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Debt. It is a scary word. Are you currently in debt and struggling to find a way to break free? Do you owe money in several different areas? Who should you pay first?
Debt Consolidation Help
Debt can be confusing and overwhelming, especially if it continues to grow. There are ways to eliminate your debt and make the process of paying it off easier.
Who are the Badger Advisors?
Badger Advisors is a financial service that offers help with debt consolidation. They help you take your multiple streams of current debt and turn it into one loan with a lower-interest payment. They can share debt consolidation options with you to choose from.
Trying to consolidate debt on your own could be confusing and cause you to make decisions without consulting a financial professional. Working with someone who knows how to handle debt and put you in the best position to pay it off is important in this situation. This is where Badger Advisors debt consolidation can be a resource for you.
What is Debt Consolidation?
Debt consolidation is taking out one loan in order to pay off multiple areas of debt. Instead of paying different interest rates on a variety of loans, you can make one payment toward all of the debt at once with a debt consolidation loan.
This helps you save money while paying toward your debt because you can typically secure a lower interest rate and you only need to make one payment instead of multiple. The organization of having everything in one place can help to prevent you from missing payments and acquiring new debt as a result.
How Does the Debt Consolidation Process Work?
First, you have to decide how to consolidate the debt before starting the process. You can choose to put all of the debt on one credit card or take out a debt consolidation loan.
There are two types of loans available for debt consolidation. Secured loans require an asset to serve as collateral if the loan is not repaid. This could be your home, car, or other high-cost item that has the value to cover the remaining cost of the loan. Before using this loan, you will want to make a plan for how you will meet all the payments so that you do not have to stress about losing your home in the process.
Unsecured loans do not require collateral and are harder to qualify for. They usually have higher interest rates but not always as high as the credit card companies. The rates are in exchange for not having to hold your house or car as collateral and risk losing them if you aren’t able to make the payments.
If most of your debt is from student loans, there are options out there for consolidation of those specific loans from the federal government.
It is important to note that debt consolidation is designed to restructure your debt. You will still be responsible for paying it off in its entirety. While it is easier to organize, you will still need a plan on how to make the payments each month.
How is Consolidating Debt Helpful?
Consolidating debt is helpful for several reasons.
First, you will likely pay your debt off faster when you aren’t dealing with high interest rates from multiple companies. Paying it off faster means more financial freedom for you once it is no longer a monthly payment.
Second, it is less stressful. While the amount of debt you have won’t change, knowing your monthly payment and interest rate makes a huge difference. You can be more prepared knowing exactly what you need to pay to stay on track.
Another important reason is the lower chance for missed payments. When you owe 6-7 or more companies money, it can be easy to forget a payment due date and get penalized for missing it. Only having one payment makes it less likely that you will have this issue. Missing a payment is not something that you want to do after combining all of your debt.
It is important to not put yourself in situations that you have additional debt during your efforts to pay debt off. Making a strict budget that you stick to until you pay everything off can help to serve as a guide. Attacking your debt and making it your mission to pay it off is the best way to consolidate debt.
Can Debt Consolidation Affect Your Credit?
Yes, debt consolidation can affect your credit.
There are a few different ways this happens. Any time that you apply for a loan or a new card, financial institutions have to inquire about your score. This can cause the score to go down a few points as a result but is necessary to see if you qualify.
Combining all of your debt onto one card can also affect your score because it will show that you have a high use of your credit utilization until the amount lowers. Once your amount is only taking up a portion of your credit limit, you will not be overusing the utilization and start to see the number rise.
Once all of your debt is paid off, your score can rise and future lenders can see that you were able to pay off the previous debt that you had. Proof of overcoming this large amount of debt can be an important part of the conversation when you are applying for a mortgage, car loan, or other big purchase.
How Can Badger Advisors Help Me?
Badger Advisors can help you by giving you advice on how to consolidate your credit. We work with institutions and help you get the right loan for your situation.
Everyone has a different financial portfolio and may require different measures to pay off their debt. Some debt takes priority over other debt, so we help you put yourself in the best financial situation. Advisors is part of our name and we are looking forward to advising you and improving your financial situation.
Apply with Badger Advisors
Begin by applying with Badger Advisors today to take your next steps toward financial freedom. Contact us to speak with a representative that will help you begin this process and answer any questions you may have. Our website is the best resource for you to find the contact information you need to contact us. The reviews on Badger Advisors have been positive from previous clients.