Loan, debt, money, mortgage, auto loan, interest rates, Federal Perkins Loan, Perkins Loan, student loan, college, students, post-secondary education, interest rate, borrower, undergraduates, graduate students, undergraduate loans, Federal Loan, teachers loan, education.

Debt consolidation vs loans

by Cool mind | 1:43 PM in |

The multiple options available to consolidate ones debts can be quite confusing, credit counseling programs, debt settlement, debt consolidation loans, and bankruptcy are just a few options available today. Trying to find the best option to suit your current financial situation can be a difficult task.

Typically, debt consolidation programs are debt repayment programs. They can consolidate most types of unsecured debts from major credit cards to personal and student loans. You choose the accounts you want to enter into the program when joining. Once enrolled, the company will contact your creditors to negotiate more favorable repayment terms on your accounts and possibly reducing your interest rates and it may even eliminate late fees. You will then send that company one lump sum payment monthly which they will disperse to the creditors you enrolled on your account when joining.

Most so called debt consolidation loans are just home equity loans in disguise. They use the equity built up in your current home loan and use it to repay all of your unsecured debts. These types of loan options usually come with heavy application fees and can greatly extend the amount of time it will take you to pay off those debts. These loans also convert all of your current unsecured debts into a secured debt which is now backed by your home. If you fall behind on your payments you could risk losing your property.

0 comments:

Mortgage

Link sharing

Email me Email mecoolmemind@gmail.com For link sharing E-mail me and leave comment

Links

blogarama - the blog directory Finance blogs Finance Loan, debt, auto loan,  Federal Perkins Loan,  stu Personal Blogs - BlogCatalog Blog Directory

Internet Web Directory

Website Promotion Directory AzListed Web DirectoryLdmstudio Directory Blogs Directory JetLinks Listings Thales Directory Human edited web directory Web Hot Link general online internet web directory