Save money and time using debt consolidation loans

Entrenched in Debt

debt consolidationOver the last few years, John Scott, 40, and his family have lived a superior life on a middle-class budget. They bought two new cars and matching appliances for their two-story house. They purchased these goods and luxuries courtesy of Visa, Tesco, and other lenders. A top sales person at a leading IT firm, Scott always thought that he could handle the spending splurges since he earns a decent salary. But somewhere along the way, his finances started spiraling out of control and by the time he realized that he needs help, he had more than £15,000 in debt on a variety of credit and store cards.

Debt Solutions?

"In my middle-class family, growing up in south west of England, we didn’t learn things such as importance of paying bills on time, dangers of credit card debt, and avoiding over expenditure. I was caught in a vicious circle of debt as I had made few really bad choices. I was afraid that I’ll have to consider bankruptcy that would lead a permanent scar on my financial history and restrict my access to fresh credit for next ten years; but since I bought the goods and used them, I felt responsible to pay for them. I had to decide how I get out of debt,” said Scott. After some serious research Scott decided to finde a debt solution, and took a shot at debt consolidation loan institutions.

Redhouse Debt

As a first step Scott reached out to RedHouse Debt for a no obligation debt advice. “I felt better after talking to them; they provided me an impartial expert debt advice at no cost or obligation. It was obvious that I need not take a drastic step as going bankrupt and there were other alternatives like debt consolidation and debt restructuring,” said Scott. RedHouse Debt recommended a debt consolidation plan only after looking at Scott’s income, expenses, and debts so as to help him formulate a monthly budget. Debt consolidation brings all the debts under one umbrella plus if you continue to pay on time it locks your interest rate for the period of debt restructuring plan. So, instead of paying several debts monthly, Scott was required to pay one, affordable £450 monthly payment that was spread over a longer period enabling him to regain control of finances and focus on his office responsibilities.

Advantages of Debt Consolidation

In exchange for destroying all of his credit cards and committing to a payment plan, Scott negotiated a debt consolidation loan to erase late payment charges, over-the-limit fees, and automatic default charges, and substantially reduced all of his interest rates. “The phone call from the creditors ceased soon and when I look at £250 that I save every month, I feel it is well worth it," says Scott.

Relief from Financial-stress

A few months down the line, Scott is much happier and much less stressed about debt problems. Scott has learnt that it makes sense to live within the means and have even been able to start saving for those rainy day costs and unexpected emergency expenses using the money that he is able to spare after their debt consolidation. Scott feels, “The debt consolidation loan has allowed me to focus on stability and financial freedom.”

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