolidation?

    By and large, Debt Consolidation means taking all or most of your outstanding debt and consolidating it into a single payment. There are a number of benefits of a Debt Consolidation program, including lowering your current interest rates or switching to a fixed interest rate. It is also much easier to pay off a single loan, so if you tend to forget when your payments are due, it might be a good solution to consolidate them into a monthly statement.

  2. Do I need Debt Consolidation?

    Debt Consolidation is designed to help overburdened debtors with their financial problems.

    • Are you paying off one credit card by transferring the balance to another?
    • Are the interest rates on your loans high?
    • Would you like to secure a fixed interest rate?
    • Have you got more bills than funds to pay them?

    If you do, enrolling to a Debt Consolidation program could be a good idea. There are a number of Debt Consolidation solutions, and our specialized debt advisers can help you make the right choice. We do our best to adjust our program to your needs.

  3. How do I know if Debt Consolidation is right for me?
    When you complete our free online application, you will be contacted by a Debt Consolidation Adviser who can review your situation and talk you through your options. Consolidating your debts can even save you from bankruptcy, so making this decision could make all the difference.
  4. What is the best way to avoid having to consolidate your debts?
    First of all, you should evaluate your current financial situation. Try to find out why your debt has accumulated. If you have too many credit cards you cannot pay off, you may consider switching to a single secured or debit card so that you only spend what you really have. This can work if the amount of accumulated debt is very low. If it's not, Debt Consolidation might be a better option. No matter what you choose to do, you should still try to evaluate your current financial situation and your spending patterns. Acting in advance and making informed financial decisions can help you remedy your situation.
  5. Are Debt Consolidation programs all the same?

    There are a number of factors which influence the terms & conditions of a Debt Consolidation program you may be offered. These include:

    • the amount of accumulated debt,
    • your current financial obligations,
    • a collateral,
    • accumulated debt type and many more.

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