Personal finances and debt are matters of great concerns for all. Prioritizing the need by offering a single monthly payment with low-interest rates. Based on the fact that something’s are just better together, having to pay just one monthly single payment with low-interest rates will prove to be a boon. All your debts if come under a single category it will become so easy to handle your personal finances. This arrangement will sort out most of the financial burdens.
Corey advisors highlight the benefit of one single monthly payment and explain it in layman’s terms as follows:
Easier to manage payment deadlines if you have to make multiple monthly payments you are bound to forget some of them. Even if not forgetting you will always be worried or occupied with the botherations of making payment or arranging to pay the interest. A single monthly payment will take away all these botherations and you will be liberated with the timings of different loans and their payments.
Lower interest rates- multiple debts will have each individual interest rate added to the total debt amount. If you miss a payment then it will nearly double up. Therefore with one single monthly payment the rate of interest lowers as it is bigger amount and also the amount lowers as there are not many small debts but just on single loan.
Less risk of collateral possession- the best and effective way to lower to rate of interest is offering any asset as collateral. Collateral options works perfectly if you are diligent with your payments and never miss a single payment. In case if payments are missed the collateral is collected. Thus if you one single monthly payment the chance of missing the payment is just not there. Therefore you don’t miss the payment, need to pay lower rate and again the rate is further lowered for the collateral is offered. Importantly more than multiple collector’s it is better to offer one single collateral and remain free of tension.
Fixed regular payment amount- One single monthly payment gives us a fixed amount that is required to be paid every month and as the figure is fixed it becomes easier to manage personal finances accordingly. Thus at the end of the month the bill does not shock you and there is anticipated amount that goes out every month and not much calculations are required to be made.
Less stress- This factor does not affect us financially immediately but in the long run it does. Having many issues to worry will pose several health issues and this will cost you in terms of medical bills. Thus one single monthly payment will simply reduce all your stress and help you to stay healthier and away from stress related diseases.
Single monthly payment with less interest saves you much of your expenses and thus should be opted for.