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If you have a large balance on a credit card or store card, alternatively you may owe money on several high interest rate credit cards it could well be worth considering a debt consolidation remortgage, or a refinance homeowner loan to consolidate your debts. The term consolidate is used in this context to mean `pay of all of your credit or loan balances with one loan to cover what you owe them and then pay back the money you owed through a more manageable repayment using the new loan` Aside from lower monthly payments they can give you certainty of your monthly outgoings and therefore enable you to restructure your finances. Bear in mind though that if you have savings accounts earning less interest that you are paying on your credit this may be a better way to reduce down your credit.
Using your credit cards to balance your finances can have a negative impact in the long run if you cannot keep on top of it. Credit cards or even store cards can be great when used correctly; the key is knowing when to pay off your credit card to streamline your household finances. If you aren`t sure what the consolidation loan or remortgage route would cost you then, contact us on 0800 298 3000 from a landline or 0333 003 1505 and talk to a company with 25 years experience. You will be allocated a personal mortgage adviser and loan consultant who can fill in any blanks you might have and give you the low down on what the figures would be if we helped you pay off your credit cards.
Credit cards can be an effective way to borrow money but it is essential to remember that they should be used for short term finance, not to keep your household budget afloat in the long run. That credit card that you took out last year to buy a TV and refurbish the living room, if it hasn`t been paid off, or even if you are only making the minimum payment, the debt on the card will keep on growing. The only way to stop this spiralling out of control is to pay off the credit card in full or make payments every month which are larger than the interest you are being charged. We understand that it can be easier said than done. If you are lucky enough to have some savings in the bank you could use these, if not you need to find some other way to pay off your credit cards. If you would like information on possible ways to clear your credit cards or would like to work through some payment examples check out our handy credit card repayment calculator.
Whilst it is always good practice to have some savings as an emergency fund, you will rarely be able to make more money on your savings than it is going to cost you on your existing borrowing. After the recent recession in particular and the record low interest rates that came along with it, it has been great for borrowing money but not so great for saving. It could be financially shrewd to take advantage of this and pay off expensive credit card debts whilst borrowing is cheaper and especially as a return on your money from saving will not be cost effective, provided you still have some sensible level of emergency funds left, just in case! You could utilise the low interest rates available to get a consolidation remortgage to pay off your credit cards that would otherwise continue to build on your debt. Once you have the remortgage or secured loan in place and you know your monthly payment then you can start to rebuild your savings, safe in the knowledge you debt isn`t going to keep increasing unless you choose to add to it.
Our mortgage advisers can establish which debt is most expensive and may be able to arrange to have certain debts left in place to make sure you aren`t paying unnecessary costs or extending your debt further than is necessary when you pay off credit cards. All to ensure you are left in the best possible financial situation. You can rest assured that the debt consolidation remortgage we put in place for you will be right for your individual needs and circumstance. If you would like to talk about a personalised debt consolidation remortgage call us on 0800 298 3000 (landline) or 0333 003 1505 (mobile) and your experienced mortgage adviser will establish the best course of action and provide you with a free quote, no obligation and no pressure.
If you are struggling to pay off your credit card, and have found that as the debt escalates you fear it may spiral out of control or are already making late payments then it is time to take action. Instead of diving deeper into debt because you aren`t sure how to fix the situation. There may be no need to get into further financial trouble and risk damaging your credit record. Fill in our online enquiry form and an understanding adviser will get back to you. All quotes are completely free and there is no obligation for you to proceed with any refinance loan or debt consolidation remortgage we can arrange for you. In the meantime, head over to our repayments calculator and see how much it will cost you borrow the amount you need at various interest rates and terms, you may be surprised at just how much money you can save.
With Credit Action indicating that we had a whopping outstanding balance of £55.5 billion on plastic as of March 2013, it could be the perfect time to look into credit card debt consolidation with First Choice Finance.
The same figures show that the average interest on plastic was 17.22 per cent, much higher than the Bank of England's 0.5 per cent base rate, with two-thirds of credit cards in the UK having outstanding balances bearing interest.
This means that many of us could be paying back our credit card debts with significant rates of interest and if you are not paying back the capital the balance will only stay the same or increase, so if you've got a number of pieces of plastic in your wallet, you could look into a consolidation loan to reduce the amount you pay back each month.
A secured loan, also known as a second mortgage like this works by taking out a loan against your property and using those funds to repay all of your unsecured debts – that's not just credit cards, but also personal loans and finance deals you may have taken out on something like a new car or conservatory.
Opting for this method leaves you with a single repayment each month, which will be easier to keep track of, and it should be for a lower amount, as the average rate of your other credit may be higher and you'll pay the capital you owe back over a longer period. Just bear in mind that this could result in you paying back more interest over the life of the loan. So it’s a balance of monthly improvements now to avoid getting into a bad credit position and checking you are not paying back to much. To give you an idea of how the figures vary with different rates and terms try out our easy to use debt consolidation or remortgage calculators on the website.
See how credit card debt consolidation could work for you by calling First Choice Finance and speaking to our in house finance advisers on 0800 298 3000 from a landline or 0333 003 1505 from a mobile. Alternatively, you could visit our website and enquire online at firstchoicefinance.co.uk.
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First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.