Debt becomes unmanageable because of three things:
Especially with credit cards, multiple debt robs you of your time and money. You don't need to be in financial trouble to consider a debt consolidation loan, since saving money is smart policy no matter what. Here is how it works.
Consolidating means bringing various debts together. A debt consolidation loan is used to pay off all of the different debts, replacing them with one loan arranged by debt consolidation lender. Then, that loan can be a long-term loan, with lower monthly payments and far better interest rates than credit cards. You only need to pay one bill a month, and no longer be harassed by three or four credit card companies or creditors.
Lots. Credit card companies can charge interest rates from 12 to 19%. Credit card debt consolidation loans, on the other hand, are usually between five and 8%. For example, a $13,000 debt, over five years, can cost $5000 more in interest if not consolidated!
There are four main requirements to be eligible for debt consolidation loans. Let's look at each one:
Consolidation loans can be arranged online through many networks. Thus site is affiliated with these excellent services:
One application, and you will receive offers from multiple lenders. Great for consolidation loans.
An online lender specializing in debt relief loans to consolidate your debt.
A network of lenders with loans available for people with Fair or below credit scores.
If you feel you may not qualify, or are not sure, we recommend you consult with a professional (for a free debt consultation). Click here to apply