Are debt consolidation loans a good idea?

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Whether or not a debt consolidation loan is a good idea will depend on your particular circumstances. Debt consolidation loans aren't really getting you out of debt, they're just consolidating your debt into one loan. If the monthly payments are lower, it's either because the interest is lower or the term of the loan is longer.
If you can get a debt consolidation loan with a reduced interest rate, that may be a good idea since you'll be saving money, enabling you to get out of debt faster. However, if the interest rate isn't lower, look elsewhere for answers to your debt problems.

Answer 2

At times, a little ignorance or an inadequacy to repay the loan amount lands you in a situation where you feel crushed under a pile of debts. If proper care is not taken in due time, there is a possibility that you may fall prey to a disastrous situation like bankruptcy. Subsequent to this, you will find it almost impossible to borrow funds in the near future at decent interest rates. We offer you a feasible way to come out of your present debts in a simplified manner. With the help of a debt consolidation loan , you can combine more than one debt and replace them with a single, more manageable debt.
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Can you get a debt consolidation loan with bad credit?

Most Banks will not lend you money if your credit is less than perfect. At Debt Consolidation Loans with Bad Credit, we find home loans for good people, who had credit problems in the past.You'll learn that our mortgage loans are easy to qualify for, and our interest rates are competitive. While oth (MORE)

Debt consolidation loan?

Depending on what your asking.. Your local bank or credit card company may be able to help you consolidate high interest debt with a debt consolidation loan. If you are looking to free up some cash flow by using a debt counseling service then you may be able to consolidate some of your high interes (MORE)

What is a good interest rate for debt consolidation loan?

\n. \nGenerally interest rate for debt consolidation remains low. But it also depends on different companies and their policies. They also lower your credit card interest payment up to 60%. By consolidating your debt you are paying one monthly payment, which is lower than all the payments you (MORE)

Can a debt consolidation loan be taxed as income?

No. Loans are never income. You are worth no more, and no less, before or after a loan. Your liabilities went up by the same amount as an asset...generally cash). (In fact, perhaps you need to really understand that...borrowing or debt is NEVER income...do not treat it as such). Improved: However (MORE)

What is a debt consolidation loan?

Here's how a debt consolidation works. What they do is eliminate or reduce your interest and their team of customer service representatives will work with your lenders to set up an affordable repayment plan to eliminate your debt . Their goal is to get you back on your feet and help (MORE)

Can you apply for Debt Consolidation on Student Loans?

Yes. Those who are already finished or out of school can apply for a student loan consolidation. If you're still in school but you want to start with your repayment, then you may apply for consolidation as well.. Answer: . Yes. Even if you consolidate your student loans, you can still defer your p (MORE)

Good debt consolidation companies?

A good debt consolidation company should offer you free educational services to help you manage your finances in a way that cuts out debt. They should offer you an initial free session to discuss your personal financial situation which would include details of your monthly expenses, earnings, assets (MORE)

How do you qualify for debt consolidation loan?

I don't know if you have heard of debt elimination, it's when you hire a contractual attorney to sue the creditor for violating you Consumer Rights. And trust me we are all victims of the banks predatory lending. For example; if a creditor raised your interest rate without your written consent that (MORE)

What are debt consolidation loans?

If you seek a consolidation loan from a lending institution that is designed to pay off 100% of your balances is considered a debt consolidation loan. However, please note, if your working with a company that is negotiating a settlement or your going simply consolidate payments but not pay back 10 (MORE)

Can i do a payday loan debt consolidation?

You can. There are companies on the internet that claim to do just that. Make sure you check them out first. Check with the Better Business Bureau and see what they have to say about them. Some of these payday loan consolidation companies have been accused of not paying the payday lenders you owe. S (MORE)

Are home equity loans a good way to consolidate debt?

, I am Mrs. Jane White from Florida when I was in need of loan I posted a question here on how to get loan and someone refer me to standard loan firm and that is where I got my loan without credit check and low interest rate of 3%, You can reach them with this email if you need loan standardloanfirm (MORE)

Who should get a debt consolidation loan?

Federal Student Loan ConsolidationProgram means combine all loan into a single pay. :Loanconsolidation is the best for the student who not able to pay yourfees. If any student want to continue their study and they want totake admission in top college for higher education but good collegetake high f (MORE)

Whos qualified to get a debt consolidation loan?

A person who is in debt and needs assistance is qualified to get a debt consolidation loan. These loans are offered usually to individuals that are atleast $5,000 or more in debt. A consolidation loan is when a specialist will asst with combining all your bills into one big bill and the for the paye (MORE)

What is the interest rates for debt consolidation loans?

