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 Posted: Mon May 14, 2007 12:42 pm Subject: Interested in a debt consolidation loan |
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What is a good place to do a debt consolidation loan?
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bls8195
Joined: 14 May 2007
Posts: 1
Debtcc Points: 38
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| Posted: Mon May 14, 2007 12:47 pm Subject: |
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When you signed up for this site, you also signed up to receive a call from a debt counselor. They will be able to point you in the right direction.
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sswett
Debt Samaritan
Joined: 26 Mar 2007
Posts: 414
Debtcc Points: 4788
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| Posted: Mon May 14, 2007 12:59 pm Subject: debt loan |
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debt consolidation is a good thing but should not be confused with a debt conolidation loan. A debt consolidation loan is generally a secured loan that you use to pay off your other loans and then you pay off them with a smaller payment. Getting one without using real estate as security is very difficult unless you have excellent credit. Debt consolidation works differently. That will be explained to you by the person that will contact you.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3695
Debtcc Points: 30816
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| Posted: Mon May 14, 2007 1:04 pm Subject: |
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How much is your total debt?
Be aware, when you go for any kind of loan, you need to put something as collateral against the loan. For some reasons, if you miss the payment in the plan, your property will be at risk because the company will try to recover the balance from your property.
Better option without taking a loan is to sign in for a consolidation program. Here you don't have to put anything as collateral. This is not a loan, you will be paying to the consolidation company and they will divide it among all your creditors. You will get monthly statements of how your money was applied. The benefits of this program are your counselor will negotiate lower interest rates with your creditors and waive off the late fees. Discuss your options with the counselor before signing for the program.
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orake
Joined: 20 Jul 2006
Posts: 483
Debtcc Points: 6732
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