Debt Consolidation

If your personal debt is spiralling out of control, particularly from high interest credit cards, you may need more money to pay it off. Obtaining a loan could be problematic and if you have a bad credit rating it will make it harder to gain access to the finance you need from traditional banks.

One solution is to obtain a debt consolidation loan to clear high interest debts, such as credit cards, and enable you to regain control of your finances. After clearing your debts with a bad credit debt consolidation loan, you could repay your new loan at a lower interest rate.

Debt consolidation loans are also an effective way to reduce monthly outgoings, rolling things into one monthly repayment against your home loan. While they can be very effective in reducing total monthly outgoings, debt consolidation loans need to be looked at with care as the total cost of repaying those debts over such a long term is usually much greater.

Speak to a debt specialist at Coastal Finance. We will assess your consolidation options and provide a plan on how to consolidate all your debt into a single loan.

If you secure a debt consolidation loan, make sure you pay off and then get rid of those credit cards!

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