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| The independent answer to your debt problems | login join |
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Debt.Consolidation
| 20-07-2009 07:15 AM |
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Joined: 26 May 2009 Posts: 5 | The Disadvantages of a debt consolidation loan * Can pay more over a longer period. * May incur additional costs for setting up the loan. * If secured, your property may be at risk. * You will be left with only one creditor - this can make it difficult to negotiate should you have further problems in repaying your loan. * If the loans you are consolidating have all the interest added at the start you may in effect be paying interest twice. The interest charged for the first loan and the interest charged for the consolidation. Share your opinion here.. |
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debbiecs
| 16-08-2009 05:45 PM |
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Joined: 16 Aug 2009 Posts: 7 | I took out a secured loan some years ago and the biggest mistake i made was not to get a fixed rate it went from 6.9% APR to 18% in a matter of months. |
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johnchase
| 17-08-2009 08:30 PM |
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Joined: 12 Aug 2009 Posts: 2 | Debt consolidation, like all debt solutions has its pros and cons. While it may work for some, it may not work for others. People who seek out debt relief of any sort do so because they are struggling with making their current payments. The benefit of debt consolidation is a reduced monthly payment. This is what consumers in debt are seeking, and this is what the greatest benefit should be for any debt relief program. |
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debtconsolidator
| 21-08-2009 01:10 PM |
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Joined: 21 Aug 2009 Posts: 5 | That true. While taking loan load, you have to be cautious about your future plans. Needs them to be streamlines perfectly. |
| marktaylor | 18-09-2009 07:47 AM |
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Joined: 31 Aug 2009 Posts: 10 My Profile | There are many people facing debt problem in the world. Moreover economy of the world is going bad so people are facing recession problem. So in this time, people have to control on their extra monthly expenditures. Also they have to properly all the rules and conditions about loan before to take by any bank and financial company. If you really really want to reduce your debt then i have really nice and helpful suggestion for you. Get Out Of Debt provide really nice and helpful facility for you. |
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gabriel
| 15-02-2010 09:39 AM |
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Joined: 15 Feb 2010 Posts: 4 | The only really important things are the setting up costs, the interest rate and the term of the loan but none matter in isolation. The combined effect is the total amount to be repaid. |
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Jack00
| 28-07-2010 02:33 PM |
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Joined: 16 Jun 2010 Posts: 5 | Unsecured debt consolidation loans are usually the most disadvantageous since they provide a higher risk to the lender and therefore they only allow a small amount for a loan. |
