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Debt Consolidation Risks

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infowebz

Joined: 29 Jan 2010
infowebz's page
Posts: 5

161 Magic Points

Subject: Debt Consolidation Risks

Fri Jan 29, 2010 1:45 pm

There are many risks in debt consolidation like
1. You will have more liability cause here you have multiple loans in one loan in a process.
2. There are high interest rate that is nedded to pay on a regular basis.
3.Some choole home equity loan as collateral that will be very risky cause ultimately if anyone fail to pay it back the he will loose his home.You may get more detail about debt consolidation from
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fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Fri Jan 29, 2010 7:54 pm

I think there is really risks in having a credit card to begin with. It does not by any chance mean not to get one but signing alone leaves you open to lose belongings(failure to PAy resulting in law suit) and the high rates. If you go through your bank and get a consolidated loan you will get much better interest rates and there would be less of a likely hood of not paying off the card. Credit comes with huge responsibilty. You must be a well disciplined person and a very responsible one before signing on any line.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Subject: risks

Sat Jan 30, 2010 12:43 pm

There are some risks in debt consolidation:

1.The company which you are opting for can be a fraud.
2. The debt consolidation loans are the secured ones. This highers the risk of losing your home if you fail to pay.
3.It may harm one's capability to get loans in future.
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Justin

FreedomDM

Joined: 28 Oct 2009
FreedomDM's page
Posts: 106
Location: Florida

2201 Magic Points

Subject: risks

Wed Feb 17, 2010 7:20 pm

there are risks in any venture, reason 876 why u shud always check out a business before signing any paperwork and then seeing if a third party is actually needed or if its something u can feat on ur own.

non-profit agencies like ours weigh out these options for you for free, with no obligation or personal information required.

best to ask a pro whos in the know before u decide to go with anyone u dont kno - ya know?

Micha3l
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Kimmie

Joined: 18 Feb 2010
Kimmie's page
Posts: 2

41 Magic Points

Subject: Payday loans

Thu Feb 18, 2010 9:50 pm

I have 3 payday loans. I can't afford to keep paying just the finance charges. They take out 600.00 a month just for finance charges. They are all internet loans. Please help!

FreedomDM

Joined: 28 Oct 2009
FreedomDM's page
Posts: 106
Location: Florida

2201 Magic Points

Subject: run...

Thu Feb 18, 2010 9:53 pm

change ur bank account, do not authorize anyone to auto debit payments once established. Find out if they are able to sue you based on their state and ur state guidelines and go from there.

Payday loans are the devil.
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Non-Profit Budget Counseling

kimsmith07

Joined: 28 Apr 2010
kimsmith07's page
Posts: 10

107 Magic Points

Wed Apr 28, 2010 4:55 pm

advantage and disadvantage both are present in debt consolidation.
you decide you want debt consolidation or not. because you pay the no any other person pay your loan.
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jesicakalra

Joined: 31 Jan 2011
jesicakalra's page
Posts: 2

4 Magic Points

Mon Jan 31, 2011 8:25 am

if you can pay Debt then Debt Consolidations not a good option for you..
because it is in high risk...
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