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Debt Consolidation Loans

Consumers who have some equity and in need of debt relief may wish to consider a Debt Consolidation Loan. However, sufficient equity is required to obtain a debt consolidation loan, and if you default on the loan, sadly, you could lose your home.

If you do not have sufficient home equity, or some other form of equity, it may be impossible to get a debt consolidation loan. If this is the case, for those consumers who are deep in debt, enrollment in a debt management program may be their only viable option. Doing so will likely provide credit card debt relief, while providing a means to become debt free over time

On the other hand, people in debt who do have sufficient home equity, or some other form of equity, may be able to simplify their finances, reduce their monthly outgoings and reduce the interest rate they're paying on their debt with a debt consolidation loan..

It's a simple idea: a new loan that is large enough to pay off the borrower's other debts in one lump sum. This makes the monthly repayments much simpler and less stressful.

Having only one monthly payment to make can help the borrower avoid making late payments — or forgetting to make them at all. In other words, it can help protect them against late payment fees and damage to their credit rating. In the long run, this can prove to be a real benefit, as a healthier credit rating is likely to reduce the cost and complexity of accessing credit in the future.

Debt consolidation loans can come with much lower interest rates than other forms of credit, especially credit cards and store cards. That means the debt will grow at a slower rate.

Also, consolidating debts gives the borrower a chance to take a really good look at their finances and figure out how much they can realistically afford to repay every month. After all, many people suddenly realize that they're facing substantial debt that they'd barely noticed they were acquiring. They've borrowed a bit here and a bit there, until they realize their debts are much bigger than they expected — and so are their monthly repayments.


Debt Consolidation Articles

Debt Consolidation: Do You Know the Facts?

Want To Consolidate Your Debts?

Putting Your Home On The Loan Line Is Risky Business

Need a Loan? Think twice about using your home as collateral

Debt Consolidation Options

Refinancing Your Home

Home Equity Line of Credit

Understanding Your Rights To Fair Lending

 


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