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Sudden Unemployment? – You May Need A Consolidation Loan
Brad, 37 was a successful computer programmer for over a decade. But when his company outsourced his work to India, he found himself unemployed. He never thought that he would lose his job and whilst he is looking for a replacement career, he has taken up a position in a local supermarket to tide him over. With reduced income, Brad still has the same amount of debt to pay, and these debts wrack up to over a thousand dollars in payments a month. Brad now has to consider adding a consolidation loan to his debt portfolio.
Where did Brad wrack up his debt?
To name but a few!
Close friends have mentioned that he should consider a debt consolidation loan in the meantime to reduce his monthly outgoings. A consolidation loan will enable him to pay off all of his unsecured loans such as credit cards and transfer them into one monthly loan with one monthly payment. But are there any hazards that Brad should look out for when choosing a consolidation loan?
Top 4 Tips for Brad - taking out a consolidation loan
Don't just look for a quick fix. Be serious about debt consolidation. If you are going to use such a loan to pay off bank and retail credit cards or a car loan then don't build up your balances on them again or that defeats the objective.