How to SAVE interest rate on Credit Cards, Personal & Car Loans?
Recently we helped few clients who have saved hundreds of dollars in their liabilities. They had 3-4 credit cards, personal loan and car loan too. Interest rates were from 12.5% to 16.5% on their liabilities PLUS monthly fees. Later we managed to get one low with lower interest rate and they paid off all. Now, they have only one loan each. One of them has now finalised a property through us.
Like other, if you’re struggling to keep up with multiple debts, it might be worth considering talking to us to consolidate debts. Following points will help you to understand about better managing your finance.
Quick Guide to Debt Consolidation
- Review your current debts and write them down.
|Lender||Loan Amount||Monthly Repayment||Interest rates||Remaining term|
From our past experience, many people not even know their monthly repayment and Loan amount. Thus, please get a pen & paper, and write down all your liabilities one by one. After that you can take a picture and send it to us. We will review it and we try our best to consolidate all and save you money.
- Methods of doing debt consolidation.
There are different ways to consolidate our many debts into one. Some of them are as below: –
- If you own a property, we can do the valuation and see if we can get equity out of it or not to repay your other small loan and combined it into home loan. There are many steps we need to follow but don’t worry, we will do it for you and inform you as we go,
- Another way is to get a one personal loan with lower interest rate and pay off all other debts.
3. What is the process of doing debt consolidation: –
a. Depending upon the process we need to get the documents like ID, Income, Expenses, All existing loans etc.
b. Most of the lenders wants to see good and consistency in your income and need to be either PR or Citizen.
What is the benefit of doing debt consolidation?
As mentioned above, we combine multiple debts into single loan. It will help you to…
- Lower monthly Repayment because it lowers your interest rates and fees.
- Very easy to manage and budget one loan rather than having 3-4 loans.
- It improves your credit score; we hope you know there is a new law just released on the process of checking credit report. To know more about it Read…
- Improve your cash flow that means less stress and pay off debts sooner
Posted on: April 10, 2020, By: Laxmi - LHL