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Do you see loans as a positive or negative thing?

Discussion in 'The lounge – Anything goes' started by Miley Davidson, Jan 30, 2016.

  1. Miley Davidson

    Miley Davidson New Member

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    How does everyone here feel about loans?
    In your opinion, are loans something that help us out or do you guys think it's a big mistake to even consider taking one out?
    I'm talking about loans in general (mortgage, car loans, payday), not credit card debt we made to buy shoes we'll never wear :D
     
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  2. Kabazzi

    Kabazzi Guest

    Debt consolidation is taking one big loan to pay off the multiple outstanding debts you have. The positive aspects of debt consolidation are that:
    1)You don’t have to worry about multiple payments and the interests of the debts. Instead after debt consolidation, you just have to remember a single payment.
    2) You can effectively budget your money and know what your monthly payment will be.
    3)You can also save money by looking for debt consolidation loans with zero or low interest rates.

    The negative aspect of debt consolidation loans is that if not handled properly it can harm your credit score:
    1) Missing a payment on these debt consolidation loans can hurt your credit score.
    2) When you apply for a debt consolidation loan, there will be ‘hard enquiry’ against your report thereby hurting your score.
    3) Usually people close their old accounts after consolidation. Closing these accounts brings down the credit available and your accounts look ‘maxed out’ which will harm your credit score further.
     

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