During your retirement years, your goal is to enjoy every day to the fullest, not worry about financial issues or mistakes you’ve made in the past. The last thing you want is to stress constantly over debt.
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When you default on payments, the rate of interest keeps increasing each month together with a late payment fee.
It has a negative effect on your credit rating.
You may be advised to pay your mortgage in cash but if you do not have the money, how would you make the payment?
Consolidation will help you repay all your debts quickly and that too with reduced monthly interest provided you have a good credit score.
It will help you to become stress-free financially in the days to come, making you pay your dues on time to become financially stable.
Make sure you pay off all card dues as soon as possible to improve your credit score and spending habits.
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Get out of debt fast.
Debt consolidation, simply put, is to take a bigger loan in order to pay back all your other, smaller loans.
This option may seem odd, but it does have benefits.
Look at it this way, if you have to pay small installments of your previous loan, you’ll end up paying a lot of interest which will increase the total amount by a whole lot.
However, if you take debt consolidation and pay back all the loans in one installment, you will pay a minor interest rate.