Consolidating your debt can be a huge relief! No more high interest rates and payments to keep track of! Here are 5 reasons that debt consolidation could be a good idea.

1. You have a good credit score pay your bills on time!

Having a good credit score will make it easy to find the best option for debt consolidation. Whether it’s through a personal loan or pulling out equity in your home to pay off debt. Staying on top of your payments and paying on time is important in keeping your credit score up!

2. You’re ready to simplify your payments

Are you getting tired of having multiple payments to keep track of or high interest credit cards preventing you from paying down your principle? Debt consolidation can clean out all of your smaller payments and lump them together. This is especially helpful in eliminating high interest credit cards!

3. You want to lower your credit utilization ratio

Your total credit utilization ratio is the sum of all your balances, divided by the sum of your cards’ credit limits. So, for example, if you have two credit cards, each with a $5,000 limit, and owe $1000 on one and $2500 on the other, your credit utilization ratio is $3,500 divided by $10,000, or 35%.

4. You want to regain financial freedom

Are you feeling overwhelmed by the number of payments you have monthly? Are you swimming in high interest credit cards? Consolidation debt can help you to regain financial freedom!

5. You have a repayment plan

Are you ready to consolidate your debt and fast track your repayment plan? Consolidating all of your monthly payments in to one payment not only is it easier to keep track of but its also easier to pay down the balance fast. When you get a little extra in your monthly budget make an extra payment to make pay off go faster!

Final Thoughts

Debt consolidation can be life changing and can help you feel more in control of your finances and can boost your credit score! If you have any questions about debt consolidation give us a call at 888-686-7701 or head over and request a quote and we will be in contact quickly.