Debt Consolidation

We’re very aware of the need to reassess our financial situations currently and how we are discovering new solutions on a global scale. For some, debt consolidation could be beneficial in managing cash flow and stress. In a world gone mad, we at Heron are here to cheer your spirits and answer your money questions.

Let’s start at the top. What exactly is debt consolidation?

If you have multiple debts, you could benefit from consolidating all those irritating little (or large) payments into one monthly payment. What’s the point exactly you might well ask. Firstly, it’s less hassle and secondly, you will receive a lower interest rate. It’s like popping your finances on a cruise where all its food, entertainment and travel is sorted in one fell swoop, and for cheaper.

So what type of debt can I consolidate?

Credit cards, personal loans, payday loans and overdrafts are often referred to as unsecured debts. They usually have higher rates of interest compared with secured loans, meaning the lender has no security to depend on if, worst case scenario, they can’t get those pesky debts paid back. If these are what’s keeping you awake at night, debt consolidation remortgage is definitely an option to consider.

Is it a good idea?

For some people, debt consolidation remortgages could be the answer to one of their many life problems… Debt-related problems that is. Consolidating your debts into one sum can be a lot easier to manage, as well as make those monthly payments a great deal more affordable. And get this, it can even prevent people from racking up more debt or being made bankrupt.