Go Back   The Finance Forums > Finance forums > Debt

Debt Discussions about debt and how to deal with debt.

Thread Tools
Old 08-07-2014, 08:20 AM
myfinancialhelp myfinancialhelp is offline
Junior Member
Join Date: Aug 2014
Location: South Africa
Posts: 1
Default Debt Consolidation

Go through each and every loan you have and figure out which of your debts should be consolidated and which should remain as they are so that you can see if you are doing thing right. For example, a loan which is already at an extremely low interest rate should not be included in your debt consolidation.
Calculate your total savings with a type of debt consolidation program which may really help you. Start up by adding the balance owed and interest paid to each creditor. Then compare this number to debt consolidation program cost to make sure it is a good strategy.
Reply With Quote

Old Sponsors
Old 01-05-2015, 04:23 AM
losangelescpa losangelescpa is offline
Junior Member
Join Date: Sep 2014
Posts: 15
Default Re: Debt Consolidation

Debt consolidation is the process of combination multiple debts at the lowest possible interest rate. Instead of paying several different accounts every month, you only have to worry about one .You can check many companies which can help you.Such like: losangelescpa(dot)org
Reply With Quote

Old 06-19-2015, 01:11 PM
Richard Johnson's Avatar
Richard Johnson Richard Johnson is offline
Join Date: Jun 2015
Location: California
Posts: 57
Default Re: Debt Consolidation

Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom. True debt help is not quick or easy.
Reply With Quote

Old 04-14-2016, 12:06 AM
micvanlen micvanlen is offline
Junior Member
Join Date: Apr 2016
Posts: 16
Default Re: Debt Consolidation

Good point Richard. People too often forget that debt problems are a result of spending more than you make. It takes excellent visibility into spending needs and discipline to keep them below your income, but there's no magic to this. We just need to spend less than we make.
Reply With Quote

Old 09-07-2017, 03:07 AM
g_nicks g_nicks is offline
Junior Member
Join Date: Jun 2017
Location: New York
Posts: 22
Default Re: Debt Consolidation

Debt consolidation is a popular process of taking one loan to pay off two or more unsecured loans or debts. Instead of managing multiple debt sources such as pending credit card bills, student loan, personal loan, outstanding monthly EMI etc., it is easier to take one debt consolidation loan and manage the same. This leads to help you, where you can manage your financial stuff in an appropriate manner. You just have to pay single monthly installment, rather than paying many. This eliminates the chance to miss any installment or forget the repayment date etc. The person or the borrower can focus on controlling the high rate of interests.
Reply With Quote

Old 09-19-2017, 09:29 AM
jennys jennys is offline
Junior Member
Join Date: Aug 2017
Location: London, United Kingdom
Posts: 6
Default Re: Debt Consolidation

Debt consolidation is a debt management tool that helps a borrower merge all of their liabilities into a single affordable umbrella loan. The new loan is availed at a lower interest rate so as to make the monthly installment cheaper and easier to repay. You can avail a larger personal loan (unsecured) to cover all of your liabilities or avail a bigger loan against property for the same purpose. The cost of secured debt management loan would certainly be lesser than unsecured loan but it also risks the ownership of the property in case of nonpayment.

Generally those who want to get rid of accumulated debts resort to debt consolidation loan for a number of years. You need to possess greater patience and financial discipline to make consolidation of loan work for you.
Reply With Quote


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

» Boards

All times are GMT -4. The time now is 12:04 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.