When couples are struggling financially, it can put a tremendous strain on them as individuals, and can even affect their relationship as a couple, sometimes leading to the total breakdown of their relationship, or even in the case of married couples, to the breakup of their marriage.
Instead of panicking, it is essential that the couple sit down together and assess their financial situation in a calm and reasonable fashion.
If the people concerned are homeowners and have a number of credit cards, loans, hire purchase, etc.
in addition to their mortgage, costing a considerable sum of money every month, they should add up how much this is costing every month and this is is where debt consolidation can be the answer.
Many people are really quite shocked when they count up how much they are actually paying out every month.
If they had really thought about it before borrowing to buy a new car, before taking out that loan for a holiday, before applying for several credit cards, before installing that new kitchen and conservatory this debt consolidation might not have been required.
However, now that all these debts exist, debt consolidation really could be the answer to their prayers.
Most credit cards now have an A.
P.
R.
at over 20% and many are in excess of 30% A.
P.
R.
If the finance for the kitchen or conservatory was arranged by the home improvement company,the interest rate for this type of finance is usually quite high,normally considerably higher than for debt consolidation, especially if the credit rating of the applicant is still good, even if somewhat overcommitted.
In addition to debt consolidation cutting down your monthly outgoings on credit cards, etc.
,often several hundred pounds monthly, debt consolidation loans make life much simpler by giving you one payment monthly instead of several.
If you pay your credit cards, loans, etc.
by cheque every month,instead of having to remember on what days to make all these payments,you will only have to send one cheque monthly,making your financial life much less complicated.
If you pay by Direct Debit every month you will of course have only one direct debit monthly instead of several, saving you money on bank charges.
You can go directly to your own bank to enquire about debt consolidation, but it is also wise to approach a specialist debt consolidation broker who has the whole of the market place to obtain the best interest rates for your circumstances.
He will complete all the paperwork for you and so avoid any stress for you.
After you have decided that debt consolidation is the best way forward for you, it will take three or four weeks to arrange this from beginning to end.
Then I am certain you will have your best night's sleep in weeks.