R & West Associates Inc. Debt Pooling
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jonathan palacios
May 27, 2011, 11:52:47 AM5/27/11
to Financial Maturity
Debt pooling allows you to “pool all of your debt” and make a monthly
payment to retire the full amount of the debt plus a nominal interest
charge. Debt pooling is similar to a consolidation loan in that you
now only make one monthly payment. The advantage is that usually the
interest is greatly reduced, you are not providing any additional
collateral, and no co-signor or guarantor is required. A debt pooling
repayment plan should generally only be considered if the entire
obligation can be retired in a reasonable time period – usually under
five years.
In order for debt pooling to be successful, it is usually necessary to
obtain credit counseling and eliminate the use of credit cards in the
future. If you choose to pool your debts and retire your debt in this
manner, your credit rating will be altered to reflect your decision
and actions.
R & West Associates Inc.: http://www.cma1.ca/583
payment to retire the full amount of the debt plus a nominal interest
charge. Debt pooling is similar to a consolidation loan in that you
now only make one monthly payment. The advantage is that usually the
interest is greatly reduced, you are not providing any additional
collateral, and no co-signor or guarantor is required. A debt pooling
repayment plan should generally only be considered if the entire
obligation can be retired in a reasonable time period – usually under
five years.
In order for debt pooling to be successful, it is usually necessary to
obtain credit counseling and eliminate the use of credit cards in the
future. If you choose to pool your debts and retire your debt in this
manner, your credit rating will be altered to reflect your decision
and actions.
R & West Associates Inc.: http://www.cma1.ca/583
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