Before signing up, ask how long your repayment plan will be so you know exactly when you are expected to be debt free.
Until now, credit providers could only see your personal details, credit infringement information and the amount of times you may have applied for credit (assuming that the credit provider made an enquiry).
Let's say that, for whatever reason, you find yourself with more than one credit card that is carrying a balance you can't pay off all at once.
This option can be especially attractive if you have outstanding debts at a relatively high rate of interest (for example, those charged on some retail store cards or credit cards).
You must ask your financial institution for a loan equal to the amount of your total outstanding debts that are currently due.
Christian Debt Services can help you determine the best way to approach your debt situation and provide you the best debt management options possible.
Our professionally trained and certified debt counselors will help you evaluate your current financial situation and provide you with personalized options based on your goals.
For this reason, we present affordable options specifically tailored to suit your situation.
If you have more than three debts and your creditors want different amounts of money at different times of the month you may find it difficult to co-ordinate your payments in a way that works with your budget.
You are then left with only one outstanding loan — to the financial institution.
In addition to streamlining your debts into a single payment, a debt consolidation loan may also offer you an interest rate that is lower than that charged by your creditors saving you money in interest charges.
If this is the case, consolidating your debt into one easy and affordable loan may well be the answer.