Consolidating all my bills

Beware of any lender that promises to offer you a loan regardless of your credit.It’s also a good idea to stay clear of websites and lenders that charge you big upfront fees for a debt consolidation loan.We are a nation of debtors, Britain owes over £1 trillion.But rather than trying to pay off the minimum amount for each debt, a debt consolidation loan could reduce your debt to one manageable monthly payment.These loans should not be the first action to take against debt, especially if there are expenses and outgoings you can reduce or get rid of completely.

Some strategies will be more affordable than others, and your credit card consolidation choices may be limited by your credit standing.Personal loans charge simple interest (as opposed to credit cards, which often have variable rates and sometimes have different rates for balance transfers and purchases on the same card) and they typically have loan terms of three to five years.By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.With a debt management plan, you make one monthly payment to a credit counseling agency and the agency pays each of your credit card lenders.A lender may lower the interest rate on your credit card balance when you participate in a debt management plan.

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