Question by ml: Does anyone have any info on debt consolidation loans?
To make a long story short in exactly 1 year my husband and I went into $ 11,000 in credit card debt. I make every payment on time but sometimes can only make the min. payments and we have 6 credit cards. Does anyone have any info on debt consolidation loans? Or anything? Thanks
Best answer:
Answer by Jon K
They are out there, hard to find, even if you google it, you get more junk sites then anything else. 2 sites that MIGHT be able to help are
www.credit.com
or
www.lendingtree.com
If you are making monthly payments, even minimum payments, your credit wont hurt that much, if you can, hold off on the loan at all costs, and maybe something will happen in the future…better job, raise whg knows, but if you must then get the loan…..
What do you think? Answer below!
If you don’t own a house, you are pretty much stuck; pay off the highest interest rate cards first, and make at least minimum payments on the others. If you DO own a house, talk to your favorite bank about a home equity loan or line of credit which you can use to pay off the cards. These are harder to get since the credit crash last summer, but they are still available if you have a good track record.
Go to any lending institutions and ask them about debt consolidation each of them, try to survey how much interest they offer to your debt. Then compare the lower is the best. Now all your 6 credit cards will be in one loan so it will be easy for you to pay on time. Here is another option pay the highest loan which is the highest percentage in interest like store cards, after eleminating that then the next until you finish paying then off . Anyway youre’ doing ok in paying min. youre’ still in good standing as long as you pay on time….
Debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html