Consolidating bills into one monthly payment
A debt consolidation loan can take a lot of the stress out of your financial life by reducing multiple monthly payments to just one payment to a single source.However, he whole purpose of doing this is to reduce the interest rate you pay on debts as well as the amount you pay every month so it is important that have accurate financial records.
This enables you to pay off your debt faster because more of your payment each month will be applied to the balance versus the interest.Here is a step-by-step sequence for getting a debt consolidation loan: Your new monthly payment and interest rate should be lower than the total you were paying.If not, try negotiating with your lender to lower both rates.She was unemployed for one year and then re-hired the following year.With few options, Anne lived off her credit cards while unemployed, adding an additional $9000 to her debt.Debt Consolidation without a loan is an innovative solution by In Charge Debt Solutions.
We take the work out of debt management through debt consolidating: combining your payments into a single, predictable monthly payment. The average credit card interest rate is around 15% APR.
With the In Charge debt consolidation alternative, Anne will be debt free in 4 years and 2 months.
“Having lived with credit card debt my entire adult life, I cannot tell you what it means to me to be debt free in a few years.
Every time I make my one consolidated payment, I know I’m one month closer to my financial freedom.” Debt consolidation lenders won’t qualify you for a loan if too much of your monthly income is dedicated to debt payments.
If you find your debt-to-income ratio in excess of 50 percent, you should consider alternatives to debt consolidation, including consolidating without a loan.
Debt consolidation offers debt relief by consolidating your monthly debt payments into one affordable payment.