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Consolidate your credit card debt
With the popularity of plastic money in the present age, credit cards are gaining immense importance. With the growing increase in usage of such cards the credit rates are also reaching the horizon. Debts are thus becoming a common happening in...
Debt Consolidation 101
Debt consolidation occurs where one takes out a loan in order to
pay off two or more existing debts. Consolidating existing
unstructured debt into one personal loan may save on your
monthly outgoings while, at the same time, offering a...
Debt Consolidation can and will ruin your credit!
Yes, Debt Cosolidation isn't a good idea and I'll tell you why. I've done research of my own and found out some disturbing information.
You've seen those long drawn out commercials full of promises to get you out of debt. They use words like...
Debt Consolidation Loan - Financial Savior?
It's the day you've been waiting for the last two weeks... payday and the only time when your face lights up and you actually go to the office with a lot of wonderful, dreamy thoughts in your head - such as how fast you'll be able to bolt out of the...
Debt Consolidation - What Is It And How Can It Help You?
A debt consolidation program can help you rid yourself of the
burden of excessive debt and may save you hundreds or more
dollars each month. Debt consolidation experts can help you
assess your situation and make recommendations as to your...
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Planning To Become Debt Free With A Consolidation Loan
If you have multiple debts, and are struggling to meet the monthly payments, then there's a good chance you will want to consider, now or later, a consolidation loan to become debt free.
If you have already studied your monthly expenditure and can see no way to make savings, and find you have no way of earning extra money, then your next option may be a free debt consolidation loan.
By free, I mean no extra charges or arrangement fee for the consolidation loan; your chances of getting an interest free consolidation loan are just about zero, unless you have a rich relative or friend. Should you go down the debt consolidation route, try to avoid any loan arrangement which involves upfront fees, or any extra fees at all for that matter. Whether that is possible will depend on where you live, but in the UK, it is not difficult to get a free debt consolidation loan.
One benefit of a consolidation loan is that it does give you a chance to plan your finances in a way that could, if you're careful, make you debt free by the end of the period of the loan. By debt free, I will be realistic and mean "debt free apart from home mortgage", which most people have little option about, and mortgage debt can be worthwhile financially anyway.
Taking out a debt consolidation loan will not, of course, make you instantly debt free. However, it may be that such a loan will
give you a chance to structure your finance plan over a 3, 5 or 7 year period. With the correct attitude and perseverance, this may be an excellent opportunity to improve your finances in the long term, resulting in being debt free by the end of the loan period.
The consolidation loan will reduce your monthly outgoings, thus giving you the opportunity to save. By getting into the saving habit instead of debt habit, you will be able to set aside money to pay cash for the things you need in the future; if you are determined and disciplined, even that next car purchase can be in cash, rather than an expensive loan. The result: you become debt free.
In the financial reality of a consumer, if you cannot to afford to pay cash for something, then you probably cannot really afford it at all. The one exception is the house, where the investment potential and rent saving change the financial aspect.
Can you imagine, waking up at the end of the consolidation loan term and finding yourself debt free? What a nice feeling!
About the Author
This debt consolidation article was written by Roy Thomsitt, the owner and author of http://www.eliminate-credit-card-debt-now.com/Consolidate_Debt.htm
Formerly a finance professional and credit controller, Roy is now a full time online author.
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