20 Aug Debt Consolidation Loans: the Ultimate Reset Button?
Are debt consolidation loans the ultimate reset button? We sure think so. If you’re looking to make a drastic financial change improvement, debt refinancing is the solution for you. It offers the opportunity to pay all your debt at once while enjoying lower interest rates and repayments with a longer repayment period. Moreover, you’ll get access to peace of mind and ease of living debt-free because of the financial advisory services our team offers.
Living in debt is a harsh life, especially when it’s getting harder and harder to afford to make payments. As interest accrues, particularly on high-interest credit like revolving (credit cards) and unsecured (store) cards, you may feel discouraged and lose hope that you will never be financially free. That just isn’t true– you’ve found a one-stop solution to paying back all your loans at once while freeing up room in your budget to change your life.
Keep reading and find out how you can use consolidation loans to change your life, even with bad credit.
Change Your Life Your Way
With debt consolidation comes one admin fee, lower repayments, and lower interest. This frees up room in your finances to make payments towards valuable opportunities or pay off your debt faster. What opportunities? Using the money you save, you could invest in upskilling in your field to move up the career ladder, in turn making a higher salary and becoming debt-free faster. Or, you could put it towards higher education in a field you love. If you haven’t finished matric, get your GED online. The world is yours!
On the other hand, you could use the extra room in your budget to go to the gym. Exercise has been scientifically proven to positively impact mental health and thought clarity, which can also optimise your performance at work and mental health. Or, maybe you’d like to send your children to a better school or buy more fruits and veggies.
Perhaps you could put the money towards an emergency fund. You could use this fund next time something unexpected happens instead of taking out a loan, thus breaking the debt cycle. Research says that most South Africans don’t even have 1 month’s salary saved up. It’s your responsibility to afford financial agency. You can do this by saving and spending with intention while cutting unnecessary expenses. Every purchase you make should be an investment.
Break the Cycle
A consolidation loan is only worth it if you address the problems that made you overspend in the first place. This could be feeling like you don’t have control over your life, lack of self-control emotional instability, or being unemployed.
If you don’t you may find yourself accruing more debt on credit cards or taking out yet another loan. This won’t be consolidated and will hurt your chances of becoming financially free.
Use your consolidation loan to turn your life around. Money isn’t just money– it’s a tool you can use to greatly transform your life and find purpose. If you would like to take out a consolidation loan, contact Debt Refinance. We would be delighted to help you on your way to turning over a new leaf.