The current economic crisis is creating a lot of heartache for a lot of people. Debt is obviously a great burden in these times and what is causing many people a lot of stress is that they have multiple loans. Each loan comes with it’s own set of fees and some can have a hefty interest rate, especially credit card loans.
I have always believed that debt consolidation to be one of the best ways to minimize a persons debt, but it wasn’t until I read Christian Debt Consolidation that I realized that a lot of people do not understand what true debt consolidation is all about. I urge anyone considering debt consolidation to read that post so as not to get caught out by the many scam merchants out there who are nothing but parasites feeding on the misfortune of others.
You may also find this video of interest.
To me debt consolidation is the process of getting another loan that will pay out all other existing loans. This means rather than having several loans with varying interest rates and separate fees you will now have one loan. Naturally, you want to make sure that the new loan has the lowest interest rate possible. It’s also a good idea to take into consideration any exit fees that may be applicable with certain loans.
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Good video, Sire, and yes, this is a major problem all around the world. These people don’t care, and states have problems catching up to them also.
.-= Mitch´s last blog ..Consumers Aren’t Buying The “Better Economy” Talk =-.
That’s why everyone should adopt a buyer beware attitude.
We consolidated our loans a few years back. While we still have to pay them off, it will be cheaper in the long run and much easier to manage.
Cheers,
Peter
.-= peter petterson´s last blog ..Facebook, Twitter, disrupted by hackers attacking lone blogger in the former Soviet republic of Georgia… =-.
That’s it exactly Peter, it should be more stress free and not the other way around.
.-= Sire´s last blog ..Sedo For Buying, Selling And Parking Domains =-.
You cant call them bloodsucking leeches, ive had my debt consolidated through a credit counseling agency and it is way better then what i was doing. Which was paying on 3 different cards with rates of 18% 22% 16%, which have now all been lowered down to 6%. Keep in mind now, that before i went into this program i was current with my debt and my rates rose for no apparent reason. The real blood sucking leeches are the credit card companies. People should have a buy it if you can afford it attitude. Not get yourself into trouble and then complain about services that are made to benefit you attitude. When you are not optimistic you will never further/better your current situation. Although I am defending these consolodations i do realize for every good there is a bad. Just do your homework on the company, DO NOT BE ARROGANT TO YOUR SITUATION AND NEEDS.
Anthony, it’s not the credit card companies fault if people don’t know how to handle their finances, though I am sure there are many within the industry who rub their hands with glee when they turn up.