Debt consolidation is not suitable for everyone. There are many personal debt consolidation products on the markets, and you will find a lot of hype from services offering to slashing your debt and saving you years in repayments. But rather than rush in, you should do some homework and carefully calculate the various scenarios before deciding on a solution that’s right for you.
Here are a few tips to get you started:
- Make a list of your current debts
- Work with an adviser to simulate different scenarios
- Get a copy of your credit report
- When discussing various products with your Adviser find a product that will allow you to make extra repayments without penalty
- Crunch the numbers and see how it fits into your budget.
So before you can answer with question “Is debt consolidation right for me” you need to know exactly where you stand, assess your options and crunch the numbers. A Financial Adviser can work with you to help shed light on many of these areas, guide you through the process and explain in depth some of the options available to you.