Taking a cash out mortgage for debt consolidation is a great idea – sometimes. Life would be so much simpler if all your monthly payments were in one bill. Besides, your credit card balance has a 16.99 percent interest rate, and that car loan with $425 a month payments just seems outrageous.
Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: When you consolidate, there’s no guarantee your interest rate will be lower. The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and.
“This is not a retirement issue,” says Carolyn McClanahan, a physician and director of financial planning at Life Planning Partners in Jacksonville, Florida. your rights as a patient to find out.
Florida Debt Consolidation as an Alternative to Bankruptcy Before considering bankruptcy there are several options you might want to pursue. The availability and usefulness of these options will depend on your employment (or income) situation and the type of assets you have.
The information below can help you understand the advantages and disadvantages of debt consolidation, in general, as well as the pros and cons of specific consolidation options you can use. If you have questions or need help choosing the right solution for your situation, just call us at 1-888-294-3130 to speak with a certified credit counselor.
The Pros of Debt Consolidation. Lower monthly payments. debt consolidation means taking out a new loan to pay off old debt. A debt consolidation loan usually means a lower monthly payment because your payoff period is extended. You will have more money to spend on your other needs, as you will be paying less on your debt. Simpler payments. A.
Florida Debt Consolidation Quote published an article that discusses the reasons why consolidating credit card debt is the best option to solve the debt problem. This type of debt continues to be one of the high ranking financial burdens of the people in Florida.
Debt is rising more quickly in the United States than most people would prefer. This is happening in part because the U.S. current account deficit and the country’s high level of income inequality.