Debt Consolidation - What You Need To Know

Sometimes people find themselves struggling with their financial obligations. Whether this be a personal setback or some other external force, sometimes making repayments can become a struggle.

If you find yourself in a situation where your monthly home loan repayments are being affected, having a chat with a mortgage broker may be able to shine some light and help get you back on your feet.

They can listen to your economic struggles and outline options based on your situation. Depending on your unique circumstances, one recommendation they may make is to consolidate all your debts into one new loan.

By combining all of your financial liabilities - such as credit cards, personal loans and your home loan - into a new loan, it may be possible to lower your overall monthly payments through a new, lower interest rate.

Coupled with savings on charges and fees and securing a competitive home loan, debt consolidation can be a fantastic way to help you get back in control.

However, one important thing to remember is that after debt consolidation, your debt is considered to be secured. Therefore, if you don’t pay it back, you risk losing the security on your house.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.