Bill card consolidating credit
Call ACCC today at 800-769-3571 to speak with a certified credit advisor about your current financial situation and possible debt solutions based on your personal situation and financial goals.Possible solutions include a debt management plan, social service referrals, and educational materials and resources to help improve your current financial situation and needs.One of the biggest mistakes that people make is assuming a consolidation loan will be cheaper.This is not always the case and interest rates will vary depending on your credit reputation and the lenders assessment of your application.Be realistic and ask yourself whether you are looking for a more convenient way to manage your debts as opposed to trying to stave off a potential financial disaster.If your situation is more likely to be the latter, perhaps debt consolidation loans are not the way to go.This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card debt.
This too can be an effective debt strategy, although there is one major risk associated with this that needs to be mentioned.
Nowadays, since the introduction of the new comprehensive credit reporting regime, potential credit providers can assess your loan application relying upon more detailed information about the way your manage your finances and your repayment history for the past 24 months.
This means that if you have a number of debts and you are finding it difficult to manage all the debt and consequently pay your bills late, this will more than likely affect your credit reputation and your ability to obtain a loan.
This may seem like a contradiction to what’s been mentioned previously in this article but it’s important to present a balanced view including both pros and cons.
In deciding what to do, you must look at your circumstances and make an assessment as to what’s right for you, understand all the benefits and consequences.