When you’re sinking in a sea of debt, it can be difficult to rise back up. Feeling like your finances are in a scramble can be stressful, depressing, and challenging. While debt feels impossible to emerge from, there are realistic solutions to help you regain control. Debt consolidation could be one of those solutions. If you have considered debt consolidation, continue reading to learn more.
Why Consolidate Debt?
Debt Consolidation can help you live a life of financial freedom from now on. No more worrying about hundreds or thousands of dollars and excessive interest payments. Instead, you only have to think about one loan and one monthly payment. Read on to find out more about Memphis Associates reviews.
Memphis Associates is a debt consolidation company where you can earn a loan to consolidate debt. They are financial professionals that work with you and your needs to find a solution that is beneficial to you. They can help you look at your financial situation in a new light and won’t judge you for how you got there. It is important to understand that they will only work with individuals who have credit card debt, not student loans or medical bills to handle. If this is the case for you, you came to the right place!
Should I consolidate my debt?
You may be wondering, “ should I consolidate my credit card debt?” Well, first let’s go over what debt consolidation is. Debt consolidation is the act of taking out a new loan to pay off multiple debts that include high interest rates. Usually, this loan has more favorable payoff terms– lower interest rates, one payment, and easier to understand. Debt consolidation can be used as a tool to manage your debt in a better way.
If you suffer from stressful deadlines every month and feel like you can’t manage all the payments you accrued– debt consolidation may be a great step in the right direction. Of course, consider all the variables involved and do your research before investing in a new loan. Hopefully this answered the question of “How should I consolidate my credit card debt?”
Debt consolidation advantages?
One single monthly payment: If you struggle with dealing with multiple payments on top of your other bills, debt consolidation simplifies the payment process. You can benefit from a single monthly payment instead of multiple with various deadlines. With all the other bills you probably manage, this will take off a huge burden on you.
Lower Interest rates: This may be the biggest reason for looking into debt consolidation. Credit card companies look for any way to take money from you, or start you off with high interest rates, especially if you have a lower credit score. On the other hand, a loan from a debt consolidation company will usually require much less interest. Talk with the debt consolidation company, like Memphis Associates, to discuss rates.
Improve your credit score: One main aspect of your credit score is credit utilization. Meaning the amount of money you owe versus the limit on your card. The more credit you are using on your card, the higher the utilization. Credit bureaus take this into account and lower your score accordingly. By paying off all your cards, your credit score will automatically improve drastically. Now, you can apply for a new car, apartment, or personal loan without worrying about your poor credit score.
Debt consolidation disadvantages?
You have not improved your financial habits: If you have poor financial habits, like spending too much money on your credit card at the mall, you should try to work on them. Although your loan will help you zero out your credit cards, it can be easy to fall back into old patterns of spending.
Not every debt consolidation improves your interest: The reason to take out a loan is for a lower APR. If the APR is not lower, you can increase your interest charges which is quite the opposite of what you want to do. With that said, talk to the professionals who work for the financial company you’re looking to work with to ensure this isn’t the case.
When should I consolidate debt?
When should I consolidate my credit card debt? You came to the right place where we answer these questions. Consolidating your credit card debt is a smart move when you meet these few financial criteria.
- Your cash flows constituently covers payments that will be due
- Your credit card interest is high
- You have multiple credit cards with different deadlines
- You have a plan to prevent running up debt again
- Your credit is good enough to qualify for low- interest debt consolidation loan
For many people, debt consolidation offers a light at the end of the tunnel. If you take out a loan for four years, you’ll rest assured knowing that it will be paid off in 4 years and you no longer have to worry about more debt. On the other hand, paying off the minimum payments on a credit card will take you years and years of work. If you have struggled with debt for a long period of time, you should consider debt consolidation.
Why is Memphis Associates a good option?
You can turn to Memphis Associates for debt consolidation. By working with them for your financial needs you no longer have to wonder- how should I consolidate my credit card debt?
Memphis Associates will help you evaluate your situation and provide you a loan that works best for you.
Apply with Memphis Associates for debt consolidation
If there’s no longer a question of, “Should I get a loan to consolidate my debt?” You are ready to take the next step to get the financial loan that you need. The Memphis Associates application is the best way to get started. Soon enough, you will be taking better control of your financial health and no longer have to have credit card debt hanging over your head.