Debt consolidation maximises the potential for big savings on monthly repayments and interest charges. Read on below to know how to begin an effective debt consolidation.
Debt consolidation is the combination and integration of debts into a single loan to lower overall interest rate.
With debt consolidation, business owners can be able to deal with a single lender and a set of loan statements and make only one monthly repayment instead of several repayments.
Understand current repayments
The first step is to compile all credit statements, loan statements, and bills. This will help you understand the scale of your debt.
Categorise debts in order of priority
Understanding which specific debts need immediate attention will help business owners…
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