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6 Ways to Consolidate Debt 2018-05-04 04:53:30 Akal Mortgages 6 Ways to Consolidate Debt

2444 original 2017 01 31 06 05 03pm Debts.pngAre you broke and up to your eyeballs in bills and outstanding debts?  Do you wish you were a magician and had the ability to make your debts just disappear?  Everyone knows that magic is make-believe but the ability to make your debts slowly disappear is real, it just takes a bit of time and sincere effort.

The type of magic that is being referred to in this specification is the ability to make debts disappear with debt consolidation.  With the decision to consolidate your debts comes the task of figuring out what exactly you owe and to whom.  It may very well be quite a daunting task, but it is one that is vital to the debt consolidation process.  

How a Financial Expert Can Help You

Outlined below are six extremely important ways that the a financial expert can help you consolidate your debts and come out smiling as if you just purchased a new life.


  1. First you must contact your credit bureaus and find out what you owe and to who.  This is a process that usually has to be done in writing and there is a fee usually associated with it of approximately $35.00, however this price may vary from province to province and state to state. But you can get a free credit report once yearly if you go through AnnualCreditReport.com Basically you are finding out your credit report information and your credit rating.  This is the vital information that you need to rebuild.

  2. Next you should take a detailed inventory of all of your outstanding debts.  It is important to know exactly what you owe and to who so you can start to create a book of debts that you are slowly paying off.  Be sure to keep accurate detailed records of all payments.

  3. Research the various debt consolidation options that are offered in your area.  Often there are many mortgage brokers that will assist you in the debt consolidation process.  This is a difficult task and it’s best to seek the advice of a professional.  They know the best course of action to take.  Be sure to deal with reputable banks, credit unions and lenders to avoid future problems.

  4. Upon choosing your debt consolidation lender, after careful consideration, apply for a loan to consolidate your debt entirely.  If you are going to consolidate your debt, you might as well do all of it because it will avoid another debt consolidation down the road.  Be very thorough with your debt list and get as much out of the way and consolidated as quickly as possible.  Don’t take any consolidation loans that you cannot realistically afford to make the payments on.  Again avoiding future issues.

  5. If you get turned down for any loans, be sure to find out why they in fact turned you down.  If there is issues with your applications, find out exactly what the issues are and be sure to not make the same mistakes on your next applications.  You may want to seek the advice of a credit counselling agency to make things easier on yourself.  They can help you come up with a suitable debt management plan (DMP) that will suit the needs of everyone involved.

  6. Consolidate your debts.  Upon approval of a consolidation loan, be sure to use that loan to pay off your debts and any new debts that fit into the budget.  Get as much debt paid off as possible.  The faster you pay off your debts, the easier it is to avoid higher interest rates on your new loans.  The quicker you pay your new loan off, the faster you can get rid of the loan payments and be done with that issue too.  Just try to avoid using the lines of credit that you just paid off.  Otherwise what was the point of consolidating your debt in the first place?

Debt consolidation can give you a refreshed feeling as if when your bills and debts are paid off, it is the first day of the rest of your new debt free life.  Just be sure to choose the right debt consolidation help to assist you in the battle of consolidating your debts the proper way. AKAL Mortgages specializes in this process and can assist you.  Your debts will get paid with our help.  It will pay off in the end and you will be happy with your choice.


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