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All the effort involved in Debt Consolidation, is it worth it?

Jul 24, 2008
The idea of debt consolidation sends shivers down your spine because you are already living a busy live. Surely it involves lots of paperwork, confirmation of employment, credit checks etc?

The very last thing we want is to complicate our lives even more. But, this need not be the case. You can make use of the services of a debt consolidator and they will pretty much do most of the work without much effort from your side.

If you decide that you will do the consolidating of debt yourself, you will notice that there are much more benefits, even if you have to put in some effort.

Here are some of the advantages

Able to keep track of accounts

Instead of making several payments each month to different lenders, you only have to make a single payment. This will make your debts more manageable and keeping track of payments will not be difficult.

Lower Interest Rates

Credit card debt and other loans are high interest debt, but when you consolidate your debt your savings would be substantial. The reason for this is that consolidation loans are secured loans and as a result you will pay a much lower rate of interest than normal.

Overall Savings

Not only will you save by getting a lower interest rate, but you will also save on monthly fees and charges for different accounts, as you will only have the one loan to pay fees on.

A much better alternative to bankruptcy

By consolidating your debt, you do not have to deal with the stress associated with bankruptcy which will affect your credit record severely.
About the Author
Zulika van Heerden provides valuable information on her site on how to live a debt free life. To read more tips and techniques like the ones in this article go to: http://www.debtconsolidation-loan.co.za
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