Upload
lacey-wolf
View
275
Download
2
Tags:
Embed Size (px)
DESCRIPTION
Personal finance can be an intimidating arena for some, especially if you aren’t very familiar with the choices you have available. It can feel like you are being thrown to the lions!
Citation preview
Three Key Points About Debt Consolidation Help
There are many ways to find debt consolidation help.
Sometimes you might feel like you don’t know what will give
you the best outcome.
All you really know is that you need to get your financial life
back on track.
Personal finance can be an intimidating arena for some,
especially if you aren’t very familiar with the choices you
have available.
It can feel like you are being thrown to the lions.
Not a very comfortable feeling, is it?
There are financial counselors to help you sort out your finances.
Finding a good one can save you a lot of time and stress.
And give you a much more peaceful feeling about things.
If you have decided that debt consolidation is a good option
for you,
there are a few considerations to keep in mind.
Beware of a loan that offers you lower payments,
but a higher interest rate than what you are paying now.
Some companies will ‘help’ you by offering you a loan like this.
While the lower payments are nice, by stretching the loan over
a longer period of time at a higher interest rate, you end up
paying a lot more.
It can be twice as much, or sometimes more, than you would
have paid
if you had gone with another option.
Be very careful when you are considering a transfer of your
credit card balances.
Many credit card companies will offer to help you consolidate
your debt
by allowing you to transfer balances from your other cards
and
give you a lower rate than you are currently paying.
This sounds like a great option, and it can be, depending on
how long the lower rate will last. The low rate can often only
last a few months, then blow up unexpectedly, costing you money
in the long run.
Getting a secured loan may be a good option for debt
consolidation.
You may find that your home can be your very best friend in a
situation like this.
A home equity loan can be a much better solution than high
interest unsecured loans.
A home equity loan will almost always have a lower, more
reasonable
interest rate because the lender has collateral.
When it comes to equity, don’t forget your vehicle.
If you have a later model car that is paid off or has a low remaining
balance
you might be able to get a consolidation loan by refinancing
your vehicle.
These types of loans also tend to have a more reasonable interest
rate
than an unsecured loan.
Debt consolidation help is fairly easy to find these days.
Just remember to take a look at all your options and don’t jump
into anything.
Make sure you understand exactly what you are getting into
and what it will cost over the long haul.
If you don’t, you could end up paying back a lot more than you
bargained for.