| Debt consolidation really works? |
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keshavmish
Full Member
Cash: $ 11.00
Posts: 50
Joined: 16 Aug 2011
Location: india
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What is debt consolidation exactly? You bundle up various loans that you've accumulated into one loan and instead of having numerous bills that come to your house this is greatly reduced. You can possibly get one loan to replace them or two or three. It doesn't matter it they are secured or unsecured. This all depends on the type of debt you have and whether or not the new interest rate is beneficial to include all your loans.
Most people when choosing to consolidate their debts pick a company that handles everything for them. This company is the intermediary between you and the companies that you owe money to. You can include different types of debts in one loan. This could be anything from car loans, credit cards, signature loans, even home mortgages can be included. However, if you have some debts that are less than $1000 with a high interest rate you may be better off paying that off yourself. You will get a greater return and can see your total debt decrease a lot faster. Higher debt amounts are more ideal to consolidate.
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Sat Aug 20, 2011 12:48 pm |
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Estella09
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Cash: $ 4.80
Posts: 24
Joined: 24 Aug 2011
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Debt consolidation loan allow you to have a longer repayment period, it helps in managing financial issues. If multiple debts are causing headaches then consolidation loan is the best option.
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Wed Aug 24, 2011 12:53 pm |
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Eric80
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Cash: $ 17.25
Posts: 86
Joined: 28 Jun 2010
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Debt consolidation is worth while in my opinion it relieves some of the stress as instead of having debts all over the place they are grouped together into one exsisting single loan.
Debt consolidation depends on your level of debt, income and current repayments, but lower monthly repayments are often possible. However, debt consolidation may not be helpful if you have debts over £12,000-£15,000 and are struggling to make repayments.
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Wed Sep 07, 2011 8:06 pm |
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Eric80
Full Member
Cash: $ 17.25
Posts: 86
Joined: 28 Jun 2010
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There are many options out there if you are struggling. Weather that is a Debt consolidation, debt management or an IVA. There are fringe benefits with regards to Debt consolidation. I personally was struggling and as a result felt the stress of debt was taking over my life. Now I have consolidated it I feel a weight has been lifted of my shoulders because I now make a simple single payment which suits me. I found it a real help.
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Sun Oct 30, 2011 11:56 am |
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