Low Cost Debt Consolidation Loans
If you have debt and that debt includes two or more monthly payments to lenders at high interest rates, you do not need to be held hostage by burdensome repayment plans. Combine what you owe with a debt consolidation loan and watch your monthly payments and overall debt drop dramatically. Basically, you have two options that can help you head down the road to financial recovery. Let’s explore what they are so you can find the plan that works right for you.
Banks, Savings Institutions – Your bank may be all too glad to lend you money to help you consolidate your debt. However, banks also charge application fees ranging from $50 to $200 or more per loan. In addition, banks make getting a debt consolidation loan difficult as approval for this type of loan is hard to get especially if your existing debt levels are high.
New Credit Card – While the bank’s personal loan department may not want your business, their credit card department just might. Tighter bankruptcy laws and mergers and acquisitions in the credit card arena have intensified competition for new business. Truly, it is a buyer’s market for the smart thinking consumer and a “debt consolidation loan” in the form of a new credit card may be all that you need to obtain some relief. By selecting a card that charges no annual fee, offers a low introductory rate, and allows you to transfer balances from existing loans or cards to your new card, you can lower your monthly payment and reduce your overall debt burden. Shop around for the best deal and save.
Of course, if you select a new credit card make certain that you cancel your old credit cards to avoid the temptation of running up new balances. In addition, your credit score will improve once your old accounts have been closed and the credit reporting agencies have been notified.
A debt consolidation loan is not right for everyone, but it can offer relief for the burdened consumer, such as you.
About the Author
Copyright 2006 — Matthew Keegan is The Article Writer who writes on a variety of topics including: advocacy, automobiles, aviation, business, Christian themes, family, news, product reviews, travel, writing, and more. Please visit Matt’s blog for absolutely stunning and humorous writings from the master himself!
Related posts:
- What does Alt-A loans and 80/20 combos mean in the lending aspect?
My broker was throwing out these terms and I ,not savvy in the loan department, just listened and agreed. With a credit score of 680 he’s trying to finagle a... - What does Alt-A loans and 80/20 combos mean in the lending aspect?
My broker was throwing out these terms and I ,not savvy in the loan department, just listened and agreed. With a credit score of 680 he’s trying to finagle a... - Will closing ym credit cards help me get approved for a debt consolidation loan?
I have tried to get approved for a debt consolidation loan so I could have my credit cards and school loan under one monthly payment rather than juggling several payments... - Bank loan or debt consolidation program for credit card payoff?
Due to a family tragedy, my husband and I are currently in ,000 of credit card debt. All of the payments are current and the cards are paid on time... - Will applying for (and receiving) a debt-consolidation loan damage my credit?
I have numerous debts (car payments, student loans, a few credit cards, and a signifcant personal debt owed to a friend) that I'd like to roll into one monthly payment... - What do I need to get a consolidation loan?
I am a student and have no property. But my credit score is average, I'm told. I want a loan to pay off my high-interest credit cards. What do I... - How have lending institutions become such a corrupt and greedy business in recent years?
For the most part, they do not do business ethically, nor on any terms which aren't designed to screw the consumer. This is one big reason the housing market is... - Where is the best place to go for a debt consolidation loan that won’t hurt my credit?
I have a ton of revolving debt (mostly credit cards) and just bought a house 5 months ago so I don’t have much for collateral. I’ve already been denied by... - How can I get a debt consolidation loan? Everybody’s turning my husband and I down for too much credit!?
My husband and I are trying to straighten out our finances because we have a lot of debt (credit cards mostly) and we want to buy a house. Everyone tells... - Loan consolidation?
I have a lot of loans and credit card debt that I have to pay separately each month. The payments range from a month to a month. I have the...
Comments
Leave a Reply
You must be logged in to post a comment.
Our Partner
Translator
By N2H