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Typically, this is achieved by using funds from a new loan for the purpose of paying off all other debts, so that the only remaining debt to be paid is the new, consolidated loan.
Sales are down, or costs go up, and suddenly your current debt repayment plan becomes totally overwhelming. If an unexpected change in cash flow has put your business at risk of bankruptcy, or simply affected your ability to pay back existing debt, you may be able to benefit from a debt consolidation strategy. Simply put, debt consolidation is the process of combining multiple existing lines of credit and loans into a singular account at the lowest possible interest rate.
Many of us have been where you are today, and understand the emotional burden that debt can place on a person.
Please contact us so that together, we can find a better way out of debt. We're so confident that we can help you achieve your goal of becoming debt-free in a reasonable time, that we back it up with a 6-month 100% money back guarantee on the services, support, and benefits you receive.
Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.
This will include comparing the interest rates, monthly payment amounts and any fees associated with the new loan.
But if your business is in serious trouble, that reduced rate may not be worthwhile.
If you're overwhelmed by calls from multiple creditors, consolidation can be beneficial because instead of dealing with several accounts, you only have to worry about one.
And you may be eligible for a business debt consolidation loan at a lower interest rate, allowing you to make more manageable payments each month, with a greater percentage of your payments going toward the principal (the original borrowing amount) versus simply paying for the monthly interest accrued.
There are also several consolidation options available from the federal government for those with student loans.
Theoretically, debt consolidation is any use of one form of financing to pay off other debts.