Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Categories
Tip of the Day

Tip of the Day Index Funds are Your Friend

Index Funds are Your Friend - Every stock market or stock exchange offers indexed funds and these index funds are more beneficial to you as a new investor as they...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Credit Debt Consolidation Loans

You see ads for credit card consolidation loans on television and the internet all the time. Is this something you’ve been considering? Are the bills piling up and the balances not going down?

Credit card consolidation loans may be a good option if you’ve gotten in over your head, but they require some serious thought. Let’s explore what you need to think about before pursuing a credit card consolidation loan.

First of all, to define a credit card consolidation loan, it is a loan that reduces the amount of monthly payments that you must pay. A lender who specializes in these loans will talk down the existing balances and pay off those debts. They will then give you a loan with a single monthly payment. Many lenders have lots of requirements to receive this type of loan. Some of these requirements include having enough debt for the loan to make sense, a down payment or security deposit (often the equity in your home and/or credit counseling courses.

Remember this important information about credit debt consolidation loans. These loans are only a portion of an overall strategy in managing debt. It makes sense when you are ready to cut up the credit cards and get out of debt. It doesn’t make sense to go this route if you are just going to go out and get more credit cards and debt. You must be willing to live within your means in order for this to work.

Putting your house up as collateral is a big risk. This is often the only way credit debt consolidation loans lenders will lend you the money. Be sure you are prepared to deal with this should you not be able to pay back the loan. Even if you do file bankruptcy, you may have to still pay back the loan to keep your home.

Another factor, when considering credit debt consolidation loans, is whether or not it has to be secured with property such as home equity. That can be dangerous because, if something happens, you could lose your house. Also, even if you file bankruptcy you may still have to pay this debt in order to keep your house. This means that the debts you wanted to cut out the payments on could cost you your house. You need to consult a reputable debt counselor to develop a real recovery from debt problems starting with the bad practices that got you there in the first place.

Discuss It!

essaytogo writing service said:

Thank you teen analyst for sharing about Credit Debt Consolidation Loans. It was informative knowing about these, really had so many questions about these all are answered, happy knowing that, thanks.

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Proof Of Concept

Proof Of Concept – (Proof-of-concept) Referring to the types and applicability, reliability or evidence, verification, confirmation and corroboration, even substantiation, or resilience of data, fact etc. Also called POC, showing its usefulness and applications, features and possibilities, allowing to an extent no to low risk exposure and exploration, prospecting if...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com