Debt Consolidation Loan Strategy
Join 1000's of Authors at StreetArticles Today!

Are you one of many Australians who have reached the end of the year to find that your credit card debts are spiraling out of control and you are struggling to meet the minimum monthly payments required by the credit providers?

This situation can be attributed to the fact that many Australians are finding it easy to borrow money these days – and even easier to get into debt.

If you are faced with spiraling and out of control debts, don’t despair and don’t give up as there are always solutions to your problem and there are people that can help you.

Debt Consolidation Loans

A debt consolidation loan is one option that can help improve your financial situation and can also make paying off your credit card debts and any other loans more manageable.

How do Debt Consolidation Loans work?

Using the debt consolidation loan strategy involves taking out one new loan on your current property and consolidating all your multiple debts into this new loan. So, instead of having to pay several monthly payments on a number of credit cards and any other loans you only have to make one monthly loan repayment on the new loan. This however, does not eliminate your multiple debts it simply transfers your multiple debts into one new loan with one regular monthly payment.

Debt Repayment Plan

Consider implementing a debt repayment plan by adopting the following strategies:

Don’t Ignore your Credit Card Debts!

Ignoring your credit card debts will not make them go away it will only make things worse if you continue to ignore your debts. Instead, pull out all of your most recent credit card account statements and create a list so you can tally up all your credit card debts.

Set Specific Goals you can achieve

Don’t make another haphazard New Year’s resolution to “pay off your credit cards” this year. Be very specific about how much you are going to pay off and when that will occur.

Seek Expert Advice

Avoid seeking help from someone who makes unrealistic promises about getting you out of deb, no matter how much you owe. Seek expert advice from a professionally qualified finance broker who is an expert in debt consolidation loan strategies and options.

Don’t Borrow to Pay Utility Bills

If you are experiencing paying your utility bills, contact your water, phone or energy company as most energy companies have hardship officers who can help you work out a plan to pay your utility bills in installments.

Compare Differing Debt Consolidation Loans

If you decide to take out a debt consolidation loan, shop around and take time to compare differing debt consolidation loans provided by numerous lenders/credit providers and compare the following features:

 Interest rates;

 Fees and charges; and

 Product features and benefits.

So, if your credit card debts are getting out of control and you are serious about making a “New Year Resolution” to pay off your debts, and:

• You are thinking of taking out a debt consolidation loan; and

• You would like further advice from a professionally qualified finance broker

Then why not let the experts at singhfinance help you. They will help you source the right debt consolidation loan that best suits your own unique needs and circumstances.

singhfinance is a reputed Australian finance brokerage firm that employs a team of expert and professionally qualified finance brokers. They will obtain a pre-approval for you. Call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form.

Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.

Get more information about debt consolidation loans

Street Talk

No comments present
You May Also Like
Reduce Paperwork And Manual Entry With Debt Management And Collections System
The management of debt is a thorn in the side of any business. Unless appropriate measures are taken, debt management can easily outstrip the actual debt in terms of cost. This is why systems for debt management and collections are so critical to businesses that transact in debt, and this…
By: billing tree in  Finance  >  Debt Consolidation   Dec 25, 2013  
  Likes: 0

Debt Consolidation: Is it the Solution to Paying Off Debts?
Handling debt is always challenging for several people. So when there are ads that express that you could be debt-free and get lower monthly bills, the first thing that comes to your thoughts is that this may be the solution to getting out of debt. It seems that it's a…
By: Jay20 in  Finance  >  Debt Consolidation   Jul 01, 2015  
  Likes: 0

Relief from Debt with a Consumer Proposal
Debt can hamper your future and prevent you from achieving your dreams. Everyone passes through a rough time financially, whether because of businesses failing or paying for the hospitalization of a loved one. There are a few ways you can make the payment terms of your debt favorable, you can…
By: Imee Candyline in  Finance  >  Debt Consolidation   Jan 08, 2014  
  Likes: 0

How Accounts Receivable Management Debt Collection Software Tools Can Help
An effective program can enable the company to realize quicker and earlier collections of any outstanding payment through responsive execution of the software. The AR management software provides speedy evaluation to identify the best effective strategy for collecting the debt, using the lowest cost method available. The AR department’s negative…
By: billing tree in  Finance  >  Debt Consolidation   Dec 02, 2013  
  Likes: 0

