Debt elimination & debt consolidation can work together
Debt elimination has always been my goal. But on this day, when
I received the bill for the sudden replacement of the clutch in
my car, the VISA bill and word that my daughter needed
orthodontics for her teeth, how was I ever going to realize...
Guide to Unsecured Debt Consolidation Loans
While approaching loan provider for an unsecured debt consolidation loan , there
were several fears in your mind. Many of your colleagues were
against unsecured debt consolidation loans because of the very
high rates that they come with....
Perks and Pitfalls of Debt Consolidation
Whether you want to pursue debt consolidation in order to make a good financial situation better or to pull yourself back from the brink of bankruptcy you will want to consider the good and bad things that may result from the choices you make. ...
Student Loan Debt Consolidation - Students Cannot Afford to Lose Sleep over Debts.
Studies take a back seat when debts begin to hold a prominent
place in students' finances. Guardians would find this strange,
since most guardians feel that they send their wards more than
enough money to meet the needs of their wards. The needs...
Unemployed debt consolidation: dissolving twin burden of unemployment and debt
Okay, did you wish on the fairy godmother to take away debts?
You are doubtful if it will work- especially when you are
unemployed. You are certainly not happy with the current
circumstances. You want to work, have the ability to pay your
|Debt Consolidation - Types Of Help Available For Unsecured Debt Consolidation
There are several types of help available for unsecured debt
consolidation. You can choose to take out a debt consolidation
loan to lower your rates and payments. You may also choose to
use a debt consolidation programs, letting a third party deal
with your creditors. And finally, you can turn to a credit
counselor to help you find the best plan for your situation.
Debt Consolidation Loans
A debt consolidation loan is any type of loan you take out for
the purpose of paying off other creditors. Ideally you want to
find a loan with lower interest than what you are currently
paying on your bills. However, even if you don't lower your
rates, you can lower your monthly payments by choosing a long
term loan. The drawback of course is paying more in interest
You can choose from a secured loan, usually backed by your home,
or unsecured loan. Secured loans, including a home equity loan,
second mortgage, and line of credit, will have lower rates and
the tax advantage of writing off your interest payments.
However, if you don't have a home, you can still find relatively
low rates with a personal loan.
Debt Consolidation Programs
You can also work with a debt consolidation program to lower
your rates and
consolidate your bills. This third party agency
will negotiate lower rates with your creditors for a small fee.
You also only make one monthly payment, letting the agency pay
your bills from that sum. Some non-profit agencies also
specialize in helping those with six or more months of late
Before you sign up with these types of programs, be sure you
have researched several agencies. Compare pay back dates, fees,
and estimated monthly payments.
If you are confused about your options or just don't have a plan
for getting out of debt, consider visiting a credit counselor.
As a non-biased person, they can explain your financial options.
They can also discuss with you're the pros and cons of each
options, helping you find the best program for your unique
Besides helping you to consolidate your bills, they can also
help you develop a monthly budget and long term financial goals.
About the author:
See my recommended Debt
Consolidation companies online. Carrie Reeder is the owner
of ABC Loan Guide, which offers help with loans for people with low
credit scores. scores.