Debt Consolidation: A Way Out from Financial Misery

While many countries are starting to move forward from the disruptions of the pandemic, people from all walks of life are still feeling the ripple effects of the global health crisis specially in the financial aspect.

As unemployment rates peaked in different nations including the US and even in the advanced economies of Europe, financial stress has also spiked due to the various problems that people faced and continue to manage until today. The problems might have branched out because of medical expenses, business bankruptcy and loss of source of income.

Financial Times, one of the world’s leading news organizations, sees a hope from these financial miseries. People just need to find out the solution that fits their current situation. Shifting towards a myriad choice of financial products, self-determined retirement planning and companies that provide even basic financial literacy can help.   

When facing several loans, one of the best solutions is to pay by turning them into a single one through a debt consolidation loan.

Anyone can learn more via www.debtconsolidation.com, a reputable and trusted financial online hub that can assist individuals and groups needing support regarding managing debts and achieving financial freedom.

In a nutshell, through a debt consolidation loan, a bank or other lender can authorize and provide applicants with a new loan that can then be used to pay off outstanding balances. Payment can be done in monthly basis and this time with only one payment per month to manage. 

This is like replacing an old loan’s interest rate with a new one which is lower and more convenient that the previous multiple debts. The loans can be one of two categories called secured and unsecured. Secured loans are the ones backed by properties owned by the applicant like a house and lot or a car. Unsecured are backed by a mere promissory note as assurance to repay the loans being applied for.

There are many kinds of Debt Consolidation Loans so that people can check and assess the best option that can help them based on their needs: (a) Bank/Credit Union Personal Loan or Home Equity Line of Credit (Secured); (b) Bank/Credit Union Personal Loan (Unsecured); (c) Peer Lending; (d) Credit Card Balance Transfers; and (e) Student Loan Consolidation.

Finding financial solutions to mitigate the impact in people’s lives should be addressed immediately because it can also have an effect on one’s mental health which has gone awry for many during the pandemic, 

In a report of international media entity CNN, “Among US adults age 18 or older, prevalence of depression symptoms was more than threefold higher during the COVID-19 pandemic than before, according to a recent study. Additionally, having lower income, less than $5,000 in savings, and exposure to more stressors such as job loss were linked with a 50% higher risk of depression symptoms during the pandemic.”

Of course, financial instability can have an immediate impact to physical health, too. More than a year into the pandemic, some adults still worry daily about being able to afford payment for housing, providing food for the families, and providing health care for themselves and their loved ones.

Remember that debt doesn’t just sit still and behave itself. It grows if you don’t control it. Just keeping up with minimum payments will start to swell bigger rather than shrink and you will be surprised one day that you are already in a deeper hole.

Try debt consolidation loan. This can be your way out from the financial misery you are facing right now.