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Debt Consolidation
Joined: 05 Jun 2009
DebtConsolidation's page
Posts: 9
500 Magic Points
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Subject: Debt consolidation - an economical way to get out of debt
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Wed Jul 22, 2009 8:04 am
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Hi,
A lot of people today are experiencing heavy debt burdens, and the numbers are rising day by day. Debt consolidation is the most economical way to get out of debt, as instead of many payments to various creditors, the debtor will make only one.
Please share your opinion here..
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debt consolidation |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Wed Jul 22, 2009 11:31 am
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One benefit if debt consolidation is that you can pay off several high-interest credit cards at a significantly lower interest rate. Lower interest rates means less time it should take to pay off the accounts. Also, debt consolidation allows you to pay just one bill instead of several creditors that require payments at various times of the month. With debt consolidation, you pay once a month to one service.
The bad part could be is that your debts can be listed as debt management, charge-offs, closed by creditor. Even if you've never missed a payment, having these labels attached to your credit report may turn off future lenders. |
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Debt Consolidation
Joined: 05 Jun 2009
DebtConsolidation's page
Posts: 9
500 Magic Points
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Mon Jul 27, 2009 7:15 am
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Hi,
Fireyone
I think you are absolutely right Lower interest rates means less time it should take to pay off the accounts. Also, debt consolidation allows you to pay just one bill instead of several creditors that require payments at various times of the month.
Thanks for sharing your response here...
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debt consolidation |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Mon Jul 27, 2009 10:26 am
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Debt consolidation is no doubt a good idea. It is better than not paying the debt at all. But it also has its cons. Since it allows you to have more money left over each month, you might be tempted to get into that old habit of spending again. It also takes a lot of time to pay off your debt through debt consolidation which means you have to spend a lot of time paying off your debt. Even if you choose a lower interest rate, the time for which you make the payment gets you to pay a lot more money than you owe.
If you can, try and avoid debt consolidation. Pay off each debt at the end of the month and don't exceed the limit on your card. Keep yourself disciplined and you can lead a debt free life.
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Keep in touch
Carol |
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Digger
Guest
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Subject: vCurKcUFqKgNkyE
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Wed Jul 06, 2011 2:42 am
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| It's much easier to unerdtsand when you put it that way! |
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