Debt Consolidation Loan

There are many reasons why people get into debt trouble. Whatever the reasons are, Credence Credit can help those neck-deep into debt to overcome their day in day out financial crisis through debt consolidation.

Debt consolidation

is all about obtaining a new loan, then using it to pay off other debts.

How debt merging can save your money and make it easier to manage your debt. Let us consider this example.

Assume that you have $75,000 debt, spread over three (3) credit cards, and at an interest rate of 18.9%. Assume also, that you have to pay off 4% of what you owe. It will take more than twenty (20) years to pay off your debt; you would have also paid over $48,000 in interest.

Should you merge the 3 cards into an equity home mortgage loan, you will pay a lot less interest wise. This is so because the interest on a secured loan is much lower than what you will pay on a credit card. If the interest on 5 years fixed rate is 3.99%, and you keep paying off the minimum monthly amount, it would take more than thirteen (13) years to pay, but the interest you will pay is just $6,700.00 – meaning you have been able to save $41,300.

To further reduce your debt, you may take the money you save every month in interest charges and place it back into the equity home mortgage. This extra cash on your home mortgage loan will help you pay off your debt faster, even without a change in lifestyle – that the joy of compound interest and a debt merging equity home mortgage loan.

The Advantages of a Debt Consolidation Home-Equity Loan

The benefits of debt consolidation home equity loan include:

  • Eliminate credit card debt in no time
  • You only have to deal with little total monthly payments
  • You only have to deal with a lower monthly interest rate
  • You can merge all your debts into one manageable monthly payment

Debt Consolidation – A Useful Tool for Refinancing

Do you feel devastated with monthly bills and accumulating interest charges? If you are, consolidating your debt might be essential. You can visit credencecredit.com for debt consolidation. Credence Credit works with licensed independent agents, devoted to helping you get the debt solution plan that is properly designed to fit your budget and lifestyle.

Reasons for Consolidation Your Debt

People who feel weighed down with debt and are struggling to get money for everyday living are found everywhere. For these group of people, debt consolidation is a necessity. Debt consolidation is one of the most discreet ways to fix your money troubles. Reasons for consolidation your debt include:

  • Interest rates are lower: Consolidation your debt with a low-interest rate means that if you do not reduce your monthly payments, you can pay up your main (principal) debt more rapidly. This affords you benefit of keeping more of your own money.
  • Monthly payments are lower: Your monthly payments will also reduce. This affords you the opportunity to either use the left over to pay up your merged loan or for household expenditures.
  • Bill payment is much easier: In addition to debt consolidation helping you save your money and time, it likewise simplifies your debt repayment process – thereby reducing your financial anxiety.

Debt Consolidation – A Method of Solving Multiple Debt Issues

With refinancing, your home mortgage debt can be paid off more hastily, which is very discreet, especially if your present mortgage is attached to disturbing interest rates. At canadalend.com, we can help refinance your mortgage for you at a very good rate (possibly the best)

First and Second Mortgages Consolidation

There are some who have a lot of assets but are not buoyant cash-wise (i.e. they do not have real cash). This set of people should consider a second mortgage. While first mortgage denotes the main (primary) loan accumulated by the owner of the house, a second mortgage loan allows you to use the assets (equity) you have in your home to access the cash you need. Should you think of doing this, HELOC (Home |Equity Line of Credit) is an easy way to access cash on a continuous basis. HELOC lets you get an increased credit limit and a reduced interest rate. Unlike traditional mortgages, HELOC attaches no disadvantage to paying all or some part of your loan at any point in time.

Debt Consolidation Private Mortgages

Unlike big banks and some lending institutions, our agents work for you. We recognize your financial needs are not restrained to the normal banking hours, and that you may want to merge debt or gain access to your home equity as soon as possible. Here, one of our agents will contact you within 24 hours to start you up with getting your refinancing or debt consolidation approved.

What Are the Things I Need for a Debt Consolidation Home Mortgage Loan?

If you own a house and wants to know if you qualify for refinancing or a debt consolidation home mortgage equity loan, get in touch with Credence Credit, then a mortgage specialist will set you up for an appointment (at your own time) for a personal consultation to assess your options.