- Do you have a range of debts?
- Are you struggling with repayments?
- Do you have loans on high interest rates?
Many people in debt overextend themselves, live without money for emergencies, and use debt to fund a lifestyle they can’t afford.
Debt consolidation can be useful to manage debts such as credit cards, loans, stores cards, interest free loans and other debts.
Debt consolidation entails taking out one loan to pay off many others. In other words, combining debts owed to different creditors, lenders, financiers into one single debt with a single creditor. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
How FAA sees Debt Consolidation:
Debt consolidation with FAA involves a secured loan against an asset that serves as collateral, most commonly a house. With the loan secured, the risk to the lender is reduced and allows for a lower interest rate. Debt consolidation can seem like the easy way out, but it is not always in your best interests to do it. Even though stress is reduced and managing your debts is easier, debt consolidation only masks the effects of credit problems, it doesn’t actually solve them. You must fix the habits that led you to debt in the first place. Otherwise, you can easily find yourself back in the same situation.
Our priority is always to ensure that you are making informed decisions about the options that are available to you. We will assess your situation, advise if Debt Consolidation is appropriate and provide you the support, assistance and education required to help you learn new habits to avoid bad debt in the future.
How can we help you?
Contact us today to organise an initial appointment with a Financial Services Specialist.
The specialist can provide a free financial assessment and evaluate the impact on your individual circumstances.
We provide a holistic service and can assist you in all areas of your financial life.