Are debt consolidation loans a good idea?
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.
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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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…er lenders may have turned you down for one reason or another, we'll go the extra mile to earn your business. Banks do not grant such type of loan to person because usually happen there loans are not back and for which they go under loss Number of private companies and money lenders offer these services for a bit high rate of interest. So anyone suffering such type of problem can apply for debt consolidation loan in reputed companies. (MORE)
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…t unsecured debt (credit cards) by working through a counseling company and the credit card companies. Keep in mind, having steady income is important to factor in when entering a debt counseling/consolidation program. . (MORE)
\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… are paying to creditors. The debt consolidation agency uses this payment to pay off the actual debt and the interest on the debt. (MORE)
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…, if any of your creditors are settling with you / forgiving a part of your debt as part of the process, the amount that is forgiven CAN be reported as imputed income and taxed. (MORE)
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… you live a debt free life style . For further answers please call 209-217-0373 or visit their web site at http://www.payday-loan-consolidation.org/ (MORE)
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…ayments. Standard deferment and forbearance options are core attributes of your student loan and are not lost when you consolidate student loans.. (MORE)
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…, liabilities and your current credit card debt situation. The company should be able to provide you with viable options to choose from towards a debt free recovery process. Debt consolidation services should entail nominal fees. A good company will be able to offer you help regardless of your ability to pay. You should consider all these aspects while looking for debt counseling. You should also make sure that the company you go for is registered with the Better Business Bureau to make sure you are entrusting your financial situation to a reputable agency. I agree with the first answer, but also double check to see if the debt consolidation company will accept all of the credit cards. Careone Credit does not accept American Express or Capital one. (MORE)
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 …is illegal ! The best part is that an attorney only charges 30% of the debt vs. 60-65% when you settle. Check out the National Consumer Advisory. If you have multiple debts and you are finding it difficult to manage with debts then it is better to go through advance repayment options. Debt consolidation is an efficient way to repay debts in which your earlier debts will consolidated into one. Bad credit and unsecured loan option is not a problem to get debt consolidation loan. If you meet with common eligibility requirements of borrowing loans and you have a steady source of income then you can easily get debt consolidation loan through lending firms. Only thing you need to manage is that selection of debt consolidation loan quote that is affordable for you. (MORE)
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…0% of your debt then this will normally have an impact on your credit. Be careful to clarify with the financial institution what you are looking for and review the pros and cons of all the options. The best option really depends on your situation. I am familiar with a reputable company called CuraDebt. They provide a debt counseling service and can probably give you several options to solve your problems in a fair and ethical way. You can give them a ring at 888.653.3816. I believe they are on west coast hours 7am - 5pm. Saturday mornings until 10am. (MORE)
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…ome payday lenders will still try to collect from you even if you do go with a consolidation company, so that really doesn't solve your problems either. One thing you should do is close your bank account and stop them from debiting your account. Check out your state laws. Some states have made payday lending illegal, so your loans may not even be enforceable. Your attorney generals office or financial regulator could give you more information on this. Worst case scenario would be that your state allows payday loans, and the lender could file a civil suit for default. OK to elaborate on the answer above you can resolve these accounts if you are in default by speaking to the resolution departments of the payday lenders you owe, but not all of them will resolve them or are willing to help out. If your lenders aren't willing to work with you then you should look to a company that has a few years of success and a perfect track record in dealing with these firms. To hire a professional payday loan consolidation firm you need to only look at companies who do not hold money and pay the lenders starting with your first payment. As for closing your account with your bank most banks nowadays are willing to put a block on the lenders who have access to your account thus negating the need to close the account. Check with your branch manager for their guidelines. David (MORE)
, 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…@live.com (MORE)
I have learned there is really no such thing as a consolidation loan anymore. The banks and other loan agencies do not carry this particular loan anymore.
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…ee. But some time all student unable to pay your collegefee then they take student loan. But after completion of educationthey are facing problem with pay your student loan then theyrequire loan forgiveness or consolidation. Federal student loanconsolidation is the best option to pay your all loan into singlepay (MORE)
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…r. Small payments are distributed to each creditors and balances are easier to payoff and payments are reduced. The debts are usually paid off soon than the original timeframe. (MORE)
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.
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…ate excessive debt payments. (MORE)
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.
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.
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.
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.
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.
For a debit consolidation loan, the person being granted the loan must not have a history of bad credit or loan repayment and must be in effort to reduce their debt.
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.
On the subject of alternatives to consolidating loans while facing debt problems, it may be worth the effort to consider getting oneself into some form of debt settlement.
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.
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.
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…ion and to make sure the end resulting payments are affordable before agreeing to the change. (MORE)
Depending on the nature of the debt/loan or mortgage, first place would be to talk to the creditors themselves. Or speaking to debt consolidation specialists and charities such as StepChange (CCCS) or Citizens Advice.
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… loans are repaid. The repayment term of a consolidation loan is usually longer, but the payment itself is lower and more manageable. It may be possible to negotiate a lower interest rate. Perhaps the greatest benefit is the reduction in stress that comes when debt gets out of control and halting those phone calls from debt collectors. (MORE)
A debt consolidating loan may be offered by banks, finance companies and credit card companies. Many non-profit companies offer debt management as well.
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… may do this is to save money from piling interest charges that vary from company to company; a financial institution that offers consolidated debt loans usually charges a lower interest rate than creditors. The only hurdle that may get in the way of applying for such a debt loan is a bad credit rating - companies and banks want to know you can pay them back if they get you out of a bind. (MORE)
A good strategy to consolidate you debts is to combine multiple loans, reduce the number of bills each month, lower the monthly payment, and reduce long-term cost of loans or debts.
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…tion loans. These can be quite expensive so it may only be a good option if your credit rating is bad.If that is the route you are going to take then it can be worth your while searching on site comparison websites to find the best deals available. (MORE)
The best way for one to compare various secured debt consolidation loans is to research the options available. It would be worth speaking to ones local investment planner as well as bank officials. Also searching online for advice might be useful.
Many banks will purchase a loan debt for consolidation so long as it complies with their terms. They usually impose a standard rate of interest and payment terms.
Yes, there are plenty of debt consolidation loans for people with bad credit. These are especially designed to get all your loans and cards into one easy monthly payment.
A debt consolidation loan combines all existing debt into new home loan. These loans typically have relatively low interest rates especially when compared to credit cards, making it easier and cheaper to pay off the loan.
There are a few purposes of a debt consolidation home loan refinance mortgage. One purpose is to combine multiple mortgages together in hopes of leveling out the payment over the loan period. Other purposes include obtaining a lower interest rate or a lower monthly payment.
There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.
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.
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…ees,extra charges and bad credit. (MORE)
UK Debt Consolidation Services is one of the many companies in the UK which specializes in debt consolidations. They will help people consolidate their loans, often with a lower monthly payment.
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.
There are a lot of companies which are offering the consolidation loan debt. However, it is strongly recommended that one should try firstly their own bank or credit union.
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.
Free debt consolidation loans can be found on quite a few websites.A few websites one should check if looking to consolidate your debts are payplan, Halifax UK and also moneyexpert.
Bill consolidation helps a person to consolidate their debt loans by taking out one loan to pay off many other loans. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
One can find assistance with home loan debt consolidation at one of the following financial institutions. Bank of America, Quicken Loans, Wells Fargo, and B B & T 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.
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.