It’s hard to have a peace of mind about your life in general when you are having trouble keeping up with so many credit payments. While debt counseling can be helpful, it might not help your overall credit. Debt management might be worthwhile if you can manage to make it work. However, the best solution for many people is to try and get approved for a low interest debt consolidation loan.
The main advantage of debt consolidation is to put as many of your debts as possible – if not all of them – under one roof. It’s much easier to just pay on one debt per month than on multiple accounts. It’s also easier to keep track of one interest rate and to pay back more than the minimum on the consolidation loan. You might not be getting anywhere at all if you’ve just been paying the minimum on all of your accounts every month.
What if you have trouble getting a consolidation loan with a low interest rate? It still might be your better option if you compare it with the interest rates of all of your current debts, just as long as you are able to pay on more than just the minimum amount on time. Just being able to free up a few extra dollars a week will really go a long way in helping you get out of debt. The question is whether that freed up money would be better spent on your current debts or on a single consolidation loan.
Low Interest Debt Consolidation Loans for Credit Cards
Unfortunately, statistics show that Americans who take out any kind of loan to pay off their credit card debt wind up with the same debt load within just two years. Will you be able to beat the statistics and be one who really is able to improve your overall situation?
Another thing to consider when looking for a low interest debt consolidation loan is secured VS unsecured. Some people actually take the route of taking out a home equity loan or putting up a vehicle for collateral. The good news is that with a secured debt or putting up collateral, you might actually be able to get a lower interest rate. It all depends on the bank in question and your personal situation.
The best thing for you to do right now is to learn more about getting a low interest debt consolidation loan and to consult with experts to find out if it really is the best option for you. CuraDebt is the place to go to get an informative consultation, by calling 1-877-850-3328 or by filling out a form for a free estimate.