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Debt Consolidation - Is this the solution?

When people are in debt, some of them will apply for a large loan to "pay" off their debt. This will not help getting out of this bad situation since large loans tend to carry a large interest rate. Most banks do not give loans to people who are currently in debt thus the reason for high interest rates.
Bad debt usually brings bad credit. When a creditor decides that they can not collect the debt from you, they will write it off as bad debt or worthless. When this happens, your credit takes a hit and it will take a long time to recover. You will have a hard time trying to apply for any type of loan when your credit is labeled as worthless.
A goal when looking for debt consolidation loans should be combining one or more loans together to save money. When researching consolidation loans, you need to look at the interest rate, the payment amount and the savings amount. Most people who borrow with a number of unsecured loans will find that they can replace those loans with a single secured loan. By paying only one loan, the monthly payments may be reduced and the interest rate may be lowered. With debt consolidation the savings occur because the monthly payments are reduced to only one, the interest rate is usually reduced and the loan period is extended.
For advice on debt consolidation, ask a debt consolidation company. It can be the cheapest and best way to get advice. They are experienced with debt help and can determine what can be done to become debt free. Debt consolidation should be considered only if you have at least few thousand dollars in debt otherwise the consolidation might not be worth it to you. One criteria usually involved into it is that you must have a job. This ensures that you have something to pay off the debt.

Debt Consolidation

With today's low interest rates, now is the perfect time to consolidate debt. Receive a free debt consolidation quote today.
Debt Consolidation FAQ
What is Debt Consolidation?
A debt consolidation program is a process that allows a professional agency to reach an agreement with your creditors to achieve the lowest and most affordable monthly payment option needed to satisfy all your credit accounts
How much can I reduce my monthly payments by?
This will depend on how much you are paying at the moment and how long you want to take to repay the loan. But reductions in monthly payments can be as much as 75%.
Is there a way to get a debt consolidation loan that does not require pledging your house as collateral or a way to get a debt consolidation loan if you do not own a house?
No. You may be able to get an unsecured personal loan, but unsecured personal loans will always require good to excellent credit and come with interest rates even higher than debt consolidation loans. Some people may refer to an unsecured loan as a debt consolidation loan, but the typical advertising you see on television or in the newspaper for a debt consolidation loan refers to one secured by a second mortgage.
Can I use the loan for more than debt consolidation?
Yes! Consolidating your existing credit allows you to free up money for other things. You can borrow extra for that new car or boat, to pay for your dream holiday or so you can have the new windows or conservatory put in.
My monthly payment with a debt consolidation loan will be much more affordable, what is wrong with that?
There is nothing wrong with lower payments as long as you understand the mathematical reasons why the payments will be lower. Take a hard look at your current debt including the payments and the interest rates. How long would it take to pay off the debt in full? Then look at the terms of the debt consolidation loan. In some cases lower payments result from a significantly reduced interest rate, in other cases the reduced payment can come entirely from extending the payoff time to as long as 30 years.

 

Debt Settlement

Cut your debt in half today with a debt settlement plan. Become debt free.
Debt Settlement FAQ
What is debt settlement?
Debt Settlement is a process to settle your debts with the creditors. With debt settlement, a third party or you yourself negotiate with your creditors to come up with a reduced debt that you agree to pay. The reduction is usually between 30-60% of the total original debt amount.
How does the debt settlement process work?
Debt settlement companies will work with you and your creditors so that you can pay the minimum amount of money back to your creditor. Creditors know that if you end up declaring bankruptcy that they may not have any chance at all of seeing any of the debt that you owe repaid to them
Will the debt settlement program work for all of my creditors?
The debt settlement program does not work with secured debts. Secured debt is any debt with a lien or collateral such as a property like vehicle. We also do not accept debts which are in active litigation and judgement or a default judgement has been issued, nor a federal or student loan or any other type of loan which has been issued by the state or federal government. For e.g. child support, alimony, or back taxes.
How long does it take?
The debt settlement process usually takes between 12 to 36 months, so consumers can wait for creditors makes the sensible decision to agree and negotiate. Besides the obvious benefit of debt settlement, another benefit is the help with creditor harassment.

 

 

Bill Consolidation
Bill consolidation is the process of transferring all your outstanding debts and loans into one bill consolidation loan. In theory, this loan should help convert all the interest from your other debts into one easy to manage payment per month. Bill consolidation loans should lower interest rates and help you pay off your debt faster.
Bill Consolidation FAQ
What are the benefits of a Bill Consolidation program?
A Bill Consolidation program is a practical way to acheive financial freedom. It can lower your monthly payment to make your debt more manageable. It can also result in lower interest rates which can save you thousands and help you pay off your debt in no time!
What are some advantages to Bill Consolidation?
With a bill consolidation program, you will reduce monthly payments and be able to pay off debt sooner. Our bill consolidation partners will fight to waive your late fees and negotiate lower interest rates. The best advantage of bill consolidation is being able to take control of your credit situation.
What kind of bills qualify for Bill Consolidation?
Most unsecured debt can be consolidated in a Bill Consolidation program. These include credit cards, medical bills, student loans, taxes and bank credit lines. Secured loans, however, like mortgages or auto loans usually cannot be successfully consolidated.
How much can I reduce my monthly payments by?
This will depend on how much you are paying at the moment and how long you want to take to repay the loan. But reductions in monthly payments can be as much as 75%.

Home Mortgage Refinance
A home mortgage refinance is often a good idea if you want to save money. Refinancing can give you a lower interest rate and change the terms of your current loan. However, if the mortgage refinance is not done properly, you may also end up with a worse loan than you started out with. So, it's not surprising that people have many mortgage refinance questions. If you do not educate yourself in the mortgage refinance process, you could easily, and unintentionally, make a bad decision. So, here are some frequently asked mortgage refinance questions and answers that will hopefully help you with your home refinance.

Mortgage Refinance FAQ

Why should I refinance my mortgage?
There are several reasons for a mortgage refinance. Extending the term of your mortgage will give you lower monthly payments. If you have a high interest rate, you can refinance to a lower one. Mortgage refinance is also used to consolidate debt. Consolidating debt from personal loans and credit cards save a lot of money and also free up money to be used on other things. Instead of having to make multiple p ayments, you'll only have to make one easy payment.
What is a rate lock?
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
Long term or Short term Mortgage?
There are pros and cons to both types of mortgages. Most people go with long term mortgages because the monthly payments are lower and more affordable. The downside of long term mortgages is that you'll get a higher interest rate than if you chose a short term mortgage. Of course, while short term mortgages offer a low interest rate, you'll need to be sure that you can afford the higher monthly payments. So, the decision of long term vs short term should be based on your income and lifestyle.
What is the difference between a mortgage broker and a lender?
A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender "underwrites" the loan, which means deciding whether or not you are an acceptable risk.

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