Debt Consolidation with Union First Funding
Debt Consolidation (Is it for you?)
Have you ever felt like you’re being crushed under the weight of all your debt? When you consider that the debt of an average American is just over $90,000 it’s safe to assume that most people probably feel the same. The reason being that there are so many different ways to go into debt. Think about all the things that you’ll probably need to borrow money for in your life
- Going to college and sending your kids to college
- Buying a car
- Buying a house
- Starting up your own business
These are all major ways that people can go into debt and it doesn’t even take credit cards into consideration. Usually, the worst part isn’t even the money that you owe. It’s trying to figure out who exactly you owe, how much you owe them, how long it will take you to pay it off, what type of interest rate you’re paying, and other valuable information. The system is designed to sound confusing on purpose. If you aren’t sure what you owe, it can be easier for lenders to sneak in details in the fine print.
If any of this sounds like it’s describing your current situation, keep scrolling!
What Is Debt Consolidation?
Say you owe a few different types of debts (credit card debt, a mortgage, and some student loan debt. You make different payments each month at different rates to different institutions.
You take out a debt consolidation loan and pay off all of your existing debts. Now you only one lender which is much easier to stay on top of. The best part? Usually, you’ll be paying a lower interest rate than before.
Now you can shift your focus onto repaying just this one loan.
Why would you consolidate?
Consolidation makes sense when you owe money to a few different lenders and are paying high rates of interest. If this sounds like you, you can save a lot of time, money, and headache through a debt consolidation loan.
Pros of Debt Consolidation
Instead of worrying about paying different lenders and setting up a few different automatic payments, now you are only responsible for one payment. The best part is it’s incredibly easy to schedule automatic payments directly from your smartphone.
Consolidating debt can lead to a lower interest payment. For example, imagine that you’re paying an average of 5% on your current debt. You could take out a new loan to pay off your existing debts. Your new loan has an interest rate of 3.5%. If you were to do this for a 15-30 year loan, you’d save quite a bit of money!
Potentially raising your credit score
Consolidating your debt will make your finances look much cleaner in a few months. Creating a plan to attack your debt and making consistent payments towards your new loan will also boost your credit score.
It cannot be understated how much headache loan consolidation can save you. It will put you back in the driver’s seat of your life and give you the control you want.
You can already start to imagine it…a few months from now you could be in an entirely different spot financially. You’ll know exactly where your money is going, who you owe, how much, and when you’ll be debt-free entirely!
If this is sounding too good to be true, let’s take a further look at how it works.
How does it work?
There are two primary ways to consolidate your debt and they both focus on funneling your debt into a single payment.
- Get a 0% interest, balance-transfer credit card: With a single credit card you can transfer all your debts onto this card. Then you can pay the balance in full each month
- Get a fixed-rate debt consolidation loan: Take out a loan and use that money to pay off your debt, then pay back the loan in installments.
To determine which of these methods is perfect for you, we’d recommend speaking with one of our professionals. They’re always happy to chat and answer any questions that you may have.
How can I get started?
It’s worth noting that debt consolidation isn’t a magic wand that will wave away your debt. You’re still going to have debt and will need to work hard to pay it down. It’s a little bit more like a workout supplement. You can have the best workout supplement on the market but if you never workout, you won’t get any fitter. However, if you combine a good workout supplement with a stellar workout routine, you’ll get in better shape than you ever thought possible.
Debt consolidation is the workout supplement to your personal finances.
First, you’ll need to correct your underlying money habits to make sure that you don’t fall back into debt again. Once you’ve done this, consolidating all of your debt will make it significantly easier for you to repay it.
If you’re ready to make a change and consolidate your debt then schedule an appointment today!
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You work hard every day, and we know it. Nothing is more defeating than a financial-blow that sets you back months, or worse, years. When you fall on hard times, you don't have to fight it alone. Whether you're starting over again, or re-organizing, Union First has a professional and compassionate team of experienced agents ready to help.
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