Not just something for those down on their luck, consolidation loans can be a helping hand to all walks of life. Often we find ourselves thinking that debt is for the poor or those who have had a tough run, not thinking it could happen to anyone of us in a blink of an eye. To show the ease of which this can happen, we have laid out a few short scenarios of types of people who find themselves in need of consolidation loans, no matter what pay grade.
The High Roller
Meet Kanye, the high roller. He is the one in the power position, with the world at his feet nothing can bring him down. Earning an excessive amount of money, many would think this is the person who never has to worry about finances. However, Kanye is arguably more at risk for one main reason- comfort. A big spender can often get carried away, with fancy cars and flashy suits the high roller enjoys the finer things in life and isn’t afraid to splash out. Once the lifestyle catches up with him, the high roller will often find that they have over-indebted themselves while convincing themselves that they have enough to support their lavish lifestyle. When the car insurance, home loan, clothing costs and credit accounts come in, this is when this individual realises they have stretched themselves too far.
Meet Stacey, the gambler. She is a strange creature, someone with the means to pay her expenses but who would rather take her extra cash to the casino for some fun. While this can sometimes lead to a small fortune overnight, the chances are slim. More often than not the gambler will lose her extra cash and have to resort to dire routes loan sharks to make ends meet in the last days of the month. As the gambler often repeats this performance with every bit of extra cash, she can often find herself in debt with no way out, owing money and falling behind on payments. While Stacey has money, she is her own worst enemy at the end of the day. While it can be tricky to navigate their finances, especially with their volatile nature of spending, consolidation loans give her a chance to sort her financial status out. Putting all her debt into one loan payment, this breakdown lets her manage her finances in such a way that even if the gambling continues, she can ensure to make the single, affordable payment.
The Average Joe
This is Joe, the average Joe. He is someone everyone knows. Just making it through the month, neither rich nor poor, the average Joe has enough to support his expenses with just enough left to save or have some fun in his free time. Funnily enough it is this person who finds themselves in debt least of all, simply because he tends to not overspend and be realistic about his finances. However, as Joe does not have a heck of a lot of extra cash to splash out, any debt takes a chunk from his savings. While not at risk straight away, this is where debt can pile up, slowly at first and becoming increasingly worse as time goes on and the payments start to fall behind. By combining all debts into one account and one monthly payment, the average Joe can put his finances into perspective, prospering from the simplistic nature of one debt account.
This is Chanelle, the struggler. Someone who is need of financial stability, the struggler always has something going wrong. Usually through her own over spending or emotional extravagance, the struggler is someone who has a solid income, but always seems to be broke- living from paycheck to paycheck rather than on a comfortable budget. We all know someone like this. With the tendency to spoil herself when she cannot afford it, with little regard for her finances, the struggler is someone probably most in need of consolidation loans. Not only benefiting from the reduced overall amount and increased repayment period, the one account and one payment system allows her to have a clear picture of her financial obligations. While arguably the hardest to get on track financially, she will often respond well to a simple payment breakdown, getting flustered and confused with many accounts and different amounts.
While not always the easiest debt recovery option, as it requires discipline from the debtor, consolidation loans allows you to simplify your repayment and focus on one account rather than many. A final step before debt review, this is the perfect solution for those who want to continue using credit but who can keep a handle on their spending onwards. A way to get your finances on track, consolidation loans give you a helping hand, getting you on your way to financial security and responsible spending. Visit the professional advisors at Quick Consolidation Loans to get your finances on track.