Is Debt Consolidation For You?

Jun 5, 2024

What’s a Debt Consolidation Loan?

A debt consolidation loan is your ticket to financial sanity. Imagine combining all your scattered debts—credit card balances, personal loans, store cards, you name it—into one tidy package.

Instead of juggling multiple repayments, you'll have just one. One loan, one interest rate, one regular repayment.

This means you can finally breathe easy and regain control. No more multiple annual fees. No more dealing with different providers.

Just one simple, manageable payment.

Curious about how much you could save? Check out this free debt consolidation calculator.

It’s a fantastic tool that shows you exactly how your minimum repayments and monthly interest can change.

Benefits of Debt Consolidation

Switching to a debt consolidation loan is like trading in a clunky old car for a sleek new ride. Here’s why consolidating your debt with Motive Finance is a game-changer:

Simplicity at Its Best: Managing one loan is way easier than juggling multiple ones across different providers. Just one repayment, one interest rate. Easy peasy.
Better Budget Control: With just one loan, setting up a repayment plan becomes a breeze. You’ll have greater control over your budget and a clearer idea of when you’ll be debt-free.
Credit Score Boost: Keeping your debt under control is a solid way to improve your credit rating.
Save Money: A single loan can mean less interest and fewer fees to pay. More money in your pocket!

Things to Consider

Before you dive into debt consolidation, here are a few things to keep in mind:

Loan Term: If you switch to a loan with a longer term, even at a lower interest rate, you might end up paying more in total interest and fees.
Repayment Discipline: Paying off your debt quickly is crucial, but so is having a manageable budget. Make sure your repayment plan is something you can stick to.
Payment Timing: Consider aligning your repayment due date right after your payday. This can help manage your budget better and give you peace of mind.

How Do I Consolidate My Debts?

Consolidating your debts with Motive Finance is straightforward, but a bit of homework goes a long way:

Gather Info: Note down the amount owed, current repayment, and repayment frequency for each debt.
Calculate Savings: Use our debt consolidation calculator to see how much your new loan repayment might be for different loan terms and repayment periods.
Apply for a Loan: Consider taking out a new personal loan with Motive Finance to combine your existing debts from Motive Finance or other providers.
Review Your Finances: Once your debts are consolidated, take this opportunity to review your finances and get on top of them.

last thing I have to say

Please be aware that any credit application will impact your credit score, and it’s advisable to repair your credit score if possible before applying to ensure you get the best deal. If you have more questions or want to know if this is the best fit for your situation.

Go ahead and book a free strategy call with me here.