10-Nov-2015 21:42

Consolidating debt into home loan

Debt consolidation allows you to combine all your loans into one.

A debt consolidation loan can help you benefit from reduced interest and fees, but it's important to also consider refinancing costs and early payout fees from your existing loans to see if the cost of consolidating is more than the money you'll save.If you plan on paying off your debts ahead of time and save in the form of interest paid, debt consolidation can be a good idea — but how do you work out if it's a good option for you? These calculators put the tools in your hands to work out what debt consolidation option is the best avenue for you to go down.Simply input the amount you want to consolidate, the frequency of your repayments and the applicable interest rates and the calculator will show you how much you'll need to pay each month.Collin was a freelance photographer who was forced to take three months off owing to an accident with a snake on a photo shoot.As a freelancer he had no leave or other benefits to rely on.During this six-month period his family’s debt increased considerably as they could only rely on his wife's salary, who worked part-time.

He defaulted on his car and home repayments as they were drawing on their savings to pay for day-to-day expenses.

The debts started piling up and by the time he returned to work they were only barely starting to repay what they owed.

After six months, Collin owed a total of $254,000, his outgoing repayments stood at $3,500 per month and he risked losing his home and car.

He and his wife's joint income was not enough to cover it all.

After working with a debt consolidation company he refinanced all his debts into a single loan and his monthly repayment came down to $2,438, which was a reduction of more than $1,000.

They worked on a budget and cut down on their expenses so they could pay off their debt as quickly as possible. Whether you lose your job or miss a few repayments due to illness, debt consolidation for bad credit borrowers is still possible.

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