How does it feel when you get your statement and you realise that it’s going to take you something like 97 years before you pay off your credit card debt?
The really sad aspect with this is that the interest component is huge so the reality is that you are making very small dents in actually reducing your debt each month.
Providing that you have acknowledged how you got to the position where your credit card debt has blown out of all realms of normality and are prepared to take action to correct this, then debt consolidation may be just what you need to catch your breath and get back on your feet.
It is not necessarily an easy answer and lenders are quite tough on debt consolidation but if you have sufficient equity in a property and your financial position will improve by either refinancing or taking out an increase to clear out all of your debts, then I strongly suggest that you talk to Gold Coast mortgage broker FinancialPlus to see if it can be done. It will depend of course of your income and other commitments but it is certainly worthwhile exploring.
We have made a huge difference to the lives of many people by consolidating their debts into their home loans. It can be as simple as clearing out credit card debt or getting rid of the interest-free loan that seemed a good idea at the time right through to consolidating a tax debt and getting out of the spotlight of the Australian Tax Office but for everyone that we have helped so far, the difference has been enormous.
Debt can be a heart-breaker and the more that you end up seeing most of your repayments being eaten up in interest charges, the more depressing it becomes and soon you end up being more out of control than you ever thought possible.