Find Out How Much Your Credit Is Costing Improve Cash flow By Consolidating Your Debts Use The Tabs To Select Loans, Credit & Store Cards Reduce Stress By Taking Control Of Your Finances
Twenty five years of helping you clear down your debts and get back on top of your cash flow. If you have any questions or want to talk through your circumstances don`t worry, just call us on 0800 298 3000 (landline) or 0333 0031505 (mobile) alternatively fill in our short on line enquiry form and we will call you. The First Choice Finance debt consolidation calculator has been designed to help you get back on top of your credit commitments firstly by being able to see what the relative costs are to you for your credit cards, store cards, loans or overdraft each month. Some people have many debts made up of a number of smaller balances on the infamous plastic and it is quite easy to rack up these bills when cards are continuously offered to you. However as you add these into the debt consolidation calculator you will see that all these small payments can add up to a large monthly cost and really squeeze your budget. If there are not enough boxes just add some of your credit payments together. If you only have one or two items just leave the other ones blank.
Improve Your Cashflow with a Debt Consolidation Loan
Once you have filled in your credit you can then go to the second stage and have a few goes at seeing how much a loan to consolidate those credit bills into one manageable monthly payment will actually be. You can free type a number of different interest rates into the labelled box and then also try different loan terms in years underneath the loan rate. Each time you amend the interest rate box or the term box click on the calculate box again and you will be shown what your new total monthly payment would be if you use the debt consolidation loan to clear the balances on all of the credit cards, store cards, personal loans and other credit that you have listed. What you will also see is the monthly difference between the new payment for your consolidation loan and the total of your monthly payments you inserted at the beginning of the debt calculation. This monthly saving is the figure that your outgoings will go down by each month.
Spreading Your Repayments vs Paying Back Interest
At First Choice Finance we want our customers to be aware of other aspects of refinancing credit through a debt consolidation loan, one thing you should always bear in mind is that by spreading your repayments over a longer term you may pay back more in interest overall, even if the interest rate on the new loan is lower than most of the credit is clearing, that still may be the case. Therefore if you are able to pay back the loan earlier then that`s all the better for you. In summary consolidation loans as a tool to get your cash flow better is a trade of between getting on top of your debts or credit bills and paying back the new loan as soon as you can to minimise the overall interest. One thing there is little doubt about if you are currently in a negative cash flow situation, that is you are spending more than you earn on a regular basis each month, then be it by a debt consolidation loan or some other means of reducing your outgoings you must aim to take action and improve your cash flow to a positive position, or matters are highly likely to get worse.
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