Debt Consolidation - Your Options And The Facts
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James Copper
Apr 26, 2013, 1:50:10 PM4/26/13
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Article Title: Debt Consolidation - Your Options And The Facts
Author: James Copper
Word Count: 601
Article URL: http://www.isnare.com/?aid=141862&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=141862
Easy Publish Tool: http://www.isnare.com/html.php?aid=141862
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Debt consolidation is becoming a very popular method to get debt under control. Many people find themselves with numerous debts to numerous creditors.
When this happens a person is paying out interest to each lender on each account, which can really add up. It take years to pay down debts individually. This is where debt consolidation helps.
Debt consolidation is getting a single loan which you use to pay all your debts off. Then you have one loan payment to one lender. It simplifies things and also may reduce the amount of interest you are paying.
The key is to find a debt consolidation loan with the lowest possible interest rate. In most cases the debt consolidation loan will be a secured loan. This means you will have to offer collateral for the loan.
When getting a debt consolidation loan there are many things to consider. If you are using it for credit cards it can be a great way to reduce interest charges. However, if you are still using the credit card you will be likely to just run up the bill again and be stuck in the same situation.
It is very important to spend only what you can pay back to avoid more problems when it comes to credit cards. With other types of debt you should weigh your options and see if a debt consolidation loan is really the best choice. Look at the terms of the debt consolidation loan to make sure you will not be paying more in the long run.
Some things to consider before getting a debt consolidation loan are as follows:
- Find out how much money will be saved each month by getting the loan. If you are not going to be saving or if you are going to end up paying more each month, then it probably is not a good idea.
- Look at the length of time left on each debt. If you only have a couple months left to pay on some debts then it would probably not be in your best interest to consolidate them. Consolidating will extend the length of time you will pay. It would be easier to pay off those debts and consolidate only the ones with a long length of time left.
- Check into how much the debt consolidation loan will cost you total and compare that to how much your debts are going to cost you. You should save with the consolidation or it may not be worth it.
Basically when it comes to debt consolidation you have to think smart. It may seem great to consolidate to get one bill every month instead of numerous bills.
You may save money up front each month, but overall you have to look out for what is good in the long run. Dont be too quick to consolidate if you will not benefit in the end, you do need to look at the bigger picture.
For example taking out a secured loan could really slash your monthly payments and provide a quick fix, but in the long run you may well be paying back a lot more.
That said however a secured loan could be a quick solution, as you can pay off the loan when you come to remortgage. This is great because secured loans have very small early repayment charges. You have many options, so make sure that that you study each one carefully.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/debt-consolidation-loans.shtml as a debt consolidation loans advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=141862
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=141862
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=141862
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Debt Consolidation - Your Options And The Facts
Author: James Copper
Word Count: 601
Article URL: http://www.isnare.com/?aid=141862&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=141862
Easy Publish Tool: http://www.isnare.com/html.php?aid=141862
*********************** ARTICLE START ***********************
Debt consolidation is becoming a very popular method to get debt under control. Many people find themselves with numerous debts to numerous creditors.
When this happens a person is paying out interest to each lender on each account, which can really add up. It take years to pay down debts individually. This is where debt consolidation helps.
Debt consolidation is getting a single loan which you use to pay all your debts off. Then you have one loan payment to one lender. It simplifies things and also may reduce the amount of interest you are paying.
The key is to find a debt consolidation loan with the lowest possible interest rate. In most cases the debt consolidation loan will be a secured loan. This means you will have to offer collateral for the loan.
When getting a debt consolidation loan there are many things to consider. If you are using it for credit cards it can be a great way to reduce interest charges. However, if you are still using the credit card you will be likely to just run up the bill again and be stuck in the same situation.
It is very important to spend only what you can pay back to avoid more problems when it comes to credit cards. With other types of debt you should weigh your options and see if a debt consolidation loan is really the best choice. Look at the terms of the debt consolidation loan to make sure you will not be paying more in the long run.
Some things to consider before getting a debt consolidation loan are as follows:
- Find out how much money will be saved each month by getting the loan. If you are not going to be saving or if you are going to end up paying more each month, then it probably is not a good idea.
- Look at the length of time left on each debt. If you only have a couple months left to pay on some debts then it would probably not be in your best interest to consolidate them. Consolidating will extend the length of time you will pay. It would be easier to pay off those debts and consolidate only the ones with a long length of time left.
- Check into how much the debt consolidation loan will cost you total and compare that to how much your debts are going to cost you. You should save with the consolidation or it may not be worth it.
Basically when it comes to debt consolidation you have to think smart. It may seem great to consolidate to get one bill every month instead of numerous bills.
You may save money up front each month, but overall you have to look out for what is good in the long run. Dont be too quick to consolidate if you will not benefit in the end, you do need to look at the bigger picture.
For example taking out a secured loan could really slash your monthly payments and provide a quick fix, but in the long run you may well be paying back a lot more.
That said however a secured loan could be a quick solution, as you can pay off the loan when you come to remortgage. This is great because secured loans have very small early repayment charges. You have many options, so make sure that that you study each one carefully.
About The Author: James Copper is a mortgage broker with over 30 years experience. He works for http://www.any-loans.co.uk/debt-consolidation-loans.shtml as a debt consolidation loans advisor. In his spare time he writes on all things finance and investment related.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=141862
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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