Do You Want to remortgage for debt consolidation?
If you're thinking about getting a bad debt consolidation remortgage then it's wise to consider all the options. There are several reasons why a bad debt consolidation remortgage might be worth consideration. For example, you might have a number of debts which you are paying off at a high rate. Suppose you have three or four credit cards at an average annual percentage rate of 14 per cent or even higher? Then getting a bad debt consolidation remortgage could help you reduce the amount you are repaying to credit card companies.
A bad debt consolidation remortgage can also help you manage other high interest debt. Store cards tend to charge a high interest rate, which can be nearly 30 per cent, in addition to charges for payment protection insurance and any other cover you might take. Under those circumstances a bad debt consolidation remortgage might be a way to keep your debt more manageable.
Test Your Credit Rating 125x125 If you have also got a finance deal for your new car, have borrowed for home improvements and are always using your overdraft, then these are all signs that you could benefit from a bad debt consolidation remortgage. After all, it can be difficult to sort out who needs to be paid when and you wouldn't want to damage your credit rating any further.
AdvertOne good reason for getting a bad debt consolidation remortgage is to decrease the amount you are spending on debt repayment each month. Consolidating your debts means that you will have a single debt payment to make - to your bad debt consolidation remortgage company. That is easier to manage and may help you to get your finances in order.
Bad Debt Remortgage Risks
Of course, there are risks when it comes to a bad debt consolidation remortgage, especially if this is not the first time you have consolidated. If you are on your second or third bad debt consolidation remortgage maybe you have a real problem with debt and should seek professional advice on debt management.
Many people also use a bad debt consolidation remortgage to free up their credit cards so they can spend more money. If you fall into this category, you are not alone. Recent research shows that a third of people who consolidate go on to rack up more debt, especially on credit cards. However, doing this negates the purpose of getting a bad debt consolidation remortgage as you will end up in debt once again.
One thing to bear in mind when seeking a bad debt consolidation remortgage is that your home is serving as security for the mortgage. That means it is at risk if you do not keep to the agreed repayment schedule. This is one reason why it is wise to seek professional advice and make sure that your debt consolidation plan is one that you can live with.
There is good news, though. If you do manage to stick to the plan for consolidating and repaying your debts, one day you will be debt free and your credit rating will be better than ever. That's an excellent reason to consider a bad debt consolidation remortgage.
Source: adverse-mortgage-centre.co.uk
If you're thinking about getting a bad debt consolidation remortgage then it's wise to consider all the options. There are several reasons why a bad debt consolidation remortgage might be worth consideration. For example, you might have a number of debts which you are paying off at a high rate. Suppose you have three or four credit cards at an average annual percentage rate of 14 per cent or even higher? Then getting a bad debt consolidation remortgage could help you reduce the amount you are repaying to credit card companies.
A bad debt consolidation remortgage can also help you manage other high interest debt. Store cards tend to charge a high interest rate, which can be nearly 30 per cent, in addition to charges for payment protection insurance and any other cover you might take. Under those circumstances a bad debt consolidation remortgage might be a way to keep your debt more manageable.
Test Your Credit Rating 125x125 If you have also got a finance deal for your new car, have borrowed for home improvements and are always using your overdraft, then these are all signs that you could benefit from a bad debt consolidation remortgage. After all, it can be difficult to sort out who needs to be paid when and you wouldn't want to damage your credit rating any further.
AdvertOne good reason for getting a bad debt consolidation remortgage is to decrease the amount you are spending on debt repayment each month. Consolidating your debts means that you will have a single debt payment to make - to your bad debt consolidation remortgage company. That is easier to manage and may help you to get your finances in order.
Bad Debt Remortgage Risks
Of course, there are risks when it comes to a bad debt consolidation remortgage, especially if this is not the first time you have consolidated. If you are on your second or third bad debt consolidation remortgage maybe you have a real problem with debt and should seek professional advice on debt management.
Many people also use a bad debt consolidation remortgage to free up their credit cards so they can spend more money. If you fall into this category, you are not alone. Recent research shows that a third of people who consolidate go on to rack up more debt, especially on credit cards. However, doing this negates the purpose of getting a bad debt consolidation remortgage as you will end up in debt once again.
One thing to bear in mind when seeking a bad debt consolidation remortgage is that your home is serving as security for the mortgage. That means it is at risk if you do not keep to the agreed repayment schedule. This is one reason why it is wise to seek professional advice and make sure that your debt consolidation plan is one that you can live with.
There is good news, though. If you do manage to stick to the plan for consolidating and repaying your debts, one day you will be debt free and your credit rating will be better than ever. That's an excellent reason to consider a bad debt consolidation remortgage.
Source: adverse-mortgage-centre.co.uk
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