You are liable to pay an additional 5% on the total Debt Consolidation Plan amount. This means that you have to pay a total of three parts - the consolidated debt, the interest and a supplementary charge. This 5% serves as a buffer for any costs that may have been incurred before the disbursement of the Debt Consolidation Plan amount.
Every debt consolidation plan also involves additional fees, including processing fees, admin fees and late payment fees. These fees may be a fixed amount, or they may take on a certain percentage of the loan. It is necessary to factor these fees into the calculation of your debt consolidation plan to get a clearer idea of what you are signing up for.
A debt consolidation plan is a huge financial responsibility, so choose the most appropriate plan that best suits your needs and circumstances. Use it wisely, and it will serve as a helpful financial tool to conquer your debts and unlock your financial freedom.