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 Set Up an Automatic Savings Plan

Set Up an Automatic Savings Plan - This may sound like it is really difficult, but it is not. If you have a checking account, you can set it...

read entire tip

Recently Added
Other Great Sites
 

Loan Debt Consolidation Loan

If you have loans and other debts like credit cards you need a loan debt consolidation loan.  Basically, this is just fancy language for saying that you need some type of loan that can consolidate all of the debts you currently have.  A loan debt consolidation loan allows you to ease your financial burdens with one payment instead of many. 

You have undoubtedly read about debt consolidation or at least heard of it.  In the last three years the global economy has suffered.  A majority of individuals who had jobs lost them and their debts spiraled out of control.  Mortgage companies are trying to repossess homes because of extreme defaults.  The point is simple- people need a loan debt consolidation loan.  We will discuss how this type of loan debt consolidation loan will work. 

You may have an auto loan, home loan, credit cards, medical bills, and student loans.  Combined you may have a debt of $200,000.  You earn about $35,000 in a year.  As you can see you debt to income ratio is showing a heavy favorite towards your debt.  Each month you have to pay out $3,000 and you only make $2500.  In your current situation you are using credit cards to make up the $500 difference, thus incurring more debt.  With a loan debt consolidation loan you combine all of your debts into one payment. 

With one payment you are able to handle the debts a little better.  First you will see a slight decrease in the amount paid each month.  Second you will find a lower interest rate.  There is one caution we can give you about debt consolidation loans.  You should not include any debt that has a lower interest rate or no interest rate.  Medical bills do not charge you interest as long as you pay a monthly installment.  You do not want to pay more on any bill than you have to.  If your student loan is at 2.5 percent and your debt consolidation loan is at 8.5 percent you end up paying more on the student loan amount. 

Discuss It!
Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Phone Switching

Phone Switching This give investors the ability to transfer currency between various mutual funds, as long as those funds are part of the same family, on the telephone. This is much easier than heading down to the manger's office in order to get these results, as it can be done...

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