Need Help!!
Hi missy619 I believe it will be quite tough to manage with y
Hi missy619
I believe it will be quite tough to manage with your finance with all those loans and high monthly payments. Right now, some sort of planning with your finance will really make your life comfortable. I suggest you to take the facility of consolidating your debts into one loan amount. If you take this program, you will have a fixed monthly payment and a lower interest rate which will ease of your life to a great extent. One consultant will get in touch with you who will explain you all the benefits of choosing this program. Also please feel free to go through this site for a complete knowledge. I am sure it will be of great help
Roxette
managing 9 loans is difficult
Quote:
I have 9 personal loans. |
Managing 9 loans is a difficult ask. It is always better to pay off the debt with higher interest rate first as it can save a significant amount.
You can also apply for a debt consolidation loan, a lot to pay off other smaller loans.
Vikas
Re: Need Help!!
[quote=missy619]I have 9 personal loans that are not in collections but my whole paycheck goes to them. I help to finance into one loan.[/quote]
9 personal loans. That is way too much. First of all what are you trying to buy? Is this big ticket item(s) really that necessary? Because if you have to use credit as a major payment mechanism, then chances are you really couldn't afford this thing in the first place. So first you need to evaluate the necessity of this item that you are trying to finance. Is it really worth going into debt with 9 loans?
Another problem you will have is dealing with the varying interest rates. That is 9 different rates that you have to keep track of. Some very high, some very low. So at this point, you are probably only paying off the interest on all your loans. This repayment method is inefficient because you are not attacking the debts directly. So I would suggest that you look into debt consolidation.
Debt consolidation would allow you to reduce your varying interest rates and combine then into one monthly payment. Consolidation would not only be more convenient, it would also be a more efficient manner for you to start attacking the various debts you are trying to repay.
Need Help!!
Hi Missy619,
Welcome back to the forums. I can understand your situation.
You have informed us, that you have 9 personal loans and you want all of them to be consolidated into one loan. So a debt consolidation program would be the right solution for you. You can call up the toll free number of this site for a free consultation with any of the customer care personnel. The toll free is 877-NO-DEBT-8.
Please feel free to come back to the community with more queries.
Regards,
Peter