Tax Debt In Dallas Tx: Never Be Without An Attorney
The IRS does not make tax reporting easy, particularly if you own a business, or have multiple incomes. Keeping detailed and accurate records is time consuming and complex, and you can end up owing money, no matter how hard you work to prepare. You can deal with tax debt in…
By: Dennis Colon in  Finance  >  Debt Consolidation   Aug 04, 2015  
  Likes: 0

Things To Consider For Debt Consolidation Loan
Credit cards are widely used by most people in our society. It has become a common habit which has put many people in difficult situations as well. The sad part is that people do not carry cash with them as for they consider credit cards their useful assert. People use…
By: Andrew Jhon in  Finance  >  Debt Consolidation   Dec 03, 2013  
  Likes: 0

How to Avoid Defaulting on Student Loan Payments
Colleges in the United States now have to pay penalties for extreme student loan default cases. This is in reference to an article published by the ‘New York Times’ in July of 2014. According to the new regulation, colleges that have default rates of 30% or more in a year…
By: Nick Stanitz-Harper in  Finance  >  Debt Consolidation   Aug 26, 2014  
  Likes: 0

Consolidating Debt How To Actually Go About It?
How To Consolidate Debt To consolidate debt can be a great option for those who are working their way out of debt. The goal of this type of consolidation is to put all payments under one name or under one account so that individuals will only have to pay one…
By: Renardj in  Finance  >  Debt Consolidation   Jun 23, 2012  
  Likes: 0

Debt Consolidation and Management
If your current issue is giving you feelings of uncertainty leading to fear and sleeplessness as a result of the huge debt you owe, I think it is time to enroll in a debt consolidation and management plan to see you through your difficult situation. But before you plunge into…
By: Jerome Kesslar in  Finance  >  Debt Consolidation   Jan 03, 2011  
  Likes: 2

How To Avoid Bankruptcy with Hard Money Commercial Loans
When you are down with suffocating debt, you might feel bankruptcy is the way to lift you up on your feet again. But, you will not want to consider bankruptcy because of the risk of having it stay up to a decade on your credit report. Of course, bankruptcy will…
By: Reed Cambpell in  Finance  >  Debt Consolidation   Dec 29, 2010  
  Likes: 0

Trapped In Payday Loan Debt?
Did you know there are millions of people that are stuck in the payday loan trap? First - What Is A Payday Loan? Right now many folks do not have the financial resources available to them when something out of the blue pops up – this could be an unexpected…
By: Leo E in  Finance  >  Debt Consolidation   Jan 25, 2013  
  Likes: 0

Ohio State Payday Loan Laws Are You Aware Of the Traps?
Ohio payday loan laws, are you aware of the traps? This state has many areas to look out for. If you use these services, there are a few things you will want to be aware of. Trap number one: This state allows payday loans up to 6 months and does…
By: Shawn Lee  in  Finance  >  Debt Consolidation   Dec 22, 2012  
  Likes: 2

What You Need to Do When You Contact Mortgage Brokerage Firms In Toronto?
If you are in the 90% population of the world, you will definitely be focusing on your earning sources and how to increase your earning on regular basis. As one of the richest men alive on Earth says that people should not remain dependent upon one income resource rather there…
By: cWil147CaR in  Finance  >  Debt Consolidation   May 25, 2015  
  Likes: 0

Payday Loan Debt Consolidation Assistance
Before I share with you the help that is available to you if you’re trapped in payday loan debt, I came across some very interesting information. Did you know every year over 12 million people in the United States use payday loans, and a Pew’s survey found that 5.5% percent…
By: Leo E in  Finance  >  Debt Consolidation   Feb 23, 2013  
  Likes: 1

Help For Payday Loan Debt
If you’re reading this article I’m pretty sure I know your story: Your life was sailing along with no real big ups or downs and then out of the blue a financial problem popped up. From everyone I have talked to it seems this financial challenge is usually a medical…
By: Leo E in  Finance  >  Debt Consolidation   Feb 21, 2013  
  Likes: 1

Article Views: 922    Report this Article