Debt consolidating loan companies

09-Mar-2017 01:36

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One of the most common reasons individuals take out a personal loan is to consolidate high-interest debt, especially credit card debt.To help you find the best debt consolidation loan, we evaluated more than 50 different personal loan companies.When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.

Each month, you make a single payment to the debt consolidation firm and it distributes a portion of your payment to each of your creditors.The amount of your monthly payment will depend on the total amount, interest rate, and payment terms of your consolidation loan.There are thousands of companies that claim they can help you consolidate or manage your credit card debt so that you pay less or reduce your payment.If you can’t afford to pay off your credit cards, consider other alternatives such as debt negotiation (which can reduce the balance on your credit cards) or bankruptcy.

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One of the main benefits of consolidating your credit card debt is getting a reduced interest rate.Whether you should consolidate your credit card debt depends on your individual circumstances and the terms of the consolidation.Read on to learn more about whether credit card debt consolidation is right for you.Freedom Plus requires each applicant to have a phone call with the company to verify information in the application. Residents of New York, New Hampshire, North Dakota, Oregon, Rhode Island, Vermont, West Virginia, Wisconsin, Wyoming, Maine, Kansas, Hawaii, Colorado or Connecticut are unable to apply for Freedom Plus loans.