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Debt Consolidation Loan
Until recently, a debt consolidation loan was the only way to handle your debt in a monthly payment. You apply to a bank or credit union for a debt consolidation loan to pay off your creditors and your debts are rolled into one monthly payment. You pay the bank loan back, and for many people, the single monthly payment is easier for them to manage.
Depending on your income and debt ratio, you may be apply to a financial institution for a debt consolidation loan. This debt management loan could be either secured (backed up by collateral) or unsecured. Talk with a loan officer or a financial planner about your options. You can also talk to other financial institutions to find if they offer a better deal before signing on the dotted line.
When considering a debt consoludation loan, keep in mind that it is very common for consumers to continue to use their credit cards after they have consolidated their old debt. This results in increasing their total debt load and severely limiting their ability to repay all outstanding debts. Statistics show that most people who use consolidation loans to resolve their debt issues will find themselves right back in the same deep debt rut within two years. If you choose this option for managing you debt, you must back it up with practical budgeting and expenditures.
There is a very real down side to considations loans that most people don't take into consideration. A consolidation loan will mix your secured debt (debt which is secured by assets) with your unsecured debt (debt which is not tied to any assets). Since statistics show that debt consolidation as a financial solution is so prone to failure, you need to understand that you are really taking a big risk on yourself. You are agreeing to take debt that can't be tied to your assets (unsecured) and make it all secured debt. And then, if you default on any of it, you will loose the asset(s) and possibly face bankruptcy.
Most financial planners are not going to recommend consolidation loans to you if you've shown a financial spending pattern that indicates you probably won't be able to get yourself out of debt.
Most bank lenders are going to be more than delighted to take your application for a consolidation loan and won't address the pitfalls. Buyer beware!
What if you really wanted to get a debt consolidation loan, but were denied? You still have a few debt options. Dealing with debt will come down to your ability to pay and get mind-set that you are going to be creating a budget, and you're only chance out of debt is to stick to it religiously.
You need to speak with a financial advisor (not paid by the banks) or credit counselor (paid by the banks) who will give you ideas for working with your budget to payoff your debts. You can ask whether Debt Management Plan could work for you.
http://debt-education.org/debt-consolidation-loan.html
Here are Your Debt Help Options:
CREDIT COUNSELING: You have to really work at this option because to be honest the success rate is very low. We think that's because it takes a great deal of determination to get yourself out of debt through credit counseling. However, if you can stick to it, you will get out debt with a fairly clean credit record and that's huge. You can get started now by filling out a short form here.
DEBT SETTLEMENT: Over 10 million people entered debt relief programs in 2004. The debt specialists and attornies are the nations leaders in debt negotiation and settlements, providing the financial relief that people are so desperately looking for today. Helping people eliminate their financial burden in 24 to 36 months and save them as much as 70% or more. Requirements for a qualified lead are: 1) Correct contact information, 2) Must live in the United States of America, 3) Must have at least $10,000 in unsecured debt, and 4) Must have a Hardship of some type. Avoid bankruptcy eliminate your debt!
DEBT CONSOLIDATION: Due to a slowing ecomony, and record layoffs, debt consolidation will be a place where consumers can turn for help. The amount of people in debt is astounding and chances are you could use this service. Mortgage rates are also still at all time lows or near to it. People will still continue to buy homes and refinance homes, even if rates continue to rise. Click here to become Debt Free!
CONSOLIDATION LOAN or REFINANCE LOAN: You simply complete our short online form and up to 4 lenders will compete for your business. Requirements for this service: $80K minimum current home value and 90% max LTV, No mobile homes, No false personal information or fraud, US leads only, and not in the following excluded States: WV ,ND, NM, IN, NC, NE, MS, DC, SD, HI. Get your fast & free mortgage quote now.
BANKRUPTCY: You can avoid bankruptcy most of the time, but when you can't you need a law firm to help you. Before any law firm can help you, the new laws require that you first consult with a credit counseling agency and make every effort to repay your debt. If that fails, then with proper documentation from the credit counseling agency, you can contact a bankruptcy attorney to file for bankruptcy. Bankruptcy is no longer an easy way out of your debt issues.
CREDIT CARD TO GET THROUGH ROUGH PATCH: Guaranteed Loans and Credit Cards - Any Credit History. Offering unsecured personal loans for bad credit. Bad credit is okay and even expected. Over 45 million Americans are in credit trouble, have poor credit ... this is one solution to help get through the rough patch. You're Approved for Guaranteed Unsecured Credit Cards and Personal Loans - Any Credit History Click Here
CREDIT REPAIR: Go here to Learn How To Repair Bad Credit.
