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Debt Consolidation Loans
There is light at the end of the tunnel!
Getting a Credit Card debt consolidation loan with bad credit is possible. Many lenders will not grant you a personal loan with bad credit. In addition, personal loans will require collateral. However, if you have bad credit and you own a house, a debt consolidation loan is easy to get
January 13, 2010 at 11:38 am | Bad Credit Loans, Debt Consolidation | No comment
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Could you save money by consolidating your debt?
If your debt repayments are getting too much of a strain don’t overlook the potential benefits of a consolidation loan.
Consolidating high interest loans, credit cards and over-drafts etc. using a debt consolidation loan can save you money by reducing your monthly payments into one lower monthly payment, giving you more money in your bank each month. This not only reduces your monthly outgoings (sometimes quite considerably), but also gives you an end date when your loan will be paid off.
January 15, 2009 at 12:10 pm | Debt Consolidation | No comment
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It’ll all be over by Christmas. Is that the crunch or life as we know it?
According to a survey by Alliance and Leicester, 31 million people managed to add to their savings in 2008, despite ‘challenging’ conditions. What does this mean? Were people asked “Did you put any money into your savings during the year?” Were they asked if they took anything out?
No-one I know was able to achieve a significant net input into savings. And I’ll bet if I asked everyone I know to ask everyone they know the answer might well be the same. Which brings me onto the topic of how severe this ‘crisis’ is.
Some financial pundits belong to the ‘meltdown’ group of soothsayers whilst others talk of temporary difficulties. Not surprisingly it is the media which seeks to terrify us with Armageddon whilst the financial providers sooth us with talk of things correcting themselves over the next few months.
The Halifax (let’s not use the dreaded HBOS name) has put together four ‘golden’ resolutions through which people will be able to sort out their money matters in 2009. They consist of shopping around for the best financial deals, becoming a regular saver, overpaying mortgages and pension planning. Largely doing what you should do every year then. Are they in the same financial world as the media pundits suggesting personal bankruptcy as the way out?
My golden resolutions would be to do with fighting hard to put a lid on borrowing, finding the best way to consolidate debt, and looking hard at controlling daily expenditure – at least until we’re out of this financial meltdown/correction period.
January 5, 2009 at 11:13 am | Debt Consolidation, personal loan | No comment
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Pay-day loans – damned if you do, damned if you don’t
A pay-day loan does what it says; it lends you money till your next pay-day. A godsend you might think if you are in dire need. But interest charges can be crazy – an annual rate of up to 2000% is possible.
Of course these are short term loans so the annual rate does not really apply, unless of course you end up borrowing every month. According to the British Cheque Cashers Association, a typical pay-day loan is £88 for 28 days with a £12 charge. So you pay back £100 – an interest payment of 12%. That doesn’t sound unreasonable until you discover that it would amount to around 430% APR.
But there is another way of looking at pay-day loans. If you are running up an overdraft which would cost you £30 at the end of the month, paying £12 to borrow enough to avoid it seems like a good idea. The key to it all though is never to miss paying back the pay-day loan on time. Some can charge you a very high flat fee (up to 60% of your loan). Also, don’t get so reliant on these loans that you are taking one out every month. If you have got into this situation you would probably be better off with a personal loan or consolidation loan.
December 28, 2008 at 10:48 am | Bad Credit Loans, Debt Consolidation, personal loan | No comment
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Don’t resolve your debt problems with a high interest loan
Bringing together all your debts into a single consolidation loan can be the answer to affording your regular monthly repayments which over time have become unmanageable. But you need to take some care when choosing your consolidation loan provider.
In a difficult financial climate there is a growing number of organisations appearing in the media to offer solutions. Often the ones spending the most on advertising are the ones charging the highest interest rates. Although you do need to be sure you find a reputable provider, it is worth investing time into shopping around to find lesser-known lenders who may offer better rates. Smaller companies will have to work harder to find customers which is why they may have to set lower interest rates.
So remember, although you may have found yourself in financial difficulties, you are still a valuable customer.
December 27, 2008 at 12:48 pm | Debt Consolidation, personal loan | No comment
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