Large Consolidation Loan?
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mohandis
Apprentice
Joined: 22 Jul 2006
Posts: 8
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 Posted: 12/11/07 - 10:53 Post subject: |
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| What are you thinking about this idea; my wife suggested it to me. I have a several federal loans and I am dealing with them for ages now, she said that it would probably be better for me to put it all on one, large consolidation loan, so that I don’t have to worry about each of them individually. Is it a good idea? What else will it bring me? |
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basil
Apprentice
Joined: 06 Oct 2005
Posts: 6
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| Posted: 01/10/08 - 00:38 Post subject: |
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| If you have such number of smaller loans, than it cannot be a bad idea but… There are several things that you must consider, to realize will it be good for you in the end; it is not good if you, after all, pay more than you would pay if you would continue to deal with them individually. You should know that interest rate for consolidation loan is fixed; they calculate it by considering all rates in those loans and taking an average value. That seems like a correct offer. |
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