Consolidate Your Debt
Should you consolidate debt? If you have a lot of loans
and debt from many different sources, or you find yourself paying
high interest rates on credit cards, you may want to consolidate
debt by using a debt consolidation or debt management program. Debt
consolidation can not only reduce the interest rate you're paying,
but it can significantly reduce your monthly debt obligation and it
can consolidate all of your monthly debt payments into one monthly
payment. Debt consolidation is not for everyone, but it's worth
investigating. Also, if you decide to consolidate your credit card
debt, please make sure that you don't continue to spend on your
credit cards, as many people fall into this trap. If you're not
confident that you can stick to just your consolidation loan, you
should either
find a lower interest rate credit card, or cut up the credit
cards you're consolidating.
Before you consolidate debt, you should explore the following
options:
- If you own your own home, you may be able to
take
out a home equity loan, second mortgage or line of credit.
You could likely get very low interest rates right now and the
interest would be tax deductible. This could cut your payment to
a manageable amount and reduce your tax burden.
- If you don't have enough equity in your home to take out a
home equity loan, you could try getting a personal loan backed
by your automobile or other real property. Because these loans
are secured, you should get a lower interest rate loan and it
would consolidate all your payments into one much lower payment.
If you can't get a secured loan, you may be able to get a
personal loan from your bank or other lender based just on your
credit (if your credit is good).
Click
here to find companies offering loans.
- Depending on your credit card limit, you may be able to
transfer all of your balances onto one low interest rate credit
card. If none of your cards are offering a low interest rate
card, try signing up for a new credit card.
- Many debt management programs will hurt your credit, so it's
important to monitor your credit afterwards. There are many
programs that help you
repair and rebuild your credit.
Note: Most of the following links are to paid
advertisers. If you click on a link and purchase an item or
service, our site may receive a portion of the money you spend.
With that said, we have chosen the most user friendly and cost
effective sources for you to find the information or service you
desire. We appreciate your patronage and can offer our free
financial advice only because of your support.
Debt Saviors
Debt Saviors is a non-profit, free debt management
program that not only offers one of the best debt
consolidation services, but their site also offers
information on bankruptcy, credit reporting and other
consumer information aimed to help you make the best
decision about your debt. |
Credit Card Consolidators
Credit Card Consolidators offer a free, no
obligation debt analysis. They are often able to
cut your debt significantly, improve your credit rating,
lower your monthly payments, elliminate late fees, reduce
your high interest rates and consolidate your credit card
debt into one low monthly payment. |
Credit Provide
Credit Provide is a must-see website. They offer debt
consolidation, credit repair services, bankruptcy advice,
and can even help you get unsecured loans. They specialize
in helping people with bad credit and offer lots of advice
including how to help you remove bad credit from your credit
report as well as tips and tricks to actually improve your
credit via bankruptcy. |
NextStudent
This student debt consolidation company can reduce,
refinance or consolidate your student debt and reduce your
overall student loan payments. Works for Federal Student
Loans, Federal Stafford Loans and Federal PLUS Loans. There
are no fees, charges or prepayment penalties, and you don't
need a credit check or a co-signer. |
|
Graduate Loan Center
Apply online to consolidate your student loans. Works
for any of the following loan types: Federal PLUS Loans,
Federal Stafford Loans, Federal Direct Loans, Federal Direct
PLUS Loans, Federal Insured Student Loans, Federal Perkins
Loans, Auxiliary Loans to Assist Students, Guaranteed
Student Loans, HEAL - Health Ed. Assistance Loans, Health
Professions Student Loans, Loans for Disadvantaged Students,
National Defense Student Loans, Nursing Student Loans,
Parent Loans for Undergraduate Student. |
Full Spectrum Lending
If you have credit issues and already own a home, Full
Spectrum Lending (a member of the CountryWide family) can
help you consolidate your debt by refinancing your home.
They offer multiple types of loans including mortgages,
adjustable rate mortgages, combination rate mortgages,
credit improvement loans, and low down payment loans. Full
Spectrum Lending specializes in sub prime loans. |
|