Government consolidating credit debt

If your home is jointly owned with someone else, you may have to pay the debt if they can't.

Single borrower debt to joint debt Take care and make sure you do not take on your partner's debts in a debt consolidation.

Getting a new loan or varying an existing loan to pay out a number of other loans comes with some risk. Longer to pay off The main downside of a consolidated loan is that it usually takes much longer to repay - and that means it may cost more in the long run.

Fees, charges and interest rates Make sure that you check the fees, charges and interest rate of the new loan – it may work out more expensive in the long run than if you just kept paying off your multiple debts.

It’s a simple, straightforward solution with big, big benefits such as: In addition to this simple, personalized plan, this type of program also includes having a friend on-hand to explore your beliefs about money and to teach you easy money management skills that can last a lifetime.

You'll discover how to: If your monthly debt payments – not counting mortgage or rent – are higher than 20 percent of your income, this is a sign that you could be in financial trouble.

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Try to come to an agreement that reduces your payments.There’s no pressure or judgment and everything we do for you is confidential.Meanwhile, a system is set up for convenient monthly payments that are fully secure and fully tracked.Unsecured into 'secured' Before you turn all your unsecured debts (such as credit cards) into a secured debt, remember that the asset given as security (for example, your home) will be on the line if things go wrong.You may also be turning short-term debt into long-term debt.

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