Home Equity and Refinancing
Improving Your Credit Rating
Debt Consolidation

How long will it take you to pay off your debt consolidation?

656667

Top Answer
User Avatar
Wiki User
2005-10-13 14:14:22
2005-10-13 14:14:22

How long it takes to pay off your debt consolidation will depend on a number of factors. The first thing you need to look at is how much money you owe. If you owe tens of thousands of dollars, it will take you longer to pay off your debt than someone who just owes a few thousands. The higher the debt, the longer the payoff period. You also need to take a look at how much of a monthly payment you can afford. The more money you put towards your debt each month, the more quickly you will be able to pay off your debt consolidation. When you take out a debt consolidation loan or sign up with a credit counseling service, they should be able to give you a good idea of how long it will take you to pay off your debts.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

If you find that it is hard for you to pay off all of your creditors each month, you might need to take out a debt consolidation loan. A debt consolidation loan is a loan that you use to pay off all your other debts, relocating all of your debt into a single loan. This can reduce your interest rates and your monthly payments. At the same time, it can end up costing more in the long run. To compare the benefits and disadvantages of using debt consolidation, it is useful to take advantage of a debt consolidation calculator, which can show you how the new terms affect the cost of the debt.

User Avatar

Debt consolidation is performed by a professional to help an individual pay off their debt. You can take out a loan to reduce interest rates on credit cards or other loans that you have out.

User Avatar

A debt consolidation can help somebody pay their debt off faster because they lower monthly payments and rates.

User Avatar

People can get free debt consolidation care from family and friends willing to help pay off debt, or banks can help you make a plan to pay off your debt slowly and easily.

User Avatar

Debt consolidation can help an individual to pay off debts which are becoming unaffordable. During a debt consolidation programme all of the individuals previous debts are rolled into one debt which is paid off, usually at a lower interest rate, through smaller monthly payments.

User Avatar

This is totally dependant on the type of debt consolidation.Most commonly, debt consolidation happens through a secured debt consolidation loan. You are effectively replacing your debts with this new loan. You will pay off your other forms of debt and only have the one loan payment to pay. This will not harm your credit file, as long as you don't miss payments to your new loan, as it will show that you have paid off all the other debt.However, debt consolidation can also happen through a debt management plan. This is where a debt management company will negotiate with your creditors to offer you a lower monthly payment. This type of debt consolidation will effect your credit rating as you will be breaking the original terms and conditions with which the debt was lent.Answer Debt consolidation has minimal effect on your credit. In most cases, you apply for a home refinance or debt consolidation loan and use the proceeds to pay your other debts. Although you will now have a single larger debt on your credit report, several small debts will be eliminated.

User Avatar

Hello, 1. Debt Consolidation takes only those debt which are current. 2. This means, the collection agency that has your debt is not at all related to the Debt Consolidation program. Thus they are free to take any action against you. My suggestion, If it is a small debt, work out something with them and pay them off. If it is a huge debt, consider Debt Settlement. Thanks! This is not legal advice :)

User Avatar

Hello, 1. Debt Consolidation takes only those debt which are current. 2. This means, the collection agency that has your debt is not at all related to the Debt Consolidation program. Thus they are free to take any action against you. My suggestion, If it is a small debt, work out something with them and pay them off. If it is a huge debt, consider Debt Settlement. Thanks! This is not legal advice :) http://wiki.answers.com/Q/Can_a_collection_agency_garnish_your_wages_even_if_you_are_making_payments_with_a_debt_consolidation_agency

User Avatar

Most debt consolidation services work by consolidating your debt into one loan. The debt consolidation service will pay off all of your debt balances and then make a loan to you for the amount of your debt plus any service fees. Normally the consolidated loan will have a lower interest rate than your previous debt balances.

User Avatar

A consolidation debt loan is the process of borrowing money to pay off other loans. One could find information about a consolidation debt loan for a small business on the website Technorati.

User Avatar

Many people benefit from debt consolidation programs. For example, it will give you more control in paying off your debt. Furthermore, people whom you owe money to will receive their payment.

User Avatar

Consolidation debt is the term that means to take out one loan in order to pay off other loans. It is done to lower or secure an interest rate or for convenience.

User Avatar

Debt consolidation works by taking out one loan to pay off many others.

User Avatar

Yes many people in debt can choose to find debt consolidation programs because they help you pay off all of the smaller loans you have. But they do sometimes get you into more debt if you are not careful enough.

User Avatar

Debt consolidation is when you take out a new loan to pay off all your debts - often at a lower interest rate. If you___re having trouble keeping up with several high-interest loans, it could be worth looking into. Debt consolidation can save you money, but there are risks.

User Avatar

Unless you have a very high amount of debt, it is usually best to pay off your credit cards. Although it is widely advertised as being "cheaper," debt consolidation often results in higher interest payments.

User Avatar

How long does it take for credit score to go up in rating after paying off debt?

User Avatar

How long before they take debt off of your report is 7 or 10 years.

User Avatar

Debt consolidation is recommended for those who have fallen into an overwhelming debt situation. In such cases, interest rates on debts keep spiraling upwards while the financial situation remains tight. Professional debt counselors can help you organize your debts and consolidate all your unsecured debts into one single payment. In many cases, debt consolidation can lower your monthly payments and pay off time. In addition, debt consolidation programs also provide free education on financial management which will help you take control of your finances so that you do not fall into such a situation again.

User Avatar

the best place to go for personal debt consolidation is freedom-debt-relief you save money if debt is fifteen thousand dollars or more, and you can pay it off in twenty four to fourty eight months

User Avatar

If you have ever considered a debt consolidation company to handle your debt, then you may want to try doing it yourself. You can do most of the things that debt consolidation companies offer. You can call your creditors on your own and negotiate a debt settlement and a payment schedule. You can also go online and research best practices to pay off your debt faster. You can also write letters to the three credit reporting agencies to clear up any errors after consolidation has occurred. Do this yourself instead of paying a consolidation company and save hundreds of dollars.

User Avatar

Payday and Christian debt consolidation off the best solutions. Both of their websites are very helpful and get you where you need to go in a quick and timely manner.

User Avatar

Credit card consolidation consolidates all of ones debt. Credit consolidation makes it easier to pay off ones credit card debt with a lower interest rate than most credit card companies.

User Avatar

Yes and no. Yes, existing debt that you have will be paid off as a result of the debt consolidation. No, insomuch as you are creating new debt to replace the old debt through the debt consolidation process. The four main reasons for going through a debt consolidation process are as follows: * Reduce overall monthly payment amount * Reduce interest expense * Reduce likelihood of default on one or more of the existing debts * Simplify monthly bill payment process (by having only one check to write) If you are considering debt consolodation, you should speak to a professional in order to help you better understand what the options are and which option is best for your situation.

User Avatar

The process of debt consolidation involves taking out one loan to be able to spend in on the others such as a home loan and pay them off. One could secure a lower interest rate by this.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.