Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles

Debt Consolidation Loans – Yes or No?

Having debt problems? Losing your way around debts that you just don’t seem to get rid off? Do you have debts everywhere and is it hard to keep track of them all? Then try some debt management services. One debt management service is debt consolidation.

Debt consolidation is a way of managing your debts. It usually offers a single loan to pay off your current debts which gives you the benefit of paying on one company rather than many. This tactic of debt management lets you keep track of your debts and gives you an escape from multiple debts or even bankruptcy, if your debt is worse, or is it? Debt consolidating companies are everywhere! And a lot of them are fraudulent and unethical and instead of relieving you of your debts, they exacerbate your situation.

Fraudulent debt consolidation companies always promises instant debt relief in a short period of time, offering a much lower interest rate, and even cutting down on interest. These things would be really enticing to those who are in the debt and on the verge on bankruptcy, and these companies easily offer loans to them almost without a second thought.

Debt consolidation is really a way out of your debts, but before you go into it, you should first choose what debt consolidation company you should apply to. Make sure that they are genuine and not fraudulent companies who will really help you get out of your debts and help you avoid bankruptcy.

One of the best debt management practices is having debt consolidation which offers low interests for of having a secured loan, which requires insurance like having your house or car as security for the loan. Because it entails a property, companies offer a much lower interest rate, not to mention a lower monthly payment and a longer re-payment period, which gives you time to pay the entire debt. However, a longer period of debt payment, even with low monthly bill and interest, makes you pay a lot more than you should probably pay. Just like buying a house via installment plan makes it more expensive than paying for it with cash.

Other than having to pay more in time, one disadvantage of a secured loan is that if there comes a time that you can’t pay the monthly bill or payment then the company reserves the right to foreclose on your property which is usually a home, therefore you will be at risk of losing your house to the Consolidation Company.

So a question remains, is debt consolidation your way out of debt? Weigh the facts, plan ahead; problems are best solved with plenty of thought and resolve. Debt consolidation may be a way out if you plan it out properly.

Yuette Bramante commented on 06-Sep-2015 11:02 AM
Wow. Thorough information.

Post a Comment

Captcha Image

home debts finances emergency savings account cash management tips management program save money piling debts debt management advice installment plan bad debt management receipt learning experience unreasonable expectations credit report restrict spending common debt traps legal action past bad debt interest rates debt collection agency good credit rating great budget help with debt debt debt payment period monthly bill credit score lending company hospital ill health down payment rebuild good credit credit card debt interest chapter 7 budgeting Chapter 13 personal finances gambling problem comfortable living credit card help negotiate credit accounts honesty paying bills understanding home equity live within means introductory offers savings doctors initial research hobbies loan agents bills debt programs get out of debt checking account flat broke charitable organisation payday loan companies great budget ideas stop harassment credit companies monthly payment less money family budget repayment plans credit scores spending trusted friends cable bill repay your rights overcharging good credit debt free debt relief agency debts low interest social services debt solution debt relief telephone bills expenses whole family need money credit repair credit limit internet overbearing bills interest payments taking responsibility creditors ongoing bills handling money making payments buying a house credit bureaus child support debt consolidation loans pay off bill checks order report investing illness own money live your life children budget education budget high interest rate children saving house loan fly-by-night salary groceries gambling debts payment frequency specific budget categories debt collector help reduce debts tax info loan harassment more income modified payment plan losing your job sickness credit card traps assets bank accounts credit card company spend money financial education credit line loss of income credit cards child support debt interest rate filing bankruptcy good debt payday loan regain control income insurances deb consolidation discounts saving money household items debt management mistakes account fees managing debt child spending losing a job domestic support secured loan overspending credit reports short sale paying out debt unexpected expenses management advice implement a budget credit company consumer lawyer monthly budget utility payments repay loans loan credit checks government assistance bad financial decisions debt consolidation credit history saving take control of debt paycheck info credit card debt company prioritizing lending companies medical bill debit card financial security seperate accounts mortgages become free injury debt collectors installment plans good credit record extra money bank bad debt second job loan companies payment behavior allowance budget sheet debt traps account interest budget categories unemployed control spending bankruptcy debt consolidation medical debt teaching children finance loans full details good budget borrowing savings account check card purchase protection professional pay off debt borrower common debt cash card unsecured loan back support debt management tips mortgage payments Consolidation Company insurance understanding tracking money software building debts borrow money account charges credit careful handling worksheet phone calls home equity debt problems paycheck help car loan negotiation lose your job debt settlement new job classify bills court appearance personal finance loan amount credit card companies invest money security younger children asset info debt management cancer home equity loans job loss purchases monthly payments medical bills school jobs candidate extra payments budget ideas deals in writing family assistance credit rating visualization rent payments money original creditor liability part time job total balance

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs