Invis - The Siemens Group Explains the Benefits of Debt Consolidation
 July 15 2016     Posted by Siemens Group

With many Canadians now struggling with debt issues, and faced with mounting pressure to find a solution, some are now considering a debt consolidation strategy. Despite its common use within the marketplace, few people have a comprehensive understanding on debt consolidation and so in this latest article, the team at Invis – The Siemens Group explain the many benefits of the debt consolidation process.

Turning All Debts into a Single Payment

A common debt issue that many Canadians face is having to manage several payments each month. Aside from the cost of these payments, the confusion of having to pay multiple creditors can make it difficult for many to keep track. Debt consolidation helps turn multiple payments into one single payment each month. This payment is made to the organization overseeing the consolidation process, who then distributes payments to all creditors.

Lowering Interest Rates

Interest continues to mount on debts that aren’t paid over a period of time. This interest can often mean that a person’s original loan amount is far exceeded by their payments to their lender. By going through the debt consolidation process with a recognized specialist, debt holders can minimize their total interest rate for their debt to help further limit the amount of money they’re spending each month to pay back creditors.

Improving the Person’s Credit Score

When a person consistently makes late payments on their accounts, it will significantly impact their credit score. This can often mean they will not receive approval on future loans applied for through their local financial services provider. The debt consolidation process allows debt holders to make consistent payments each month. In the long-term, the process can improve the person’s credit score and help keep them in good standing so that they can receive approval on any future loan applications. It’s why many debt holders go through the consolidation process before applying for a mortgage.

Reducing Stress

Debt can place a large amount of stress on a person. Aside from having to think about their financial issues every day, debt holders also have to think more carefully about how they spend their money. Oftentimes, they don’t have enough money to feed their family healthy meals. Debt holders will also likely experience numerous phone calls from their creditors on a daily basis. By going through the debt consolidation process, debt holders can lessen this stress and begin to have a more positive outlook on their life.

The experts at Invis – The Siemens Group are ready to help all debt holders begin the consolidation process. Clients can call the company directly for a consultation via 604-351-7438 or visit the company’s website at www.siemensgroup.ca to learn more.