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  #1  
Old 07-07-2017, 03:09 AM
asma asma is offline
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Default Debt Consolidation loan preferable?

Hi is debt consolidation preferable?
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  #2  
Old 07-07-2017, 03:11 AM
divi divi is offline
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Default Re: Debt Consolidation loan preferable?

Hi, Yess if you have too many loans and monthly payments to be done to banks then debt consolidation is very much useful. http://www.mymoneysouq.com/financial...ion-good-idea/ see this they gave more information
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Old 08-16-2017, 02:07 AM
emortgageconnect emortgageconnect is offline
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Default Re: Debt Consolidation loan preferable?

Most likely. It depends on what it costs. Unsecured debt will usually have a higher rate than secured debt. Revolving accounts are usually higher interest rate and variable. trade your revolving accounts for fixed at a lower rate like a personal loan. You can trade all of them for secured debt like auto title loan or mortgage.
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Old 09-07-2017, 12:33 AM
expectedvalue expectedvalue is offline
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Default Re: Debt Consolidation loan preferable?

More than likely yes depends what loans you have and the current proposed terms
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Old 09-07-2017, 03:58 AM
g_nicks g_nicks is offline
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Default Re: Debt Consolidation loan preferable?

Debt is stressful, tiresome, and can put a damper on all aspects of your life—family, work, relationships, and social. Hence for those struggling with debt, consolidation is the best option. Still, there are some factors and options that need to be considered before going forward.

You need to evaluate the situation and consider the best option. Talk to a financial expert or a mortgage professional to find a solution that will work and remove any additional and unwanted stress in your life.

For any more information please visit: https://tempcfo.com/
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Old 09-19-2017, 10:28 AM
jennys jennys is offline
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Default Re: Debt Consolidation loan preferable?

The idea of consolidating your financial obligations into a single affordable loan appears attractive and workable on paper. But the practicality of a debt consolidation loan entirely depends on your conviction to make it a success. Although the rate of loan would be low and you would shell out lesser every month, the total cost of debt consolidation loan would be more. This is because the cheaper loan instalment would be due to larger duration of loan. Thus you would also need to close the loan as soon as possible and save the additional amount to be paid as interest on this loan.

Whether you find a finance company to pay for your loan or choose to manage it yourself with a single loan, in both the cases you need to ensure the timely repayment of the loan every time. Even a single late payment would hurt your credit report. A lot of planning is required before signing a debt consolidation loan. It is advisable to contact a professional such as a loan broker to seek guidance before signing the final deal. Only after assessing your credit situation you should sign the long term loan commitment. The broker may just help you plan the loan according to your repayment capability and help you become debt free.
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Old 12-14-2017, 04:04 AM
Banknomics Banknomics is offline
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Smile Re: Debt Consolidation loan preferable?

Yes, Debt consolidation loans are very useful to pay off your various loan amounts. Having multiple debts and paying their monthly payments is a hectic task, therefore, Banknomics suggest borrowers take a single loan to pay off all other debts and only pay for a single loan amount.
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Old 12-19-2017, 08:18 PM
TJK finance pro TJK finance pro is offline
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Default Re: Debt Consolidation loan preferable?

Depending on your level of debt and who you are in debt you may not need to negotiate for a loan. Also you would have to have substantial equity as collateral for the loan. Most people prefer not to borrow against their home or car. You don't have to and shouldn't be pressured by slick financial lending businesses to do so.

I work with several clients in reorganizing their debt. It wasn't necessary to negotiate a loan, or file for a consumer proposal/bankruptcy. I have fixed serious problems that a debt counselor caused to clients finances. They had ended up deeper in debt due to the debt counselor's meddling in something not qualified. That is something else to be wary of. Debt counselors don't have any finance and accounting education. Anyone can call themselves a debt counselor.

Last edited by TJK finance pro; 12-19-2017 at 08:28 PM.
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Old 01-19-2018, 12:14 AM
BRodgers BRodgers is offline
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Default Re: Debt Consolidation loan preferable?

Yes it is.
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  #10  
Old 02-11-2018, 09:01 AM
PandaBear PandaBear is offline
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Default Re: Debt Consolidation loan preferable?

When you have as much debt as me you would be happy to hear any advice on how to get rid of it once and for all. I guess that I am lucky that there are so many people with the same problem and I can read the real-life experience and see that issue is totally solvable. Thanks for the advice above. It is like I have been to the financial advisor’s office.
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