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Debt consolidation is where you get a single loan to pay off smaller loans, meaning you only have to pay one monthly payment rather than several. Loans depend on whether they are 'secure' or 'unsecure' loans, where a secure loan can repossess your property if you don't pay, whereas unsecure loans cannot. Usually, secure loans have lower interest rates as the company is at less risk if there is no payment. However, it would be best for you to pay the higher interest and be safe if you feel that you will not be able to make repayments on time.
What else can I help you with?
What are some pros and cons to debt consolidation?
"Some pros to debt consolidation is that it can help you get your debt under control, and you may only have to make one payment. The con's are that it will look bad on your credit."
What are some of the pros and cons of debt consolidation?
Some pros of debt consolidation are avoiding late fees, and extra charges from having high credit score. Some cons include higher interest rates for other loans or taking more time to pay off your debt for good.
How do debt consolidation services work?
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.
Where can one get loan consolidation advice?
One can get loan consolidation advice from the following sources: National Debt Relief, Debt Free Direct, Debt Advice Foundation, No More Debts, Money Advice Service.
Where can one find a Christian Debt relief agency?
"There are several organizations that offer Christion debt relief. They may or may not fit your needs better than other forms of debt relief, and I would doubt that they would be any better than many secular organizations. Some organizations that state they offer this service are Debt Free Christian, Christian Debt Consolidation, and Nationwide Debt Reduction."
Does using a debt management company ruin your credit?
Yes, it does... Debt Consolidation hurts less than Debt Settlement.
What does christian debt consolidation do?
Christian debt consolidation is a plan that takes care of your debt or you and make monthly payments easier to pay. They also help you to financially stabalize yourself using Biblical principles.
How can someone contact a debt consolidation service in Chicago?
In Chicago, you may contact a debt consolidation service in Chicago through the use of many different sources. Some of these include telephone contact, e-mail, and even personal interaction.
What company offers a debt consolidation credit card?
There are a number of credit card companies that offer debt consolidation. Wells Fargo, for example, is one notable company that is known to provide this service.
What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
Where can one apply for debt consolidation with bad credit scores in Alberta?
You can apply for debt consolidation with bad credit scores from the Alberta Credit Counseling company as well as many other debt management firms. It is best to seek out a reputable service for this.
Can you use other credit cards when are in a proccess of Debt Consolidation?
It is not recommended to apply for new credit cards or use the ones that you told the debt consolidation company that you can't afford the minimum payment. What is the point of using credit cards when you are trying to get out of debt? If you use any of the cards that are in the process of debt consolidation, the company can end your contract and what are you going to do to get rid of your debt?
