Debt Consolidation Loans

5 Benefits of Debt Consolidation Loans

Oct 26, 2017 (0) comment

Are you in debt? Financial debt induces stress and can have a negative impact on your quality of life. You may find yourself worrying about how you will pay off your debt and provide for your family. This is a huge burden to carry on your shoulders and a major source of frustration and stress along with your other many responsibilities. The good news is that there is an effective, simple way to manage debt. Debt Consolidation Loans can help you manage and clear your debt easily, so that you’ll have peace of mind.

What is a Debt Consolidation Loan?

Debt Consolidation Loans enable a borrower to take out a new loan to pay off their existing loans or debts.

5 Benefits of Debt Consolidation Loans

1. One Payment For All of Your Debts

By consolidating your debts, you’re making one payment instead of many. This helps you to stay organized and you don’t have to worry about which creditor to pay first and how much you owe each.

2. Lowers Your Interest Rate

If you have debt from several loans and/or credit cards, then you may be paying off hundreds or even thousands of dollars. When you consolidate your debts, you pay interest on only one loan instead of many, lowering the rate of interest you’re required to pay. By consolidating your debts, you can save a lot of money.

3. Lowers Monthly Payments

Consolidating your debt lowers the rate of interest and you make only one monthly payment. By consolidating your debts, your monthly payments are reduced significantly.

4. Reduces Stress

By consolidating all your debts into one loan, you reduce your stress because you don’t have to focus on each separate monthly payment. Instead, you will only be making one monthly payment as opposed to several, which is less stressful and easier to remember.

5. Improves Credit Score

If you have a lot of debt, you’re going to ruin your credit score. Your credit score will continue to drop if your outstanding debt remains the same and you’re not making significant progress in paying it off. Debt Consolidation Loans help to maintain and potentially improve your credit score.

If you’re looking for a mortgage lender in MA that’ll provide you with a debt consolidation loan, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is the most preferred Massachusetts Mortgage Company. Drew Mortgage Associates is a Boston mortgage lender that can assist you with mortgage loans or debt consolidation loans to help refinance or clear your debts with a low-interest rate and reduced term. Our mortgage planners are highly trained professionals that can identify the best loan program for you.

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