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Why consolidate debts?

Why you should consolidate your debts? There are a number of reasons to consolidate your debt as follows:

  • To save on interest payments – your mortgage is by far the lowest interest rate you can get. For example your credit card maybe on 23%, or even more for short term loans, but your mortgage is on around 11.5%.

  • To save on monthly account fees - it is likely that every account you have charge you monthly account fees. By moving all of your debt into a mortgage you will only be paying one account fee. Also, by having many debts if you miss a payment you will be incurring penalty fees.

  • Administrative hassle – you now only have to make one monthly repayment rather than multiple payments to all your the lenders you owe.

  • Improve your Credit record – by making only one payment a month it is far less likely that you will miss a payment and hence it is likely that your ‘payment profile’ will improve.
Follow the links on the right to navigate to the different sections of our Debt Consolidation Guide or click here to go to the next part of the guide.
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BondBusters is a member of the IDM Group.

IDM offers integrated financial consultation to consumers on their debt matters by facilitating intelligent solutions between lenders and borrowers.

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