consolidation
Date: Fri, 07/02/2010 - 08:00
how does pay loan consolidation work -- I have 1200 in loans 3 at 400 a piece and need to get rid of them or lower the amount per paycheck -- i don;t want to have to close my checking account and I did agree to pay but now I am in over my head
Loan consolidation lowers the monthly payments, and the interest
Loan consolidation lowers the monthly payments, and the interest rate. In debt consolidation, you are required to take out a new loan in order to pay off your debts. All your loans are consolidated into a single debt, and you will have to make a single monthly payment towards it. If you have a good credit score, you will be able to get a low interest loan. However, with low score, you will have problems in getting a loan. In that case, you can get a relative or friend to co-sign for you.
