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Call to speak with a certified credit counselor and receive a complimentary budget and debt consultation.
To learn how to change your financial life, call 1-800-769-3571.
Our credit advisors will assist in analyzing your current financial situation, providing personalized options based on your goals, and recommending the optimal debt management plan to achieve financial stability.
The debt counseling solutions we provide offer our members long term financial success, as well as short term debt management programs and debt consolidation.
The two basic types of consolidation loans are secured and unsecured.
Another option is a consolidation loan from a credit union or peer-to-peer online lender.
It merely pays off your existing debts with a new loan, which must also be repaid.
Essentially, you are replacing many loans with one, hopefully at an improved interest rate and monthly payment amount.
Unsecured loans are not tied to an asset and are based largely on your credit history because you are considered high-risk for a lender.
Easier to obtain from a lender Higher borrowing amount allotted Lower interest rate Possible tax deductible interest rate– Longer repayment terms (higher cost in interest over time)– Risk of losing assets No asset risk Shorter repayment term (lower cost in interest over time)– Harder to obtain from a lender (high risk borrower)– Lower borrowing amount allotted– Higher interest rate– No tax benefit The easiest type of consolidation loan might be a 0% interest credit card balance transfer.