Debt Consolidation for low income earners

Debt Consolidation is a financial option for people who wish to combine several debts into one single account. It makes it easier for people to track and manage their debt repayments by combining all of their debts into one single account.

Unfortunately debt consolidation can be difficult unless you are a high income earner with a good credit rating. If you are a low income earner obtaining a debt consolidation loan can be very difficult. This is frustrating as most low income earners are the people in most need for a debt consolidation loan. Most low income earners are refused debt consolidation loans as they are considered high risk by most lenders.

If you are a low income earner and have been refused a debt consolidation loan then maybe you need to consider option options. The other options to consider may be a Debt Agreement.

A Debt Agreement is a formal repayment plan set up with your creditors.

A Debt Agreement offers many advantages (click here for a full list of the advantages and disadvantages

  • A debt reduction plan can be negotiated by a registered debt agreement administrator;
  • An administrator will handle all dealings with your creditors;
  • All repayments are combined into one regular payment; and
  • Interest on the debts will be frozen and any balances not paid will be written off at the completion of your agreement

Get Debt Free have advised many low income earners through the years on what is the best option for them to overcome their debt problems. If you are low income earner struggling with your debts, call us today to speak to one of our expert debt advisors. Call today, toll free on 1800 98 10 70