As the holiday season quickly approaches, many wonder how they’ll be able to afford family gatherings, gifts, and vacations in the middle of a pandemic. Though thanksgiving and togetherness matter most, it is those many traditions that make the season memorable. Feeling stressed, overwhelmed, and hopeless, the financial pressures of these uncertain times are stealing the joy, peace, and happiness of people nationwide.
Fortunately, financial companies like Memphis Associates are around to lighten the load. By providing low-interest-rate debt consolidation loans, more people can save money to make the holidays special.
What is a Debt Consolidation Loan?
Debt consolidation is a debt management practice in which financial companies provide you with the money to pay off high-interest personal loans, credit cards, and miscellaneous debts. Once the accounts are settled, customers repay the consolidation loan in small monthly installments over a predetermined timeframe.
Benefits of Debt Consolidation
Though not for everyone, those who can take advantage of debt consolidation loans were able to reap benefits like those listed below:
A debt consolidation loan makes it easier to manage a budget. There are no more juggling five credit card bills with varying interest rates and increasing minimum balances. With debt consolidation services, you pay one bill, the same amount, on the same day of every month. This not only makes it easier to squeeze into the budget but saves a ton of money on late fees and penalties that often come with juggling too many accounts.
Lower Interest Rates
High-interest rates can make paying off a debt take much longer than expected, especially when unforeseen circumstances like a pandemic arises. Even a reduction of a few percentages on a credit card with a high balance could save several hundred bucks over a few months. Every penny that’s saved can be put towards expenses for the holidays.
Improved Credit Scores
Simplified finances, lower interest rates essentially lead to better credit ratings over time. As borrowers began repaying their debt consolidation loans, they saw an increase in their credit scores. Their payment history improved, and debt to income ratios declined, which accounted for a large percentage of credit rankings. These financial improvements made it easier for consumers to save in other areas like refinancing their mortgage or getting a better deal on car insurance, which only added more money to their pockets.
Peace of Mind
Likely the best advantage of utilizing debt consolidation services is the peace of mind it brings. With fewer financial obligations to worry about, it freed up money, which can be used to continue providing for their families amid these trying times.
Applying for Relief
Who wouldn’t be interested in saving money for the holidays? If you believe that debt consolidation could be beneficial for you, there are a few things you’ll need to know to get started with Memphis Associates.
You can visit their website to use their debt savings calculator to get an estimate on how much money you would save on high-interest debt by consolidating. If you like what you see, you can contact a financial expert by completing the contact us form or reaching out on Memphis Associate’s social media platforms.
After a brief conversation with a financial expert, you’ll receive an invitation in the mail to complete their simple online application. You’ll need to have relevant information, including the amount of credit card debt, total household income, and estimated monthly payments.
Once the application is complete, a representative will reach out to you to go over your financial records in more detail to determine eligibility, loan amounts, and repayment options. If you agree to the terms, you’ll sign the appropriate paperwork and begin your journey towards financial freedom.
The pandemic has already taken a lot. Why allow it to take your holiday cheer too? If your finances have consumed you physically and emotionally, perhaps it’s time to seek assistance. Service providers like Memphis Associates are available to help you save more for the holidays and beyond.