Specifically, the idea of entering into more debt to combat existing debt is considered inadvisable by most.That is of course, with the one exception of intelligent consolidation.This means that combining all your debt into one consolidation loan could reduce the overall rate you pay, and possibly reduce the overall amount even if you pay over an extended term.For most people it's about saving money and getting back in control, and the black-and-white financial sums are easy enough to work out.However, as a debt consolidation loan will usually have a lower interest rate than your existing financial products, you may find you could borrow over a longer period and still save money.
It’s often said that taking out additional forms of credit as a means by which to get out of debt is a counterproductive endeavour.
That's because they'll lose a chunk of the interest you would have paid if you'd stuck to the original terms.
On 2 December, 2014, found that only 28% of the 126 unsecured personal loans listed on the matrix of independent financial researcher Defaqto had no fee for early redemption of the entire loan.
If you have personal debt or are paying high interest rates on existing debt, allow our experts at Mortgage Forces to assist.
We can minimize financial stress through debt consolidation with a new or existing mortgage.