All About Debt Consolidation Loans
Debt consolidation loans can be the answer to a number of financial problems, but before you take the plunge, make sure you're well informed. What is a debt consolidation loan? Debt consolidation is when you arrange a single loan to cover a...
Consolidate your card card debt
With the popularity of plastic money in the present age, card cards are gaining immense importance.
With the growing increase in usage of such cards the credit rates are also reaching the horizon.
Debts are thus becoming a common happening in...
Debt Consolidation Advice: How to Find the Best Program
If you're deep in debt and having difficulty paying your bills,
one of the best sources of debt consolidation advice and help is
a credit counseling company. Credit counseling companies can
offer you debt consolidation advice including how to use...
Reduce Your Debt - How To Use Debt Consolidation To Get Yourself Out Of Debt Permanently
Debt consolidation can get you out of debt permanently if you
make it part of a financial plan. Within five years, you can
have your unsecured loans paid off and on your way to debt-free
living. The key is to plan for the future.
Securing Debt Consolidation Secured Loans
If you're like most people, then you've got debt in your life… and if that debt is getting out of hand, you might want to consider debt consolidation secured loans. These loans are designed for people who find themselves in debt beyond their means...
|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.