Tips on consolidating debt
The next best thing to getting rid of loan and debt, is loan consolidation.
It only comes second to actual paying debt off with cash.
Debt consolidation can help you pay off your loan sooner and you could pay less in the total amount of payment.
Before consolidation, there are 10 tips to keep in mind and explore to make this a less painful experience and to optimize the process.
Similar to having a criminal history, no matter where you go, it seems to follow you around.
Avoid bankruptcy by living below your means, and follow some of the ideas above to get out of debt.
Even if you consolidate your debt, it will still require discipline to pay it off. Even with the rising interest rates, it is still lower than most loans you can find out there. This is advanced financial strategy and you have to be disciplined to utilize this method. The debate of whether to be a tart or not to be a tart is for another day. Then, we want you to know that you can negotiate the current interest rate. I was actually able to reduce my interest rate on our credit card to about 10% by just calling them up and explaining how we have been an awesome customer and so on. I never paid the interest, but just in case, I’ll rather have a lower rate. Although unsecured loans tend to have not so favorable interest rate, they are still better than credit card rates.
They basically tell the lending company, take the 20,000 dollars or never get another dollar.
Most of the time, the credit company who have seen delinquencies on your account and missed payment knows when to take a good deal. Also, it takes a lot of effort and energy to continuously harass you to pay up.
If you are lucky enough to secure a much lower interest rate than your older mortgage, you can actually use the new mortgage to pay off the old one. You can qualify for 10 percent easily with good credit.
You can also use the money to pay off debts with higher interest rate. The unsecure loans tend to be shorter term and this forces you to save and pay it off.
You need to ask yourself this question: why am I consolidating my loan?