The amount of debt you carry can affect everything from your credit score and borrowing power to your bank account and mental health. While some borrowers sought deferment or forbearance on payments due to the pandemic, this only provides temporary relief. A longer-lasting solution is needed to truly gain more control of your financial situation.
If your obligations have you feeling overwhelmed, consolidation may be the answer for you. Debt consolidation is when you use one loan to pay off your other debts in full. Benefits of this include: simplifying and taking control of your finances, improving your credit profile, and providing easier management of your money.
Examining what you owe
It's nearly impossible to run a veterinary business without taking on some level of debt. As owners open new lines of credit and take out loans to help cover their costs, it's easy to lose sight of the cumulative amount owed, which can be especially true when multiple payments are on auto-withdrawal. Do you know how much you owe?
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