Debt Consolidation Loans | Credit Consolidation Loan
Debt Consolidation
Debt consolidation - The Benefits. Firstly when using credit card debt consolidation loans for debt consolidating your credit card debt is gone. Second, interest on debt consolidation loans is generally less than the rate on your credit cards so you will receive huge savings. Third, debt consolidation loans are convenient for those with several creditors as you now only have one payment.
Debt Consolidation Sounds good right?
Debt consolidation loans appear to be the solution for credit card debts BUT, these credit card consolidation loans are dangerous because these credit consolidation loans are secured with your home so if you default on the loan, you could lose your home. Also while most of these loans start with low rates, the lenders have the right to increase your interest rate. Before signing make sure you read and completely understand the agreement.
Debt Consolidation Loans
Here are some other things to consider, a personal loan for $10,000 at 13% for 7 years will cost you about $4800 in interest. This same amount consolidated into your home loan for 25 years will cost you $9,300 in interest. With these types of loans you are required to use your assets as collateral, this means adding your home as collateral for these otherwise unsecured debts. If you fail to meet your obligations you will be forced to sell your home to pay off the debts. You are risking your own personal assets that were otherwise safe.
Also keep in mind that these loans includes fees. There are cases of high fees that people did not notice because of the initial savings, be sure to thoroughly check the details of any debt consolidation loan before signing. There are companies that wait until a client must refinance in order to consolidate and pay off bills that they are behind on. If you do not refinance you may lose your house, so you are forced to pay any allowable fee to refinance. In some cases you will not have enough time to shop for another lender with lower fees and may not even be fully aware of them. This is known as predatory lending.
Two Kinds Of Debtor, One Debt Consolidation Solution
There are two main types of people who get into unmanageable debt. The first type of person is one who can't or won't understand that you don't simply have the right to have everything you want right now. The type of person who piles debt upon debt with no real idea of how they will pay it off, or even how much debt they have. Debt makes them afraid only when they realize how much debt they have accumulated, and how it will affect their life.
Debt Consolidation for the Responsible
Then there is the other type of person. Someone who has always been very careful with money. Who has taken a responsible attitude to debt their whole life. But someone who has fallen on such hard and difficult times that they have had no option but to borrow. Perhaps they or someone in their family has fallen ill. Or maybe through no fault of their own they've lost their job. It's likely that having debt will fill them with shame.
Both of these categories of debtors can be helped by a debt consolidation service. Both may delay seeking help, for differing reasons. Many debt consolidation services can help you organize your debts so that they are easier to understand, and much easier to pay off. Regardless of which category you fall into, if you are having problems with debts which you can't repay, then fill out our short form for your free consultation service as soon as possible. The sooner you do, the sooner you'll be on the road to financial health again.
Our Debt Consolidation Solution!
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Your assigned credit counselor will tailor a debt consolidation plan for you that allow you to satisfy your creditors, and meet your own living expenses. These debt consolidation services and programs are quickly becoming the fastest and most efficient way for Americans to eliminate excessive consumer debts. If you are considering a loan as an option fill out the form on the left or phone in and find out first hand why our programs may be a better alternative.
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