Other benefits of debt consolidation

Mortgage House articles have discussed the benefits of debt consolidation. Benefits include lower payments, help to credit rating, fewer overall payments and mental health benefits. Believe it or not, there are more benefits.

If you have a lot of debts in different accounts, it can be difficult to budget. You are probably simply going from creditor to creditor putting out fires. You likely are not able to keep up with these payments and can’t plan when you will pay them. Imagine having one payment. Imagine being able to budget around that one payment and being able to better plan your finances. This is the benefit of debt consolidation. 

Another benefit of one payment is paying down your debts faster. If you only have one payment, such as if you roll your debts into your home mortgage payment, you will pay down the principal of that loan quickly and will have a shorter timeline to pay down your total debt load. 

In the past several articles, we have explained the various benefits of debt consolidation. If you have multiple debts that are taking over your life, talk to your financial professional about debt consolidation. It will lower your stress, lower your number of bills and generally improve your life.

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