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How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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The Best Debt Consolidation Loans

Better Credit Blog

Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further. If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan.

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The Best Debt Consolidation Loans

Better Credit Blog

Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further. If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan.

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Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

It works by getting one new loan and using that to pay off multiple existing creditors. You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. It’s best to use home equity for consolidation as a last resort.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

The means test decides who can seek debt relief. Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. Co-signing a loan carries a risk – Anyone who co-signs a loan may be obligated to repay the debt on your behalf. medical debt .

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8 Ways to Consolidate Credit Card Debt 

Credit Corp

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. You’ll receive an amount of money that you’ll use to pay off your current debt.

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What Is the Difference Between Chapter 7, 11, and 13 Bankruptcies?

Credit Corp

Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. You typically can’t apply for most types of credit, including a mortgage, auto loan or significant personal loan, without getting the court’s approval if you’re in the middle of a Chapter 13 bankruptcy, for example.