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If you've amassed a large amount of debt and you're beginning to wonder how you will pay all of your bills, you might consider going the debt consolidation route. Homeowners can submit their personal details below and have a great debt consolidation loan from up to 4 lenders!

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Debt consolidation involves taking high-interest balances on a multitude of credit card bills and combining them into a single balance. It can involve a variety of different options, including debt consolidation loans, transferring balances to a zero percent credit card, or a home equity loan or home equity line of credit. Interestingly enough, however, some experts say individuals who take out a home equity loan to pay off credit card debt accumulate similar debt in a two-year period.

 

The reason for this is simple, accumulating debt is a habit and it is an exceedingly tough habit to break. If your tendency is to overspend, chances are you will continue to do so, even after you've taken out a home equity loan. In addition, if you need debt consolidation, it is likely that you will not qualify for the lowest possible interest rates. Those are reserved for people with the best credit ratings.

 

Debt Consolidation - What Are The Options?
Having a lot of debt is not uncommon today, and for many, it seems that knowing how to get
out of debt is just about as uncommon, too. If you have a lot of debt and want to find some
relief, there are a number of options that may be available to you.

 

Still, if you are determined to undergo debt consolidation, there are a few key things you need to know. To begin with, a home equity loan is a fast, simple way to dig yourself out of debt. However, if you have difficulty paying the loan back, you could end up losing your house. In addition, although interest on home equity loans is generally tax deductible, such a tax break could be limited. You may also be tempted to borrow more than you need just because the bank says that you can.

 

Another possible option is a zero-percent credit card, but you need to be careful about using it. For instance, the zero-percent interest rate may just be an incentive for you to switch cards. At the end of a certain period of time, say 12 months, you'll be back to paying sky-high interest rates. Also, you will only be able to hang onto the low introductory rate as long as you pay your bill on time. If you're late with a single payment, you'll end up paying a much higher interest rate. Additional fees and charges may cause the cost of the credit to soar. In addition, if you end up paying the bare minimum on your credit cards, it will be difficult for you to pay them off any time soon.

 

What about the conventional debt consolidation loan?
Such a loan can be quite convenient and a real time-saver, enabling you to pay your debt with one single payment each month. You may find that you can get the best rate at a local credit union rather than at a bank. By doing some comparison shopping, you may be able to save quite a bit of money in the long run.

debt consolidation recent related news.

Rebuild.org brings you the latest news headlines related to Debt Consolidation:

 

  • Debt relief and the FTC
    In October 2010, the FTC enacted new regulations governing how debt relief companies operate. Don't be scammed, know the rules.
    [March 6th, 2011]
  • Top 2 ways to get out of debt
    Consumer debt statistics for the 4th quarter of 2010 reveal that many Americans are getting out of debt. Find out how.
    [February 21st, 2011]
  • Debt relief: 3 ways to save your car from the repo man
    Are you scared the bank is going to come get your car any day? Save that car! Try these three simple steps before you end up walking.
    [February 6th, 2011]
  • The new rules governing credit card debt are having a positive effect
    It has been almost a year since the Federal Reserve enacted new rules for governing credit card debt. Recent news shows that these rules could be having a positive effect on consumer debt.
    [January 23rd, 2011]
  • Get out of debt fast in 2011
    The new year is a popular time to resolve to get out of debt. A debt consolidation loan or a debt settlement program will help get you out of debt and start your new year right.
    [January 9th, 2011]
debt consolidation information.

Recent articles related to Debt Consolidation:

 

  • Debt relief and the FTC
    In October 2010, the FTC enacted new regulations governing how debt relief companies operate. Don't be scammed, know the rules.
    [March 6th, 2011]
  • Do-it-yourself debt relief
    If you've borrowed money with instant payday loans, you know the mixed emotions that come with them. While easy payday loans are often an immediate solution to a dire need for cash, they usually indicate deeper financial problems. Consumers with an adequate emergency savings account or access to credit can usually handle unexpected expenses. Here's how to get out of debt to start saving.
    [January 21st, 2011]
  • Can’t pay back your loans? You may need credit counseling
    If you're suffocating under a mountain of personal loans, credit cards and other debt, it may be time to seek credit counseling.
    [September 17th, 2010]
  • Pros and cons for debt loans
    There are pros and cons for using a loan to consolidate debt.
    [September 10th, 2010]
  • It’s easier to get out of debt with a good credit score
    The top 3 ways to get out of debt all require an excellent credit score. Learn what you can do to improve your credit as you de-leverage.
    [September 4th, 2010]
debt consolidation related external links.

 

  • Debt relief and the FTC
    In October 2010, the FTC enacted new regulations governing how debt relief companies operate. Don't be scammed, know the rules.