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3. $35,000 over 6 years
4. Loan Pioneer new loan! Payday & Installment loans, up to $5,000
5. Life Loans new loan! Personal loans up to $40,000
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Debt consolidation options

Discussion in 'Debt collection' started by Mike, Dec 11, 2015.

  1. Mike

    Mike Administrator Staff Member

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    Nov 5, 2015
    Debt consolidation can often be a beneficial solution for consumers with debt from several creditors. Whether they be auto loans, credit cards or anything else, there are several options for debt consolidation that can potentially save you money. Learn about some of the most common options below to find out which solutions could best help your financial situation.

    Personal Loan
    Taking out a personal loan for debt consolidation can be an effective way to get out of debt more quickly by lowering your interest rate. Essentially you take out one new loan to pay off your existing debts, then make monthly payments on the new debt. Whether you go through a traditional financial institution like a bank or an alternative lender like a peer-to-peer online platform, you can consolidate all of your loans into one easy payment. Just make sure to analyze your savings in terms of both interest rates, origination fees and any other costs involved with getting a new loan.

    Debt Management Organization
    If you think you need help with getting out of debt, consider a debt management organization. Working with a certified debt counselor, you will create a debt management plan tailored for your specific finances. Your counselor may also try to renegotiate with your creditors to either lower interest rates or your monthly payment amount. You may also be asked to cancel all your credit cards to discourage you from taking on new debt. It generally takes anywhere from three to six years to finish a debt management program.

    Credit Card Transfer
    Another option for consolidating your credit card debt is to transfer your balance to a card with a lower interest rate. This will save you money on your monthly payments, allowing you to pay off your debt faster. Most of the zero or low interest rate offers, however, are for a limited time so make sure you will be able to pay off the balance within the specified time. Otherwise, you may be hit with even higher interest rates than you started off with.
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