Not only can you reduce monthly repayments, you can also reduce the time until you have completely repaid your debt with debt consolidation.
Consolidating your credit card debts, personal loans, etc. brings many benefits: the first is that your monthly repayments are dramatically reduced; the second is that your total debt is repaid much earlier.
Alex and Jennifer have built up debts of $14,500 with credit cards, store cards and personal loan for their honeymoon vacation. At their current rate of payment with combined interest rates at 18% they will pay a total of $19,895 interest over a period of 30.5 years.
credit care direct could negotiate an overall reduction in interest rates to 8% or lower which would give total interest repayment of $2,696 over a period of 3.8 years.
This example gives a saving of $17,199 and debt-free an amazing 26.7 years earlier.
Our debt consolidation process works to reduce your overall monthly repayment bill by securing significant reductions in the interest you pay on your outstanding debt. Once you sign up with us you will be assigned a personal Debt Repayment Representative who will:
All of these steps combined will make a significant reduction in your monthly debt repayment.
With debt consolidation not only do you receive the benefit of reduced monthly payments, you will also dramatically reduce the time until you are completely debt free. This win / win situation may seem too good to be true but it's just a product of simple math.
Even though your overall monthly repayment is reduced, thanks to lower interest rates, you are actually paying off a higher percentage of your debt. Therefore, with compound interest, you end up paying off your debts much more quickly.
This may seem too good to be true, but why not find out yourself: