Consolidating debt and mortgage
You’re in deep with credit cards, student loan payments and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.Think about it this way: If you owe ,000, your settlement fees would range from ,500–10,000.Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission. When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.You don’t need to consolidate your bills—you need to pay them off.Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.
Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.Here are the top things you need to know before you consolidate your debt: But here’s the deal: Debt consolidation promises one thing but delivers another.That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.