I need an advice about debt consolidation!
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york
Apprentice
Joined: 25 Dec 2006
Posts: 3
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 Posted: 10/29/09 - 09:03 Post subject: |
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| I have recently had some bad credits and have got into large debt. I have tried almost everything, but simply did not manage to settle that the way I wanted. I think I will try to get a consolidation loan, but I am not sure just how that works and whether that is a good choice. If anyone could give me an advice, that would be great. Thanks in advance. |
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vassili
Apprentice
Joined: 20 Nov 2007
Posts: 2
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| Posted: 11/27/09 - 23:22 Post subject: |
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| The debt consolidation loan is one of the most common way to settle various high-interest debts. It covers those, resulting in another debt you pay less per month. However, that is not always a good case. The trick is in the interest rate, as you could wind up spending much more money. Interest rate will depend on your credit rating, and you can surely expect it to be high. Moreover, your credit rating could suffer an impact from such a deal. However, if that is what you are able to do, then go for it, but be aware you will need really good budget planning in order to successfully follow your new payments. |
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anthonydavis4188
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Joined: 12 Mar 2010
Posts: 1
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| Posted: 03/12/10 - 06:36 Post subject: Debt consolidation |
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Debt consolidation is an effective means of settling debt.
Simply put, debt consolidation involves taking one loan to pay off all your unsecured loans at a lower interest rate. Instead of making several payments per month to multiple creditors, you make a single payment to the credit counseling agency you work with.
The advantages of consolidating your debt lie in a lower interest rate, a reduction in finance charges and late fees and a lower monthly payment. Also, debt consolidation does not necessarily affect your credit worthiness. Your credit report may bear a notation indicating that you’re going through credit counseling for the duration of the program, but this is a neutral notation. If you are looking for a credible debt consolidation company, contact ACCC. They are accredited by the Association of Independent Consumer Credit Counseling Agencies and have an A+ rating with BBB. |
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helenth01
Apprentice
Joined: 10 Jan 2011
Posts: 1
Location: IN
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| Posted: 01/10/11 - 07:24 Post subject: |
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| I am very pleased with the thought and don’t feel like adding anything in it. It a perfect answer. |
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