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Dangerous Debt Consolidation Loans
Now that the frenzy of refinancing has tapered off, many mortgage lenders have turned to alternate methods of marketing their services. Many banks have started pushing harder to sign up customers for home equity based debt consolidation loans.
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How To Determine Apples From Oranges: Debt Consolidation Programs And What Works Best For You
Life is a b*tch but we all know that so might as well stop whining. Or so they say. So you have financial problems. Well, you’re not alone there. Everyone’s got one. Except for Paris Hilton and Nicole Ritchie, may be. But since we can’t trade...
How to Find Debt Consolidation Solutions
Taking loans has become a way of life because of the convenience
it offers. Within manageable limits loan repayment does not
create any problems. However there is no harm in looking for
better options.
A debt consolidation solution is any...
Understanding Debt Consolidation Loans
Debt consolidation loans can help you with many of your bills and reduce your payment into one low monthly payment. Before you decide to take this step you should learn what the company is offering and what bills can be included in the consolidation...
Unemployed debt consolidation - When you have reached your financial brink.
There have been a lot of arguments against debts as being a very insecure situation. They are denounced as having many repercussions which penetrate a person's social, moral, individual, family level. This is true to some extent. I can say this...
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Debt Consolidation Services - 3 Things To Watch Out For With Debt Consolidation Companies
Debt consolidation services can provide a valuable service by
lowering your interest rate with creditors, enabling you to pay
off your unsecured loans and bills in a short period. However,
there are companies that would rather take your money than help
you. To avoid such scams, watch out for the following.
Low Monthly Payment Claims
While debt consolidation companies can lower your interest rate
which might lower your payments, they cannot negotiate lower
minimum payments. Creditors no longer accept smaller payments
since 2004, not even for "hardship" cases.
One trick companies use is to lure customers in with a low
quote, only to jack up the required payment in a month's time.
By that time you have already paid out fees, which aren't
refundable.
Upfront Fees
Another shady practice is to charge large upfront fees when a
company is claiming non-profit status. Legitimate companies will
either charge a small monthly fee between $14 to $69, depending
on the number of accounts. The other fee structure is to charge
a reasonable fee for each account handled; typically for-profit
companies use this structure.
If you are being asked to pay thousands, especially with a
cashier's check or money order, look for another program.
Offering Debt Negotiation Programs
You
should also be suspicious of companies that pressure you to
use other programs, such as debt negotiations. First of all,
debt negotiations or settlements usually will not improve your
credit situation. Secondly, you will be charge high fees for
something you can do on your own. And finally, companies who
specialize in debt consolidation have no incentive to see you
flounder with your finances, unlike those offering other
services.
When you are looking for a debt consolidation program, ask
questions about the program, fees, and amount of time to repay
your bills. Take advantage of the internet and research several
different agencies.
Since debt and bill consolidation varies with the number of
accounts involved, you should expect a phone consultation before
you receive any quotes. With your quote you should receive
detailed answers, including pay off dates for each account and
exact fees. And if you feel uncomfortable with the agency, feel
free to walk away. A consultation is not a commitment on your
part.
About the author:
See my recommended Debt
Consolidation Companies online. Carrie Reeder is the owner
of ABC Loan
Guide, an informational website about various types of
loans.
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Debt consolidation calculator, debt calculator - MSN Money |
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Your 3 worst debt consolidation moves - MSN Money |
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Debt Consolidation Loans - Consolidate Debts |
Debt Consolidation Connection offers FREE debt consolidation quotes to help you avoid bankruptcy and consolidate debts and loan payments. |
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Consumer Credit Counseling and Debt Consolidation |
National non-profit credit counseling agency offers financial education and debt consolidation. |
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Dangers of debt consolidation |
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Debt consolidation - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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Debt Consolidation - Loans, Debt Management, Consolidate loan ... |
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The Truth About Debt Consolidation |
Find out why Dave Ramsey says debt consolidation is a dangerous way to try to get out of debt. |
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IVA debt advice | debt consolidation |
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Debt Consolidation Loans |
Debt Consolidation Loans helps consumers reduce their debt through low-rate home equity loans and second mortgages. |
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Federal Trade Commission |
Self help, debt consolidation, credit counseling, bankruptcy. |
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Federal Debt Consolidation Services - credit cards loans ... |
A free online application for debt consolidation. Credit cards, medical bills, old debts and unsecured loans. |
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