Debt Consolidation What You Can Do Right Now to Relieve Debt Stress

Debt consolidation: The secret key to Wealth Creation

In 10 minutes time you will be taking the first two steps away from debt and towards wealth. Taking positive action to address a problem is a big part of the solution. 

Step One: Know your exact debt position.  

Write a list of all your debts, credit cards, personal loans, car loans, store cards etc. Write the following heading across the page and fill in the details under the headings. Simple clear and easy to see the fact

• Bank/Lender

• Bank-Limit

• Balance

• Interest rate.

• monthly payment

You will need two balances to be able to complete the step.    

• The total  outstanding Balance on all loans. 

• Total monthly loan repayment 

Step two: Get a quote for a consolidation loan through a Mortgage Broker. (Not the bank) 

This eliminates dealing with your problems in a hostile environment. The Bank Office. A broker can give you the options and take the steps for you in fixing the problem. This is a great confidence builder.  

A Mortgage Broker will ascertain if you need a personal loan or a refinance of your mortgage. The principle is the same with either your mortgage or a secured or unsecured personal loan. The Mortgage Broker will provide a complete summery of the proposed mortgage or loan.               

• Amount to be borrowed.

• Name of lender

• All loan fees, 

• Loan Interest rate.            

• Loan monthly payments.     

• Term of the loan.

• Restrictions or costs on early repayment, extra monthly payments.

Step three: Do this confidence builder, gain control of the future

So few people do this next step and waste the opportunity to create real wealth. In six months you will be grateful to yourself that you did it. You will look back and see it as a major turning point in your life.

Calculate the consolidated loan surplus. This is the difference between your old monthly loan repayments and the new monthly loan repayment. Assume your debt consolidated surplus is $190.   

Step four: Take control, tell the broker and the lender what you are going to do.

The next step is vitally important and will change the way you see debt, wealth creation and your future forever.   This is the key. Insist the $190 surplus is added to the normal monthly that you would have been quoted by the broker. If they resist, ensure you deposit the $190 into the loan on the same day as the loan repayment. A no fee mortgage or personal loan is so important. The banks want to take savings on your loan through fees.

Step five: Now be part of the few who every month are creating wealth in their lives by eliminating debt

The consolidated surplus added to the quoted monthly fee has an amazing impact on the time it will take to pay your original debt on the credit cards and personal loans. Your broker will take you through the actual amounts. You should  pay it off in half the time and if you add another $200 it will take half the time again.  The amount of time that you spend with a broker doing right now is some of the most important time you can spend in the process of creating wealth in your life.

Tell yourself repeatedly that every dollar  I put into the  loan over and above the minimum payment is a dollar in wealth I have created. This is the Secret Key of Wealth Creation, so take action now contact a Mortgage Broker for help in the process.

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