It can be overwhelmingly stressful when you have so many outstanding debts—student, car, medical, credit card—and you are trying to monitor all of them to ensure that you can keep up with the payments and not fall behind. You may have too many bills to keep track of. What you need is the ability to streamline your efforts because that could make all the difference—and relieve your stress.
How do Debt Consolidation Programs work?
Consolidating your debt lets you to pay it off in an organized manner.
Through this approach, you can minimize the number of monthly payments you have to make. Rather than paying each bill separately, you make one payment to your debt consolidator, who distributes that money to its rightful creditors. If you’re not in a good place financially and you need help in paying your bills, you can borrow a certain sum of money through a debt consolidation program and pay that loan back as your debt is reduced.
What are some benefits of Debt Consolidation Programs?
Besides simplifying your payment process, there are several benefits to debt consolidation programs that you should take into account.
Extended Payment Periods
A debt consolidation loan can help you lengthen the amount of time you have to pay back your outstanding loans, which lets you pay less on your bill. Even though it will take longer to eliminate your total debt, by spending less you can keep more money in your pocket each month.
This isn’t always the case for everyone, but if you’re working with an experienced mortgage lending company, you may have lower interest rates by making the one monthly payment to your debt consolidator compared to what you would be charged by paying your bills separately.
The team at a reliable and credible lending company wants to help all their clients pay off their debts. You can take advantages of their expertise and learn about the best practices to get your finances in order and keep them that way. Their guidance could benefit you in the long run, even after you’re debt-free.
A Debt Consolidation Program Just For You
Contour Mortgage, a reputable lending company based in Garden City, N.Y., develops customized mortgages through Federal Housing Administration (FHA) financing to help you consolidate your debt. With Contour’s help, you can pay off your mortgage early, and get rid of any other outstanding loans hanging over your head.
Contour’s premier services include conducting free analyses so people can see if consolidating their debt is the best move for them. Contour’s team of experts can tell them what else they could do to decrease their monthly bills and get back on the right track financially.
To learn more read our Ultimate Guide to Refinancing on Long Island.