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Debt Consolidation Benefits
If you’ve ever been in a situation where you needed money that you didn’t have, you probably already know about loans and credit cards. Here is a brief Explanation on What both are: Loans A loan is a type of financial aid which must be repaid,...
Debt Consolidation Loan and Consolidation Loans
Debt consolidation loan services act as a third party intermediary to assist you in negotiating lower interest fees and monthly payments with your unsecured debt holders. If you are falling behind on your monthly payments, as many consumers are,...
Debt Relief From Debt Consolidation
If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation...
UK Credit Card and Debt Consolidation Loans
Your current situation.
You have got several credit and store cards and several
loans. You are finding it difficult to make the payments
each month. Generally you do make the required payments but
this means that other parts of your like are...
What You Need to Know About Debt Consolidation
Debt consolidation is often a last resort for people who are in extreme debt and trying to avoid bankruptcy. Many people who are not in danger of bankruptcy, but have debt on high interest credit cards may also choose to consolidate their debt. Debt...
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Debt Consolidation Loans
Debt Consolidation Loans
Wouldn't it be nice to make just one payment per month instead
of several? Most of us not only have a mortgage payment. We have
car payments, credit card payments, student loans, etc.
If you have been living in your home for a reasonable amount of
time and you have acquired enough equity, you might want to
consider a debt consolidation loan.
A debt consolidation loan is using the equity you have acquired
in your home from monthly payments and appreciation to pay off
all of your outstanding debt, leaving you with one monthly
payment instead of several.
Consolidating your debt has the potential to save you a lot of
cash on a monthly basis if you have accumulated a lot of debt.
The interest rates on credit cards alone are considerably higher
than that which you would receive on a mortgage.
Another benefit is the interest you pay on your debt
consolidation loan is tax deductible, unlike your
other debt.
Consolidating your debt is a great way to save money, but don't
just dive in. Take the time to educate yourself about the
mortgage industry and definitely shop around for the best deal.
The mortgage industry is very competitive, so let them compete
for your business.
Another benefit to consolidating your debt is that it will help
your credit score go up.
The accounts you have outstanding that you owe money to are
called open trade lines, by paying these off and than closing a
few of them to keep your debt under control, you will be
effectively increasing your credit score over time, which is how
lenders determine your payment history.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
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