Consolidating bills into one monthly payment
If you’ve been a good customer at that bank or credit union, they may take that into consideration and reduce your rates.If you still can’t get a lower monthly payment and interest rate than you were paying, call a nonprofit credit counseling agency and investigate another debt-relief option like a debt management program or debt settlement.
Enter the proposed interest rate and repayment period under under Consolidated Loan Information. The results will show you your current combined monthly payment as well as the predicted monthly payment under a debt consolidation loan.She was unemployed for one year and then re-hired the following year.With few options, Anne lived off her credit cards while unemployed, adding an additional $9000 to her debt.Learn about the pros and cons of various credit consolidation options.Learn about the best ways to consolidate your debt.There were also high fees associated with taking out a large loan.
Then Anne discovered In Charge’s debt consolidation alternative.
Every time I make my one consolidated payment, I know I’m one month closer to my financial freedom.” Debt consolidation lenders won’t qualify you for a loan if too much of your monthly income is dedicated to debt payments.
If you find your debt-to-income ratio in excess of 50 percent, you should consider alternatives to debt consolidation, including consolidating without a loan.
With the In Charge debt consolidation alternative, Anne will be debt free in 4 years and 2 months.
“Having lived with credit card debt my entire adult life, I cannot tell you what it means to me to be debt free in a few years.
Other benefits may include lower interest rates from your creditors, waived fees, stopping the collection calls and paying off your debt faster than on your own. She graduated with a small balance on two cards: $2400.