Debt consolidating loan companies

09-Mar-2017 01:36

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Even if the consolidation reduces your monthly payment, you still have to pay off all of your debt.

So if you don’t have regular income or can’t afford your monthly payment, consolidating your credit card debt will not help you get back on track.

While it may be nice to have a more manageable monthly payment, it also means paying more interest over the life of the loan.

Review the terms of your consolidation carefully before deciding that it is the right choice for you.

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For borrowers with excellent credit, Freedom Plus has some of the lowest rates we’ve seen on an unsecured personal loan.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.Typically this is how these companies work: Instead of obtaining a new loan to pay off your credit cards, the debt management company tries to negotiate with the credit card companies to reduce your interest rates or otherwise lower your monthly payments.

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.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.What we like about Lending Club is that the company is available in almost every state—with the exception of Iowa—and offers a wide range of rates and terms.If you are struggling to pay off multiple credit cards, consolidating your debt may allow you to reduce your interest rates and lower your monthly payment.

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