Is it a good move to take a consolidation loan to free up extra cash?
Date: Mon, 06/19/2006 - 09:16
TrentWichman If you take a consolidation loan, you will have
TrentWichman
If you take a consolidation loan, you will have to pledge your property against the loan. In case, you default in making the payments, you might be at the risk of losing your personal property. Besides, you will have to pay the interests twice for the existing debt as well as for the new loan amount. I believe, a new loan won't be a good decision especially for paying off your past debts.
As you are comparing your options, try a consolidation plan to pay off your previous debts. This might be a better choice. You will be able to combine all your previous debts into one monthly payment at lower interest rates. This program will appear in your credit report showing all the accounts are getting paid off through this plan. Once everything is paid off, it will be removed from your file. This does not hurt your credit because your payments are done in anyway. Credit scores are hurt when the accounts are delinquent. Prefer a consolidation program rather than taking a new loan and therefore, multiplying your total debts. Review the benefits you will be getting in the consolidation program.
http://www.debtconsolidationcare.com/benefits.html
I suppose what I'm really looking for is more like a signature l
I suppose what I'm really looking for is more like a signature loan for the amount of my debt to pay off my current debt. Is this a common practice or is this something that I would have to search high and low for a bank that would do this?
Personally, accumulating more debt to pay off debt is a HUGE no
Personally, accumulating more debt to pay off debt is a HUGE no no. Quote:
I was also curious how this would affect the credit cards I would be getting the loan to payoff |
how it would affect my current credit score |
Also, it is like a signature loan where they give me a check for X amount or pay off the credit card companies and have that show up on my credit report? |
Is this a good move for the freeing up money or is this going to hurt more than help? |
The intention here is to get the loan to pay off the accounts an
The intention here is to get the loan to pay off the accounts and then close the accounts. This being said, is this still a horrible idea and also what are some good companies I could look into that give these kinds of loans?
No not a bad idea, but I think all debt is evil. :evil: But that
No not a bad idea, but I think all debt is evil. :evil: But that's just my opinion. :wink: American General is the company that comes to my mind because you can do most of the paperwork online.
Here you go. loansfast.com/products/consumerLoans.htm Link m
Here you go.
loansfast.com/products/consumerLoans.htm
Link made inactive as per forum rules - Mike
Where can I find a Christian Debt Consolidation loan provider wi
Where can I find a Christian Debt Consolidation loan provider with a low interest rate?
Is there anybody with real money out there?