If you need to get urgent cash flow relief from the burden of high monthly debt repayments, then looking for reputable companies offering debt consolidation loans are the way to go.
The easiest and by far the least risky way to consolidate debt is through your home loan. You’re probably wondering why I say it’s the least risky because you’re basically putting your house at stake?
I say it’s the least risk form of debt consolidation because often, opting for a debt consolidation loan by way of a personal loan can be a very expensive endeavor.
The idea is to reduce your interest and to reduce your monthly installments and most times a personal loan is much more expensive, not to mention the high interest.
Also, if you consolidate debt through your home loan you automatically have a much smaller repayment because the home loan is over 15 or 20 or 30 years and that will bring great relief monthly while you’re settling the debts.
Thereafter, you can use at least half of what you’re now saving on installments per month to make additional payments into your bond. This way you reduce the term of your home loan and save on interest.
Debt consolidation is not ideal, but it does help you to manage your debt better and takes away the worry of high monthly debt payments. Also, it gives you peace of mind knowing that you only have one debt to repay on a monthly basis.
* information correct as per time of posting