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2007-10-30 22:23:42
Is a Debt Consolidation Loan The Right Move to Get on Top of Your Debts?
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 Many debt management firms offer their customers a couple of choices.
Either they can engage in some sort of a debt management plan, or they can simply take out a loan to consolidate their debts.
Keep in mind that the interest on your debts is likely very high; much higher than the interest on a debt consolidation loan. There is a good chance that your debt is credit card debt, in which case you are likely paying right around 19% interest.
If you own your own home or flat, then you would qualify for a secured loan, in which you would pay interest of around 8%. You would be paying such a low rate of interest because you have collateral against the loan, making you a much better credit risk.
Even if you don't own your own home or flat, an unsecured debt consolidation loan is still likely a better choice than paying down the heavy interest rates that you are likely paying for your credit card debt. With the right company, you can find an unsecured loan that would consolidate your debts at around 13-14% APR; this is still a much better option than the credit card interest rates that you are paying, plus you will then be able to pay just one payment per month, instead of dealing with 6-7 different creditor payments.
So in closing, a debt consolidation loan is usually a very savvy move, and will make your life a lot easier (and cheaper.)
Click here for a no fee debt consultation!
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There is NO FEE and you are under NO OBLIGATION!
Fill out our call-back form and you will be contacted by one of our experienced advisors who will work with you to help you reduce your debt and monthly payments.
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* Avoid bankruptcy
* Keep your home
* Clear unsecured debts
* There is no obligation
* Pay what you can afford
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* This is a No Fee service
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