March, 2013

Get the facts on debt consolidation

March 25th, 2013
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Is debt consolidation something you’re currently considering? It could be the best idea to help you pay off your debts; however, it’s important to get all the facts before making a final decision. According to a recent story from Smart Asset, some companies sneak in hidden fees and frequently change rates. You could end up paying even more and possibly impair your credit score. A recent CNN Money column showed that debt consolidation comes with its own risks.  “Many private debt-consolidation companies charge exorbitant fees and interest rates. Once the low teaser rate on your new card or loan has expired, any outstanding debt takes [ read more ]

Multiple Debt Consolidation Techniques

March 18th, 2013
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If you’re over your head in loan debt, dodging creditors is the last thing you should do. Sure, it may seem they’re out to get you, but the majority of creditors are actually quite willing to work out a plan or program that will make it easier for you to pay off what you owe. In fact, there are multiple options, depending on your specific situation. As discussed in our post of  3/4/13, a debt consolidation loan may well be the best solution. However, there are other alternatives that may suit you better. One option is asking creditors to lower [ read more ]

Out of control credit card balances

March 11th, 2013
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Is your credit card balance too high for your liking? Consolidating your debt may help you gain better control of your finances. However, it’s important to do some research first to ensure you’re making the right decision. For example, a recent MSN Money story highlights various things to consider, as some companies may be deceiving. “Unfortunately, some companies advertise themselves as ‘debt consolidation providers’ when in reality they actually provide debt management, which is different. Why do they call themselves something they’re not? Because they know people are out there looking for debt consolidation loans. Such companies are banking on people not [ read more ]

Is a debt consolidation loan right for you?

March 4th, 2013
Is a debt consolidation loan right for you? image

No one wants the burden of excessive debt; there simply is no upside. An unmanageable debt-to-income ratio prevents individuals and families from doing the things they want, like enjoying a long-overdue vacation, or making large investments, including a new home or new vehicle. And debt also can have a significant negative impact on credit scores, thus complicating arrangements for major loans … and potentially even impacting the search for a new job. A debt consolidation loan can be the solution, but consider carefully if this is the answer to your debt problems. You may actually be able to afford the [ read more ]