Australian residents accumulate debt for various reasons. A person who applies for more than two credit cards may have difficulty managing the scattered payments. An individual who makes car payments may eventually lose the ability to make their monthly payment.
Mortgage payments can become overwhelming over time. Fortunately, there are many solutions available. Even people who believe all hope is lost can get assistance for debt issues. Debt consolidation is one of the most popular solutions to the problem of overwhelming Australian debt. It offers a lifeline to many, including those who might have struggled with bad credit issues in the past, by simplifying multiple debt repayments into one more manageable monthly payment.
What are Consolidation Loans?
Not everybody understands what it means to consolidate debts. A brief and simple explanation of the process of debt consolidation is taking all of a person’s open accounts and merging them into one. What this process does is alleviate some of the stress involved with having multiple credit accounts.
Instead of having your head filled with multiple payment dates and amounts, you are able to make one lump sum monthly payment which takes care of all your loans. A person who performs a debt consolidation can save a great deal of cash by signing up for help. Consumers can receive discounts on interest rates for consolidation loans.
Australian Debt Consolidation Methods
A debtor can take several routes to consolidate debt. The most common route for this procedure is obtaining a traditional loan. Lenders are available to offer consumers large sums of money to cover the value of their multiple credit accounts.
After the special loan pays off the consumer’s numerous credit accounts, they will be eligible to make one monthly payment to the consolidation lender. Consolidation is the perfect solution for getting back on track with your credit score and payment history.
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Bad Credit is Acceptable
While many lenders shy away from people with poor credit, our affiliated lenders offer customers debt consolidation loans for bad credit. Someone who has a less than perfect credit history can still come to us for assistance with their various bills. Our consolidation experts will be more than happy to speak with the customer about their options, payment amounts, length of loan terms, and other information.
For more information, check out our Debt Consolidation page.
Debt Agreements
Another option for people who need help consolidating debt is entering into a Part IX (9) Debt Agreement. This method of debt repair is effective in stopping the spiral of bad credit and debt. The case managers at Revive Financial help the debtor determine how much they can afford and then negotiate the repayments and terms of the agreement with the creditors.
The new repayments may only be a percentage of each dollar owed on the loan which the debtor must pay on a weekly basis. The client is able to avoid filing bankruptcy and cease harassment from creditors. Agreements should be an avenue taken after consolidation has been proven impossible.
Debt Refinancing
Debt refinancing is another option for people who are having trouble keeping up. Debt refinancing is different from debt consolidation in that the debtor will still have multiple accounts to pay. Refinancing is simply renegotiating the terms of an existing agreement. This process may save the debtor money if the lenders agree to reduce interest rates.
If you are an Australian resident who is in need of a debt consolidation or additional service, you can make contact with us today. Our specialist case managers will be happy to connect you with our affiliated lenders so you can secure your consolidation loan. Our goal is to nurse you back to financial freedom and health.
