How to get out of debt fast without filing bankruptcy

November 3, 2008

If you are paying very high interest rates on your debts, a debt consolidation loan may be a better option for you than bankruptcy.  If you declare personal bankruptcy, there will be a note on your credit report for many years, which may make it more difficult to borrow in the future.  With a debt [...]

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Is Debt Consolidation the right way for you to avoid bankruptcy?

August 4, 2008

When you consolidate your debts, you borrow money to pay them so that you no longer owe to multiple creditors, but only to one.  If you are finding your debt payments confusing because they all have different due dates and interest rates, then consolidating them may be a good way to help your finances become [...]

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Student Loan Debt Consolidation: Can You Consolidate a Student Loan?

July 2, 2008

Yes, it is possible to get a student loan debt consolidation loan. In the United States, federal student loans are guaranteed by the U.S. government. To consolidate a student loan that is guaranteed by the federal government, your loan is purchased by a loan consolidation company, or by the Department of Education. The interest rate [...]

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Reverse Mortgage: Should You Use a Reverse Mortgage for Debt Consolidation?

June 2, 2008

A reverse mortgage is the opposite of a regular mortgage.  In a regular mortgage you borrow money and make payments to the bank each month.  In a reverse mortgage you borrow the money, and don’t make payments! Sounds good?  There is a catch: Because you are not making any payments, the interest on your mortgage [...]

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What to do if you are rejected for a Debt Consolidataion Loan

March 18, 2008

There is no guarantee that you will qualify for a Debt Consolidation Loan. If you own a house with equity, you will probably qualify at your bank for a secured line of credit or second mortgage, or you can refinance your mortgage to consolidate your debts with a Mortgage Debt Consolidation. However, if you don’t own [...]

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A Special Type of Debt Consolidation Loan

March 5, 2008

The easiest type of debt consolidation loan to qualify for is a Secured Debt Consolidation Loan. As the name implies, a secured loan is a loan secured by an asset.  For example, a car loan is a loan secured by a car.  If you don’t make your loan payments, the lender can repossess your car. [...]

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Increase your chances of getting a debt consolidation loan

February 25, 2008

If you are applying for a debt consolidation loan, here are six practical things you need to know to increase your chances of getting the loan. The best place to get a loan is usually the bank where you already bank.  They know you.  They know how much you earn, because you deposit your paycheque [...]

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Advantages of a Debt Consolidation Loan

February 19, 2008

There are three significant advantages of a debt consolidation loan. First, the interest rate charged by a financial institution for a personal loan is usually lower than the rate you would pay on a credit card. This means you will save on interest payments. Second, once you get your debt consolidation loan, everyone you owe [...]

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Disadvantages of a Debt Consolidation Loan

February 18, 2008

There are two significant disadvantages of a debt consolidation loan. Although a debt consolidation loan may help you save on interest charges, you still have debt. For example, a credit card debt consolidation loan does not reduce the total amount you owe. If you are not careful, and you still have access to your accounts [...]

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Where to Get a Debt Consolidation Loan

February 11, 2008

You can apply for a debt consolidation loan at a bank or a finance company. Be aware that many finance companies offer consolidation loans, but generally charge a higher interest rate compared to a mainstream financial institution. You can also apply for an online debt consolidation loan over the internet. Whether you get a debt [...]

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