Ensuring you can keep up with your monthly bills is of high importance nowadays - as missed payments on bills or defaults on loans, mortgages and credit cards can affect your ability to arrange credit in the future and could increase the cost, for example by the rates you are offered.

If you are having trouble meeting all your monthly finance commitments then restructuring your debts with a debt consolidation loan or remortgage could be an option to consider, consolidating your credit items into either a debt consolidation remortgage or loan can help reduce your monthly outgoings and help you keep on top of your finance commitments, it is important to note that extending the term of your existing finance may result in cheaper monthly payments, but may well increase the amount of interest paid over the term of your finance agreement.

Here at First Choice Finance we will consider all applications and we will be happy to show you how the figures breakdown according to your individual circumstance for a no obligation free quote, please contact us by completing are short no obligation enquiry form.

Calculate how consolidating your debt will affect your payments

Video transcript

When you`re looking to refinance your outgoings, you should try out First Choice Finance`s debt consolidation calculator.

Your spending could well have outstripped incomings over recent months or even years, after the Office for National Statistics indicated that Consumer Price inflation has consistently outperformed average earnings growth since the second part of 2009.

This means that the cost of buying things has gone up at a faster rate than wages, so even if what you`re being paid does go up, in real terms it may have been going down for a number of years now.

To maintain your existing standard of living, you may have taken out more loans or used your credit cards and if you`re now struggling to meet your repayments, you may need our debt consolidation calculator to see how taking out a homeowner secured loan could help.

The calculator`s simple to use – all you need to do is put in the total and monthly payments you make on your outstanding loans or credit bills and then you can alter the interest rate, term and amount of the refinance loan to see which combination may help you reduce your outgoings.

The debt consolidation calculator is free to use, so you can play about with it as much as you like, but you just need to bear in mind that whilst your monthly outgoings may decrease, you could end up paying more in interest costs over the term of the loan.

As with many things it is a balance, avoid borrowing more than you need but do keep on top of your existing repayments one way or another otherwise you will probably end up with bad or adverse credit.

To talk about your options, call one of our finance experts – you can reach them for free from a landline on 0800 298 3000 or from a mobile on 0333 003 1505. Alternatively, you can head straight to the debt consolidation calculator, which you`ll find at firstchoicefinance.co.uk and apply on line.
 

Return to the video homepage