Are you struggling with debt problems that are both stressful and embarrassing?Have you looked for help and found nothing, but empty promises and bankruptcy?There are other options and one of them is a debt consolidation loan.
Here is what a debt loan is and what a few of your other options are.
First, a debt consolidation loan is any type of loan that is used to combine all of your debts into one for an easier monthly payment.
Sometimes these loans save you money in the long run and sometimes they save you money each month.
It just depends on what type of loan you are getting.
The only problem is that the majority of people that qualify for these loans are not the ones that need them the most, but there are other options.
You can use a debt consolidation service.
They will negotiate with your creditors to get reduced interest rates, waived fees, and lower payments.
They will also act as the middleman and let you pay them each month.
When they receive your payment they will cut it up into pieces and send each of your creditors what you are supposed to pay them each month.
This can save you money and make is much easier to manage your debts.
Another option is to use a not for profit debt company or a volunteer at your church.
Both will work with your creditors to help save you money and they will also counsel you in credit so that you will know how to avoid getting back into debt.
Usually a not for profit company still charges a fee, whereas a volunteer would be working for free.
Check with your local pastor to see if there is someone that will help you in your church.
You can use any of these options to consolidate your debts.
If you can qualify for a debt consolidation loan, then it is a good option to consider, but if not you can always use a debt consolidation service, a not for profit service, or a volunteer from your local church.
It does not matter which option you choose, what matters is that you get out of debt and stay out of debt.