Consolidate Debt to Avoid Sleepless Nights
If you find that you are spending more time at the end of the month making bank transfers or writing out cheques than you are spending time with your family or that you are having sleepless nights caused by worry over your financial status then perhaps it’s time to think about ways to consolidate debt. In today’s financial environment it is increasingly easy to become over indebted. Access to in store credit, increased financial pressure and bad decisions can all contribute to making bad debt a way of life. If you find that your family is suffering because of the old problem of too much month and not enough money then its time to consolidate debt.
Debt consolidation will allow you to take many debts and consolidate the payments of these debts into a single monthly payment. The traditional way to accomplish this is to ‘sell’ your debts to financial institution. In most instances this financial institution will allow you the opportunity to renegotiate the terms of the original loans. This renegotiation will usually result in more favourable repayment terms, including an extended repayment schedule and a better interest rate.
If you feel that these negotiations would be best handled by a professional then you can engage the services of a debt counsellor who will undertake the negotiations on your behalf. The services of a debt counsellor will usually protect you from legal action while you are under the debt review process. He or she will able to advise you on your legal protection as offered by the National Credit Act, which prevents your creditors from taking any action against you while your debts are under review.
If you feel that your efforts to consolidate debt have not been successful then perhaps it’s time to engage the services of a professional debt counsellor. If you are unsure of your rights or merely want advice from professionals then contact us.