Updated on November 8, 2022
Are you starting the new year with a hangover of post-holiday bills? If you are like many people, you may have tried to be smart about your holiday spending, but still accumulated a significant amount of credit card debt.
Perhaps you are being inundated with multiple credit card bills due on different dates, and the interest rates and minimum payments are higher than you expected. All those bills can add up to a lot of confusion and stress. If you feel overwhelmed by your holiday bills or are in danger of missing payments which can lead to late fees and even higher interest rates, you may want to consider debt consolidation.
Debt Consolidation Basics & Benefits
With debt consolidation, you can take out a loan for the amount of debt you owe on your credit cards and use that money to pay off all your cards at once. You are combining all your credit card balances into one loan. Some of the major benefits of debt consolidation include:
One bill to track. You have just one bill to track and pay each month. This makes budgeting easier and you will lower your risk of missing a payment.
Possible lower monthly payment. A debt consolidation loan typically will have a lower interest rate than credit cards. Your monthly payments will be smaller, but may be spread out over a period of time.
Build a good credit history. A lower monthly bill will be easier to manage and will be more likely to be paid on time. By paying on time, every time, you will be building a good payment history, which is an essential component of a credit score.
How Omni Can Help
Omni Financial is here to help provide some relief for your post-holiday bill paying headaches. Although we don’t offer a debt consolidation loan, we offer installment loans in amounts ranging from $500 to $10,000, which can be used for any needs including to pay off post holiday bills. We understand how easy it can be to get in over your head financially, especially during the holidays. A debt consolidation loan can help you regain control and put your financial situation back on track.
The information provided in this blog post is for informational purposes only. It should not be considered legal or financial advice. You should consult with a financial professional to determine what may be best for your individual needs.
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