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Bad Credit Debt and Loan Consolidation Advice
Are you deep in debt and have a bad credit history? If you
answered yes to that question, finding a company who offers a
bad credit debt and loan consolidation service may seem like the
perfect solution. It is very important however, to...
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Getting out of debt is a decision, and it's the right decision! Get yourself out of debt today!
Our society encourages debt, it really does. How so? Simply put,
we are encouraged to borrow money, to live beyond our means, to
gratify ourselves now so that we can have it all and be happy.
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All About Debt Consolidation Loans
Debt consolidation loans can be the answer to a number of financial problems, but before you take the plunge, make sure you're well informed.
What is a debt consolidation loan?
Debt consolidation is when you arrange a single loan to cover a number of existing debts. Rather than juggling several expensive payments, such as credit card or hire purchase bills, a debt consolidation loan means a single manageable monthly payment. Youll also benefit form lower monthly interest payments; compare an average secured debt consolidation loan of 12.4% APR to a credit card company charging 19.9% APR.
Besides lower interest rates/ payments; you also benefit from knowing that a consolidation loan runs for a fixed term, and that every repayment you make goes towards clearing the loan. Without consolidation you may find that minimum monthly payments simply service the interest accrued on your debt, without having any impact on the debt itself.
Debt consolidation also offers an opportunity to repair your credit rating. Remember that any missed payments and bank charges count against you in the eyes of lenders. It's a vicious circle: a poor credit rating means that lenders see you as a risk, which in turn means they charge you higher interest rates. By repaying all your creditors and taking out a single loan; you are already well on your way to rewriting your credit history.
Getting the best debt consolidation loan
When looking for a loan, the first step is to work out exactly how much you need to borrow. Calculate how much you owe on credit cards, standing orders, overdrafts etc. and only borrow as much as you owe. Because most debt consolidation loans are secured against
the value of your property; you wont have trouble finding lenders willing to arrange loans for considerably more than you actually need. However, getting further into debt rarely makes financial sense.
The next step is to begin shopping around for the best deal. Visit a number of FISA registered brokers and see what they can offer you. Recent industry regulation means that loan providers must now tell customers the total cost of repaying the loan, rather than monthly payments and the loans lifespan. Make sure that you compare like with like; dont be tempted just by low monthly repayments as you may find that the loan has a substantially longer term.
Are there any drawbacks?
Debt consolidation loans often make shrewd financial sense, but its important to know exactly what you are getting into:
Firstly, you may be cutting your monthly outgoings, but its important to understand that you are refinancing your debt over a much greater period of time. In the long run you may actually be paying more.
Secondly, most debt consolidation loans are also secured, which means that your property is at risk if you continually default on repayments.
Finally, its worth bearing in mind that you are under no obligation to repay your outstanding debts. Use the loan wisely to repay existing debts; and you can look forward to a bright financial future. Use it simply to raise capital and keep spending and you will soon be in trouble.
About the author:
Find more great articles at http://militaryfinances.coma great online source for finance information.
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| Advertisements Promising Debt Relief May Be Offering Bankruptcy |
| Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
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| Special report: debt relief | Special reports | Guardian Unlimited |
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| William Brewer |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
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| Debt relief - Wikipedia, the free encyclopedia |
| Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
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