Interest rates for debt consolidation loans can vary dramatically based on your credit. If you can get a home equity loan they usually have much lower interest rates. For a debt consolidation loan expect to pay around 10-12% interest.

Is a debt consolidation loan a good alternative to bankruptcy?

Debt consolidation loans can be very helpful in difficult times, offering to stretch out payments over a longer period of time and offer a lower interest rate. However, bankruptcy does offer the potential of a new start; though it will show up on your credit report for ten years, it will also elimin (MORE)

Can you include all kinds of debt in a loan consolidation?

More often than not, you can include any kind of debt in such a loan, but this depends to a large extent on the bank you are dealing with. There is a wide array of such loans, and it would be a good idea to shop around and discuss your needs with the various banks available to you.

Is consolidating your student loans a good idea?

Student loan consolidation is a wise choice if you are having a little trouble making your current monthly payments. Student loan consolidation allows you to reduce your monthly payment by as much as fifty percent in some cases.

Is debt consolidation ever a good idea?

Debt consolidation can be a useful plan when you have a lot of high interest bills to pay. As long as you have enough reserve capital to pay the consolidated loan, it is a good idea.

What is a consolidation debt loan?

A loan you use to pay off all your other small bills, so you have 1 payment only, usually for less. than amount combined for the little ones.

What is the definition of debt consolidation loans?

Debt consolidation loans are loans taken out to repay other debt, typically this is done as a means to receive a lower interest payment or secure a fixed interest rate. Debt consolidation loans can also allow for discount, generally when the debtor is near to bankruptcy.

How can student loan debt be consolidated?

Student loans can be consolidated after graduation or dropping out of school by filing with the government to consolidate all federal student loans. Remember that non-federal loans cannot be consolidated.

Where can one find a good debt consolidation home loan?

There are many sites on the web and also in the Yellow Pages. But be sure you aren't perpetuating the problem. Debt consolidation may lower the monthly amount you pay but extend the loan for a longer period, taking you longer to pay it off.

What companies offer programs to consolidate debt loans?

There is various companies who offer debt consolidation loans, but it depends on the country you are currently living. In England for example, there is 'Halifax', 'All Clear Finance', 'PayPlan' and 'DebtIva' just to name a few.

How do people consolidate debt loan?

Consolidating a loan can be done via banks, loan broker agencies and financial service providers. The base aim is to bring together two or more different loans together into one large new loan on which a single payment may be made. It is important to review any fees and charges for such a consolidat (MORE)

What are some benefits of debt loan consolidation?

Debt consolidation involves negotiating a loan for a amount that allows one to pay off all other debt e.g. car and credit cards and end up with one monthly payment. The advantages of debt consolidation are avoidance of bankruptcy and the preservation or improvement of one's credit rating as problem (MORE)

What is meant by consolidation debt loan?

A consolidated debt loan is a loan a private company or bank can pay you to pay off all your major creditors. It prevents you from juggling obligations to other companies, and instead deal with one outstanding debt - to the company or bank that gave you the loan in the first place. The reason people (MORE)

How does one get a loan for debt consolidation?

There are a number of ways to do this.Firstly you can approach your own bank. They will have an advisor who can talk you through the options available. They may also have a preferential rate for existing customers.Alternatively there are a number of financial institutions who specialise in consolida (MORE)

What are some good debt consolidation solutions?

There are many good debt consolidation solutions, including using services provided by banking institutions. Such institutions include but are not limited to Bank of America, Chase Bank, and Wells Fargo, amongst others.

What are the benefits of a business debt consolidation loan?

When you consolidate debt, you take a out a loan to pay off other debts. By doing this it allows you to consolidate the debt into one easy payment. Can be beneficial if you ran up your credit cards while in business school or if you have a lot of high interest installment loans. You can avoid late f (MORE)

How is debt consolidation a good idea?

Debt consolidation is a good idea for several reasons. A Debt consolidation helps someone get out of debt quicker by offering them a lower interest rate.

Where can one find debt consolidation loans?

Debt consolidation loan information can be found on the website Lending Tree. Wells Fargo is another option to consider for debt consolidation loans. Also one's local banks may offer the loans too.

Where can one get payday loan debt consolidation?

There are a number of websites that offer advice and help to people looking to consolidate their payday loan debts. Some examples of these websites include Pay Plan, Debt Consolidation Care and Payday Loan Debt Consolidation.

Where can one get an unsecured debt consolidation loan?

It's a good idea to check with several different resources to find the most advantageous deal for yourself. Any bank or credit union you do business with is a good place to start. Also check online sources such as Lending Tree and Quicken Loans.