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View image | gettyimages.com Over 24% of Americans owe more money on their credit cards than they have in emergency savings. This is a problem because credit cards charge higher […]
While using cash is preferable to going into debt, the truth of the matter is that a zero-debt existence is all but impossible for most people. According to the Federal […]
Honoring a loved one on their special day provides yet another chance to say, “I love you.” Fortunately, people working toward reducing their debt loads will be able to do […]
If you have loans, whether they’re personal loans, mortgage loans, or student loans, you probably know a thing or two about interest rates. Generally speaking, an interest rate is an […]
Did you know that the word bankruptcy dates back 500 years and may have been derived from the Italian term banca rotta, or broken bench? For whatever reason, there is […]
This is the fourth and final installment of the short “Intro to Tax Relief” series, presented by Tax Defense Network. You can learn more about them by reading their full review. […]
This is the third installment of the short “Intro to Tax Relief” series, presented by Tax Defense Network. You can learn more about them by reading their full review. There are […]
This is the second installment of the short “Intro to Tax Relief” series, presented by Tax Defense Network. You can learn more about them by reading their full review. Touchy IRS […]
This is the first installment of the short “Intro to Tax Relief” series, presented by Tax Defense Network. You can learn more about them by reading their full review. Benjamin […]
If you are looking to procure a personal line of credit, you are probably looking for a simple and cost-effective solution for paying off major purchases, like renovating your home, […]
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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