Do you have credit cards with outstanding balances from the holidays? Or loans with a high interest rate that are bogging you down every month? While there isn’t one easy fix that makes all of our debt disappear, a Debt Consolidation Loan does make it more manageable.
Debt Consolidation Loans combine your existing loans and/or credit card balances into one lower monthly payment. Sometimes, you can cut back on how much you pay each month and other times you are able to pay off your debts quicker. Either way, you’re saving real money by consolidating your debt. There are various avenues that can be explored, so you’ll need to ask yourself:
How much should I borrow? First, gather up all your previous monthly statements and calculate how much you need to pay your debts off. The goal is to transfer all monthly payments possible to the lower interest rate loan.
What is my financial strength? Your credit score, income and existing debt payments will be considered and evaluated as a bank determines your ability to repay the loan.
What collateral do I have to offer? Collateral is a valuable asset you own that the bank can take possession of if you don’t make your payments as promised. Oftentimes, this is a vehicle title or deed to your home. The type of collateral often directly impacts the type of interest rate you can receive.
Phone: (260) 570-4634
Email: lindsays@csbemail.com
