What is the best and easiest way for debt consolidation?
ticktock (3 wks to go) asked:
A while back, I got a line of credit to pay off other loans with higher interest rates. It has helped a great deal, until now. All of a sudden, we have more bills. I feel like I’m over-loaded with bills, bills, and more bills lately. Is there another type of loan with a low interest rate that I can just use to pay off what I currently have so that all I have is the bill for the new loan? I don’t really understand how APR’s work. All I know is the higher your balance is, the more you pay in interest. Can anyone please help with explanations and/or suggestions?
debt consolidation loan
A while back, I got a line of credit to pay off other loans with higher interest rates. It has helped a great deal, until now. All of a sudden, we have more bills. I feel like I’m over-loaded with bills, bills, and more bills lately. Is there another type of loan with a low interest rate that I can just use to pay off what I currently have so that all I have is the bill for the new loan? I don’t really understand how APR’s work. All I know is the higher your balance is, the more you pay in interest. Can anyone please help with explanations and/or suggestions?
debt consolidation loan
Tags: Interest Rate, Interest Rates, Loans
February 17th, 2009 at 3:14 pm
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Helped my wife before we got married. She was in the same situation as you. And as of last month, she is now Debt Free.
Good luck!
February 20th, 2009 at 6:16 am
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ehmm. why could you not directly email me for this question instead of spending 5 points…=(
February 23rd, 2009 at 3:04 pm
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.