Have You Considered a Debt Consolidation Loan?


You're in over your head in debt, aren't you? It's OK to admit it. The average consumer is said to have $8,000 in credit card debt alone so if you're average, or even a little above average, you may not be sure how you will ever pay off your balance. There may be an answer for you, though: take a look at a debt consolidation loan.

I'll admit it too: When I was a young man in college dipping my toes in to the water of freedom, I fell victim to the dreaded table. The table sat in the student union of the university I attended and had two attractive females who were handing out free T-shirts. I stopped over one day and it all began. The table was from a certain credit card company who had for me the deal of all deals.

online cash loans, cash loans with no credit check, free cash loans without bank account,

That day I went back to my dorm room with two things: A T-shirt and the promise of a credit card. The credit card came in the mail and within a year I had charged it to the max. Being gainfully unemployed at the time, there was only thing left to do: Get another so I did. By the time I graduated I had nearly $10,000 in credit card debt from 4 card companies.

The interest rate was high so I was paying far more than I should have been for the "freedom" that came with my new credit card. After some research I learned about debt consolidation loans.

A debt consolidation loan is exactly what the title says: It is a bank loan that is taken out to consolidate all of your unsecured loans. In my case, the bank took all 4 of my credit cards and paid them in full. Then, they took that lump sum and made one loan out of it. The best part about this loan was the interest rate. At the time, I think it was around 6%. To be honest I don't remember exactly but it was a fraction of the interest rate I was paying to the credit card companies.

I used that opportunity to double up on my payments and within 18 months that balance was wiped out.

How do you apply for a debt consolidation loan? I have to say this first: You have heard it before that you have to make sure you pay your bills on time no matter what. If you have to pay the minimum, do it but avoid paying late. The only reason I was able to get this loan was because no matter what, my bills were always paid on time. Other than my large debt, my credit was spotless.

If your credit is less than attractive, this option will not be available to you and you will continue drowning in credit card debt. The process is simple. Go to your local bank. I prefer a credit union because the interest rates are often lower. Ask to speak to a loan officer and tell them that you are interested in a debt consolidation loan. Most banks and credit unions offer this kind of loan. From there, the representative will guide you through the process and providing you have good credit, you should walk out of there feeling like you are on your way to a debt free life.


no credit check payday loans

$ 1500 Wired To Your Bank In 1 Hour. Do Not Need Credit. 60 Second Approvals. Quick Cash Tonight!

Rating of no credit check payday loans




Get Online Application at online payday loans.

0 comments:

Post a Comment