If your finances are all over the place, discussing your options with a specialist financing company could help you. Your consultant can look for options that could help you restructure your finances to your advantage.
Depending on your personal financial situation, you might be able to reduce your monthly payments and free up some of your disposable income to put towards other things. The key is to consider whether debt consolidation or finance restructuring could be the right solution for you.
Is Debt Consolidation Right for You?
Take a moment to think about how much money you spend each month on debt repayments. You might have outstanding credit card balances, store cards, personal loans, or other debts to pay each month by the due date.
If you had the opportunity to roll all of those debts into one convenient loan with one easy repayment to make each month, would it make your life easier?
Now consider the interest rates you’re charged on some of those debts. If you could roll all of your high interest debts into one simple loan with a lower interest rate, would it save you money?
When you choose the right debt consolidation loan, it’s possible to reduce your monthly payments dramatically, which frees up your disposable income to spend on other necessities.
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Do You Need Finance Restructuring?
Trying to keep up with multiple monthly repayments can become challenging, especially if the due dates all fall at different times through the month. A debt consolidation loan can help to restructure all those small outstanding debts into one loan that makes it easier to keep up with.
Aside from smaller personal debts, it’s also possible to restructure other loans and banking products to streamline your finances overall. Many people don’t realise the importance of choosing the right home loan products and structures to help them achieve their financial goals.
Choosing the right home loan type, along with consolidating smaller debts, gives you the opportunity to reduce the amount of interest you pay on your outstanding balances.
The key to restructuring your finances successfully is to discuss your personal financial situation with a specialist finance company. You’ll have the opportunity to develop a strong strategy to streamline your finances and make it easier to reduce your debts.
Call one of our specialist finance consultants today and learn how you could restructure your finances to your advantage.
Reduce Debt Faster
When you restructure your finances correctly, it becomes possible to begin reducing your outstanding debt levels faster. Consolidating high interest debts into one loan with a lower interest rate gives you the opportunity to cut your minimum monthly repayment.
However, it’s the loan structure that actually helps you reduce your debt faster. When you pay the minimum payment on your credit card or store card debt, you’re basically covering the interest and only paying a little towards reducing the balance.
By comparison, a consolidation loan is amortised, which means every payment you make effectively reduces your debt. By the end of the loan term, your debt will be cleared.
The same principle is true if you’re restructuring your home loan. Choosing the right type of home loan could make it much easier to put your income to good use in reducing the amount of interest you pay on your mortgage. The result could mean paying off your home loan years sooner.