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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What to Expect When you Apply for a Debt Consolidation Loan

February 4, 2008

Before you apply for a debt consolidation loan, do two things. First, prepare a monthly budget showing your monthly income and expenses. Second, draw up a complete list of your current debts to determine the total amount of your outstanding debt. Be honest and don’t leave anything out. The loan officer will be reviewing your [...]

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What Does It Cost to Apply for a Debt Consolidation Loan?

December 3, 2007

It does not cost anything to apply for a debt consolidation loan. If a potential lender requests an up front fee, don’t apply for that loan. Lenders make money by charging interest on the loan. If they also want to charge you application fees, you should not apply for the loan. If you pay to [...]

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Is it Possible to Become Debt Free in 3 to 5 Years?

July 28, 2007

I was surprised when I read the following: “South Carolina Man Burdened by $213,000 in Debt Discovers Astonishing ‘Military Strategy’ Secret that Made Him Debt Free in 4 Years!” After some research, I discovered the following story, presented for you here: My name is Clint Holland and the first thing you should know about me [...]

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Will a Debt Consolidation Loan Hurt My Credit Rating?

May 21, 2007

In most cases, getting a debt consolidation loan will actually help you improve your credit score. The reason is simple: If you currently are juggling payments on four or five different credit cards and other debts, getting a debt consolidation loan to combine all of your debts into one monthly payment means that you are [...]

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A Big Advantage of Debt Consolidation – All Creditors Get Paid in Full Now

May 14, 2007

If you have a lot of debts, you can try to pay them off yourself over time. Unfortunately, if you miss a payment and fall behind, you will harm your credit rating. That’s why a debt consolidation loan is often a great solution to debt problems. By getting a debt consolidation loan all of your [...]

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Debt Consolidation Loan Mistake #5 – Not destroying your credit cards after you consolidate

April 2, 2007

This is perhaps the most common debt consolidation loan mistake. With the best of intentions you go and get a credit card debt consolidation loan to pay off your credit cards. You start making your loan payments, and you feel great because you only have one debt payment to make each month. All is good. [...]

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Debt Consolidation Loan Mistake #4 – Not Consolidating All High Interest Rate Debts

March 26, 2007

As debt consolidation mistakes go, this is a big one. The point of a debt consolidation loan is to combine all of your debts into one manageable monthly payment, and reduce the interest rate you are paying. Unfortunately, many people make the mistake of not consolidating all of their debts. If you have five credit [...]

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Debt Consolidation Loan Mistake #3 – Not Crunching the Numbers

March 19, 2007

A debt consolidation loan only makes sense if it’s better for you financially than not getting a debt consolidation loan. For example, a bad credit debt consolidation loan is a great idea if it will result in a lower monthly payment, at a lower interest rate. However, if you have bad credit, it is possible [...]

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