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Consolidation of Debt and Student Loans
So you have finally got the degree, but were you surprised with what came along with it? A pile of debt and student loans that need to be paid back starting very shortly after college! Whether it is a Federal PLUS Loan or a loan obtained from your...
Debt Consolidation
There are many reasons why people get into debt - some of them self inflicted and some of them way outside of our control. Losing a job, illness or accidents, all of these can suddenly plunge one into unexpected expenditure, and often the only...
Debt Consolidation Home Loan – To Stitch Holes In Your Financial Management Plan
Continued credit problems can be overwhelming at times for any individual. It is always a burden to make repayments on loans each month – both financially and emotionally. Debt consolidation implies the consolidation on several loans into one single...
Fair Debt Collection
If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector." You...
Use Caution When Entering Into Debt-Consolidation Loan
To the person drowning in debt, a debt-consolidation loan looks a lot like a lifesaver. But agreeing to such a loan without understanding it completely could be a serious mistake. Here's the way it's supposed to work: You pay off all your small,...
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A Beginner's Guide to Low Interest Debt Consolidation Loans
Looking for low interest debt consolidation loans can sometimes seem like looking for gold at the end of the rainbow, but loans with minimal interest can be had even by people with poor credit ratings.
The most important things in trying to find low interest debt consolidation loans are to know how to use your collateral correctly and to know the best places to shop. Don't be in a hurry to find a loan and miss out on a lower interest rate by simply taking the first offer that comes your way… shop around at different banks and lenders until you find the best loan for your money.
First you need to figure out the entire amount of debt that you want to consolidate, and also the lowest amount that you can get by on… while it would be nice to reduce all of your debt to a single monthly payment, you might have to pick and choose if your debt level is too high and your collateral value can't cover it.
Once you've determined about how much you're looking for, then it's time to head out and try to get one of the low interest debt consolidation loans.
Collateral matters
In order to get the best of the low interest debt consolidation loans, you're going to need good collateral. The most common collateral is automobiles and real estate, and with good reason… these types of property almost always have high values and are easily recognizable as sellable property by lenders if things should have to come to that.
Use the collateral object that has the
highest value, and try to borrow less than that amount. The lower the amount you ask for in relation to the value of your collateral, the better chance you have of getting one of the low interest debt consolidation loans that lenders offer.
Finding the right lender
Different lenders can offer different kinds of low interest debt consolidation loans. Your best bet for finding a good rate comes from going to small local banks or finance companies… both of these are more likely to offer low interest debt consolidation loans that some of the larger chains of banks and lenders that get enough business that they don't need to offer you as low of an interest rate.
Try to go during a promotion that the bank or finance company is holding; they tend to offer special rates during promotions that you can take advantage of. If there aren't any promotions to be had, go anyway… even if they can't give you one of their low interest debt consolidation loans, they may be able to direct you to other lenders you should try.
Get quotes from several before deciding on the one for you, and get the best deal that you can.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
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