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If you have experienced some late payments, or you just have too high of an amount of debt to be able to fit it into a loan, you may want to include a non-loan option into your considerations.This is the practice of consolidating multiple bills, typically unsecured debts, but not always, and payments into a single payment, usually through some form of debt management or counseling, home equity or mortgage refinance, or personal loan program.Before utilizing this method, be sure to read the fine print to determine what the resulting interest rate and the corresponding monthly payment will be.However, credit card companies offering lower interest rates on balance transfers that last for the life of the balance are often available, as well.As far as utilizing a balance transfer offer for consolidating credit card debt, keep in mind that they are typically just teaser rates.The promotion for a new card at a significantly lower interest rate is usually for a shorter period, such as six months to a year.Even though you may not actually receive any of the loan proceeds, commonly referred to as a cash-out loan, because you are paying off debt in addition to the principal balance of your existing mortgage.
Consolidating your debt will do absolutely no good if you think the resulting lower payments are a license to go shopping and you will only make your financial situation worse.
Whether you’re juggling credit card balances or working to pay off your student loans, these monthly payments can add up and if you only make the minimum monthly payment, you’ll have to manage those payments for years. Debt consolidation is when you pay off multiple credit cards, bills, or other debt with a single large loan.
Not only will this reduce the number of payments you must make each month, but it can save you money by paying off high-interest credit cards.
Unlike using credit cards and debt consolidation loans, however, the consolidated debts will not get a new extension of credit for payoff.
The consumer makes one monthly payment to the credit counseling firm, and the firm distributes payments out to the creditors.
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Less than perfect credit, burdensome amounts of debt, or a recent denial from acquiring a loan might help in meeting the criteria for debt consolidation relief without loans.