Is a Debt Consolidation Loan an Effective Solution?
A debt consolidation loan can be helpful to a small handful of individuals who have more debt than they can handle, but who have less than an overwhelming amount of debt. If executed correctly, a debt consolidation loan can secure a lower interest rate or secure a fixed interest rate. If you are considering a debt consolidation loan know this: consolidation loans can affect your ability to discharge debts in bankruptcy, so the decision to consolidate must be weighed with awareness. Often times these loans can have a higher Adjusted Periodic Rate than any of their interest rates combined, leaving the individual in more debt than with what they began. Another requirement for these loans is to put assets up for collateral such as a home, rental property, business, car, or savings. Thus, there is more risk and less guaranteed success associated with these programs.
If you are considering a debt consolidation loan or have already given up unsecured debt for secured debt, contact us today and we can assess the situation. A consultation with one of our experienced debt advisors is free and requires no commitment on your part.
If you are looking into debt consolidation loans, you might also want to consider a debt settlement program. You can reduce your monthly payments by approximately 50% and get out of debt in 2-4 years on average.
We would be happy to construct a debt relief plan proposal for paying off your debts. Simply complete our short request form to speak with an advisor and begin eliminating your debt in the most efficient way possible.
 |
||||
| Our Program | Debt Consolidation Loan | Credit Counseling | Minimum Payments |
|
| Total Unsecured Debt | $30,000 | $30,000 | $30,000 | $30,000 |
| Months To Pay Off | 46 | 60 | 60 | 433 |
| Interest Paid | None | 12% | Variable | 18.99% |
| Monthly Payment | $498 | $667 | $855 | $900 |
| Total Est. Cost | $22,950 | $40,040 | $51,300 | $80,619 |
* The above numbers are an example of past performance and are not intended to be a guarantee of any future settlement results.
