Debt Consolidation with Mortgage Refinancing is a sensible cash flow and money management option to consider, if you are finding it difficult to meet your monthly credit repayments, energy bills, petrol bills, education and everyday living expenses.
Give Debt Consolidation with Mortgage Refinancing Serious Consideration
If the amount of spare cash left in your pocket at the end of the week is becoming less and at times there is none at all, then debt consolidation combined with mortgage refinancing should be given serious consideration before the lack of cash in your pocket transfers to mounting credit card and/or personal loan debt.
Debt Consolidation with Mortgage Refinancing involves rolling all your debts into your mortgage loan resulting in one manageable and affordable monthly repayment at a lower interest rate. Mortgage interest rates are generally less than half that of credit card interest rates and also considerably less than that charged on personal loans.
Advantages of Consolidating Debts with Mortgage Refinancing
Lower Interest Rates:
A major advantage of combining your credit cards, personal loans and car loans with your mortgage is that you can drastically reduce the rate of interest associated with your personal debts down to that of a much lower mortgage interest rate. A lower interest rate represents a saving to you and makes repayment of your debts more affordable.
Lump Sum Payout of your Debts:
Having a lump sum amount of money available to pay out your debts may enable you to negotiate a lower settlement amount with each individual credit provider or lender. Engaging the services of a debt consolidation specialist to take care of those negotiations for you, may be worth consideration?
One Manageable Monthly Payment:
When you consolidate your debts with mortgage refinancing, the result is that you replace several repayments with 1 affordable monthly payment which is an easier, time-saving and less stressful way of managing your credit as compared to paying a number of different creditors at varying times during each month. If you prefer to have a more frequent payment cycle of weekly or fortnightly to coincide with your salary, this can also be arranged.
Save on Fees & Interest:
Having a more manageable and affordable credit structure in place, will remove the risk of incurring late payment fees, bank dishonor fees and penalty interest charges. These fees and charges can be quite nasty and amount to $100′s of dollars a month.
Reassurance of Reserve Funds:
An effective debt consolidation and mortgage refinancing plan will include a reserve of funds that is available when and if needed to support your cashflow and ability to meet your commitments in the event of an unforeseen circumstance. In times of an emergency, having access to reserve funds will remove the need to use your credit card to meet commitments and/or draw cash to supplement your cash flow. Drawing cash on a credit card will incur higher interest rate charges and there is no interest free period for cash.
Protect your Credit Rating:
Re-occurring late payments and defaulting on payments can negatively affect your credit rating restricting you from obtaining credit when you need it most or for the right reasons. An impaired credit rating can have a devastating effect on your financial situation and stability long term. It is vitally important that you protect your credit rating at all times.
Protect your Major Asset, your Home:
The biggest threat to your home is not your mortgage or mortgage interest rates it is management of your cashflow and control of your personal credit, bills and everyday living expenses. Poor cashflow management, uncontrolled spending, mounting credit card and/or personal loan debt puts more pressure on the affordability of your mortgage than mortgage interest rates and any unpaid debts create a direct pathway for creditors to your major asset, your home. By consolidating your bills and debts with mortgage refinancing, resulting in a more manageable repayment plan, you will lessen any risk of losing your home to creditors.
Debt Consolidaton with Mortgage Refinancing is Effective
Staying in control of your finances, bills, expenses and ultimately getting out of debt requires determination and planning and the most important components of successful planning are cashflow management and credit control. If you are determined to stay in control of your finances and get out of debt as quickly as you can, then Debt Consolidation with Mortgage Refinancing is an effective procedure that will boost your cashflow management and greatly assist you with the control of your credit.
Kevin ‘Kezz’ Roby is the Senior Credit Advisor for Refinancing Group and a specialist in Debt Consolidation with Mortgage Refinancing. If you would like to discuss your Debt Consolidation or Mortgage Refinancing options with Kevin or if you would like Kevin to carry out an analysis of your finances, please call him on 1300 448 911 or send him an email with your contact details and he will make contact with you.
Want More Money in your Pocket at the end of the Week?
Mortgage Refinancing Group Australia – Mortgage Refinancing Specialists