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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...
Debt consolidation
Debt consolidation is a concept that most people are aware of and often is a good idea. Basically when consolidating your bills or loans, you combine the total amount owed and make a single monthly payment instead of many smaller payments through...
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...
New Years Resolutions - Dieting - Quit Smoking - Getting Out Of Debt
Okay it is almost that time of year again when we make those
promises to ourselves and our loved ones. I know one of the main
resolutions is to lose weight and get in shape.
We will be bombarded very soon with infomercial ads promising
all...
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...
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Guide to debt consolidation: simple steps to consolidate debt
A Debt consolidation loan is a loan used to repay several other
loans. It is a single, low cost, secured loan. A UK Debt
Consolidation Loan is a low cost loan secured on your UK home.
It frees up the spare capital (or equity) in your home to repay
your store card and other debts. The loan may have been taken
due to debts incurred through personal loans, credit cards,
overdrafts, or may represent any number of unpaid bills that
have built up over time. Debt Consolidation Loan rates are
variable, depending on status. Monthly repayments will depend on
the amount borrowed and the term. These loans can give you a
fresh start, allowing you to consolidate all of your loans into
one - giving you one easy to manage payment, and in most cases,
at a lower rate of interest. It can reduce both your interest
costs and your monthly repayments, putting you back in control
of your life.
Average household debt in UK is £44857 including mortgage and
£7,694 excluding mortgage. UK has seen a rapid increase in
household debts, which means that more than half of the people
have trouble meeting their monthly payments, and are being
driven further and further into debt. With an average family
having 14 credit cards, and various other debts - debt
consolidation seems only logical.
Debt consolidation and settlement solutions are
practical means for eliminating credit card and other high
interest debts, and getting your financial health and future
back on track. Being concerned about debt elimination 24hrs a
day can be extremely stressful, both on you and your family. So
take a few minutes right now and educate yourself about your
options.
1. Go with a company that has a good reputation. Don't assume
that every non-profit company is necessarily going to look out
for your interests more than a for profit debt consolidation
company. Shopping around will give you the means to decide on
the one that best suits your circumstances and budget. Spend
time researching different lenders and get quote from a handful
before deciding on whom to take your debt consolidation loan
from.
2. Do the math yourself. Take the time to work through the
expenses yourself and see how much you will be paying, how long
it will take to pay off the loan, etc. Too many people keen to
consolidate their debts,
take the first opportunity available to
them, unaware that there are lower rates and other options
available.
3. You must consider whether debt consolidation is cost
effective in the long term. Paying off an existing debt may
incur charges for early settlement, and there may also be a fee
for arranging your consolidation loan.
4. Also, by taking out a new loan, you will be extending the
period in which you are paying off debts - and that might mean a
greater interest cost in the long run. Finally, many lenders add
payment protection insurance to their loans without the
borrowers' knowledge, which is often more expensive than similar
cover freely available elsewhere.
5. Make sure you understand the difference between variable and
fixed rate loans. If you sign up for a variable rate loan, you
may get a lower rate initially, but within a few years it may go
up.
6. Debt consolidation with debt counseling can provide you with
debt advice for financial planning. This would help you sort out
your present debts as well as prevent you from getting into
future debt. Debt counseling services can talk to your creditors
about reducing interest rate, eliminating late fees and
extending loan term. For debt elimination, search a debt
counseling agency that is the member of
National Foundation for Credit Counseling (NFCC) or the
Association of Independent Consumer Credit Counseling Agencies
(AICCCA).
Secured on your UK home, low cost, low rate, cheap, low interest
debt consolidation loans can sweep away the pile of repayments
to your credit and store cards, HP, loans and replace them with
one, low cost, monthly payment - one calculated to be well
within your means.
It has been found that a significant number of UK residents are
not aware of the benefits of the debt consolidation options and
are suspicious about how it works. There is a need to increase
the awareness of the debt consolidation solutions and evolve new
varieties and features for debt consolidation solutions. There
is a great potential to increase the benefits of debt
consolidation solutions.
About the author:
Marsha Claire is offering loan advice for quite some time.To
find UK debt consolidation loan,debt management,debt advice
visit http://www.ukdebtco
nsolidations.co.uk/
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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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| Welcome to the web site of Debt Relief International. |
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| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
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| www.worldbank.org |
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| www.worldbank.org |
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| en.wikipedia.org |
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| Debt Analyzer, Debt Reduction Software, Home Page |
| Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
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| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| www.globalpolicy.org |
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| news.bbc.co.uk |
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| Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
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| Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
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| What debt relief means for Africa | csmonitor.com |
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| www.csmonitor.com |
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