How Good Is Debt Consolidation?
Posted on
June 26, 2009
at
1:39 am
How will debt consolidation help me get rid of my debts? Shouldnt i just file for bankruptcy?
Posted on
June 26, 2009
at
2:00 am
debt consolidation allows you to pay off your loans at a lowered interest rate, and at lowered monthly payments, and you won't have to worry so much abt debt collection calls.
Posted on
June 26, 2009
at
2:46 am
Getting a debt consolidation loan is basically a short-term solution to take care of your debt needs. A home equity loan in particular will enable you to borrow a fixed amount of money and make repayments in equal monthly installments for a set period of time. Also your interest rate will be lower than most of the interest rates on other lines of credit, since this type of loan is an secured debt.
Posted on
June 26, 2009
at
3:20 am
Hello...Debt consolidation is a process to minimize the existing debts and provide a better solution for debt repayment. There are different agencies that provide these services. Selecting a wrong agency can give negative results therefore it is necessary to have a clear idea by self-analysis.
Posted on
June 26, 2009
at
3:30 am
Home equity loans are also tax-deductible. If you apply for a home equity loan, the amount that was borrowed will be subtracted from your gross income when you compute for your income taxes. This also lowers your overall taxable income, and as a result, you'll be paying for a lower amount of taxes. Tax deductibility is applicable for home equity loans up to $100,000.
Posted on
June 26, 2009
at
3:32 am
jhones hamilton,how can i be able to discern thru self-analysis the right consolidation company for me?
Posted on
June 26, 2009
at
4:06 am
Aside from the abovementioned, debt consolidation will also allow you to make just one payment instead of a myriad other payments. With the single payment that you make all your creditors will essentially receive what is due from you on that particular pay cycle. It helps you manage your finances much easier. The added convenience of this loan is also the fact that you'll only be having one creditor to deal with. In the event that any problems or issues arise, you'd be making only one phone call to update the creditor.Also since the interest rate is lowered, the amount that you need to pay each month is also less compared to all the payments that you used to make.
Posted on
June 26, 2009
at
4:17 am
Plus if you file for bankruptcy (as you mentioned on your original post), it's true that your debts will be discharged, but not ALL of them will have achieve that "discharge" status right away. it may take a couple months before they would be eliminated. Besides there are other loans that aren't eligible for discharge, either.I think consolidating can really help you especially if you're in a tough bind. The funds are easily available, esp. if you have home equity, and home equity can also offer either a fixed rate loan or a variable rate loan, so that;s additional freedom and options for you to choose from.
Posted on
June 26, 2009
at
4:27 am
Right, and if you file for Chapter 7 of bankruptcy, the notation will stay on your credit report for ten years. For a Chaper 13 on the other hand, the negative mark will stay on your file for as long as seven years.If I'm not mistaken, both notations will also reflect on your public records for as long as twenty years.
Posted on
June 26, 2009
at
4:30 pm
This all depends on what form of "debt consolidation" you are asking about. Credit counseling, debt settlement, traditional consolidation loans (unsecured and secured) and Chapter 13 bankruptcy are all loosely defined as debt consolidation options.
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