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Pay Off your Multiple Debts

A debt consolidation loan is a big loan available at low rate of interest, and a longer repayment term that allows you to pay off all your multiple high interest loans and credit card debts. You can get loans for debt consolidation with bad credit from various lenders in the US. These loans have come as a great relief to all those who are suffering due to their mounting debts and have no way out of this financial mess. In any case, you should choose your consolidation loan after thorough research and you should not forget to read the fine print before applying for the loan.

The eligibility for these debt consolidation loans is simple. You need to be at least 18 years or above, should be a US citizen, should have a US bank account, and a stable job or a profession.

If you have a low credit score, you may have to opt for a bad credit debt consolidation loan, or have to offer some collateral to the lender to secure a lower rate. You can apply online for these loans, as most of the lenders have their own websites and provide all details, including the application form for this loan.

You can also seek help from a reputable Scranton debt consolidation service, as they have extensive experience and access to hundreds of US lenders and can get you the best product on the US market.

When you will consolidate your debts, you end up with just one payment every month, which is affordable. Most of these loans are for a long term (15-25 years) so your monthly installment is very less. you save hundreds of dollars for your household expenses.

Though interest rates offered to you by the lenders may vary as they are dependent on certain variables, but in any case, you can easily save from five to ten percent with a consolidation loan.

Jacksonville Credit Card Consolidation

Debt consolidation has become a viable option for many people in jacksonville ¬†looking to reduce their total debt while lowering their interest rate, loosening the economic leash that cripples their fiscal options. In these economic times, it can be difficult to pursue certain financial ventures while an individual is in debt. As credit card consolidation allows borrowers to simplify and narrow their monetary lenders, it can also come with risks. Like most economic decisions, even debt consolidation has it’s pros and cons.

For starters, Jacksonville debt consolidation services can be very beneficial for individuals with increasing debt, as it places debt from various outlets into one loan, lowering the interest rate and making the sum easier to handle. Often times debt consolidation will take unsecured loans and place them into a secured loan, by using an item of value as collateral. The collateral will lower the risk for the debt, thus lowering the interest, rate, as the item used for collateral can be taken should the loan not be paid properly. Many might see this as an even larger risk to the individual in debt, but in reality it is safer, as the debt becomes a long term payment that is more easily managed, so the collateral is typically not at a huge risk for loss.

Debt consolidation can also be done for students who owe money for student loans. In the United States, for example, the loans owed by a student may be consolidated through the Department of Education, who then provide the student with a fixed interest rate. If the student owes multiple loans with various interest rates, consolidation combines them into one loan with one rate, making the debt more simplified.

There are some concerns with credit card consolidation though, often in relation to secured loans using a house as collateral. These types of loans may address the effects of debt, but as the amount owed becomes higher than it was before due to long term payback, the root of the debt is not addressed. This may cause problems for the individuals in debt later on in life, as they continue to owe more money than initially stated.

Debt consolidation is a good option for anyone looking to alleviate themselves from the complexity of numerous loans and interest rates. However, it may come with risks, so it’s always advised to discuss debt consolidation with a professional before these decisions are made.