Posts By: Jordan Grimmer
Jordan Grimmer is the head content manager, editor, and writer at bestcompany.com. He oversees all on-site content production, the bestcompany.com Medium page, as well as his own personal blog. You can follow Jordan on Twitter.
What Is Student Loan Consolidation? Consolidation is the process of combining multiple loans into a single loan at a fixed rate. This rate is calculated using the weighted average […]
With the next drawing for the now $1.5 billion Powerball Lottery scheduled for tonight (Jan. 13, 2016), millions of people across the country are buying up lottery tickets like it’s going […]
With a little over two weeks remaining before Christmas, holiday shopping – whether in-store or online – has exploded. The year 2015 has already embarked on a record-setting pace for […]
It’s that time of year again! A time for reconnecting with family and friends, for giving, for snowmen and hot chocolate, and for presents! It’s the holiday season, and for […]
It should come as no surprise that America is facing a massive consumer debt problem; however, not every statistic on America’s debt problem is necessarily bad. In fact, many Americans […]
Editor’s Note: We are excited to announce the maiden voyage of The TBC Podcast, our informational blog designed to help everyday consumers make smarter decisions with their money! For this […]
At $1.2 trillion, student debt has surpassed credit card debt and car loans, and is nearly eclipsing mortgage debt as the leading cause of debt in America. As a result, […]
When you owe a friend money, he can hold a grudge, take you to court, or give you a noogie until you finally pay up (of course, if it comes […]
- 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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