Debt consolidation is the process
of combining multiple debt or credit lines into a single payment
plan. The goal of debt consolidation is to reduce interest rates
and payments. Debt consolidation is not a magic pill. It
does not make debt vanish, but if done right it makes debt easier to
manage and allows the borrower to become debt free sooner than
otherwise would be possible. Many companies offer debt management
and credit counseling services. Investigate several and find one
that has a solid reputation and high ethical standards. The NFCC
and the AICCCA are organizations whose member companies promote
financial education and responsible behavior.
Understand the risks of credit and debt and employ smart strategies to
achieve financial independence. Debt consolidation lenders are in
business to make money. One way they do this is by emphasizing
lower monthly payments while downplaying longer payment terms.
Don't expect to qualify for low teaser rates if your credit is
imperfect. Get straight answers about how the process works and
what it will cost before committing to a deal. Take advantage of
our free loan payment calculator to help choose the best plan for your
situation. Borrowers with shaky credit and unsecured loans (no
home equity) may pay higher interest rates, but they still have
opportunities to
reduce costs. Change the habits that lead to poor credit and high
debt. Fix the root cause, not just the symptoms. Earn more,
spend less and be patient. Bad habits and debt accumulated over a
long period of time will take a similar long period of time to
unwind. Cancel credit cards, or if that's impossible, leave them
at home. Contact the credit card issuer to negotiate more
favorable terms. Do you own a home? Homeowners may be able
to establish a tax deductible home equity loan. Consider
origination fee, title insurance and appraisal charges when comparing
home equity loans, and recognize that loan default can lead to title
forfeiture.
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based
on rates quoted by financial institutions. Enter values
for the loan amount (example: 75000), loan length in months (example:
60), and the interest rate (example: 6.25), then click the calculate
button. Enter whole numbers or decimals. Do not enter a
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