Three Key Points About Debt Consolidation Help
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Transcript of Three Key Points About Debt Consolidation Help
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Three Key Points About Debt Consolidation Help
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There are many ways to find debt consolidation help.
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Sometimes you might feel like you don’t know what will give
you the best outcome.
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All you really know is that you need to get your financial life
back on track.
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Personal finance can be an intimidating arena for some,
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especially if you aren’t very familiar with the choices you
have available.
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It can feel like you are being thrown to the lions.
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Not a very comfortable feeling, is it?
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There are financial counselors to help you sort out your finances.
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Finding a good one can save you a lot of time and stress.
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And give you a much more peaceful feeling about things.
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If you have decided that debt consolidation is a good option
for you,
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there are a few considerations to keep in mind.
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Beware of a loan that offers you lower payments,
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but a higher interest rate than what you are paying now.
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Some companies will ‘help’ you by offering you a loan like this.
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While the lower payments are nice, by stretching the loan over
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a longer period of time at a higher interest rate, you end up
paying a lot more.
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It can be twice as much, or sometimes more, than you would
have paid
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if you had gone with another option.
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Be very careful when you are considering a transfer of your
credit card balances.
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Many credit card companies will offer to help you consolidate
your debt
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by allowing you to transfer balances from your other cards
and
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give you a lower rate than you are currently paying.
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This sounds like a great option, and it can be, depending on
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how long the lower rate will last. The low rate can often only
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last a few months, then blow up unexpectedly, costing you money
in the long run.
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Getting a secured loan may be a good option for debt
consolidation.
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You may find that your home can be your very best friend in a
situation like this.
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A home equity loan can be a much better solution than high
interest unsecured loans.
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A home equity loan will almost always have a lower, more
reasonable
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interest rate because the lender has collateral.
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When it comes to equity, don’t forget your vehicle.
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If you have a later model car that is paid off or has a low remaining
balance
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you might be able to get a consolidation loan by refinancing
your vehicle.
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These types of loans also tend to have a more reasonable interest
rate
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than an unsecured loan.
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Debt consolidation help is fairly easy to find these days.
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Just remember to take a look at all your options and don’t jump
into anything.
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Make sure you understand exactly what you are getting into
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and what it will cost over the long haul.
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If you don’t, you could end up paying back a lot more than you
bargained for.
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