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Debt Consolidation Loan

Is there a loan that can help rid borrowers from debt forever?

Yes. There are several different ways in which loans and other forms of consolidation can assist consumers in regaining control of their financial situations and prevent them from being sent to collections or from having to file bankruptcy.

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What’s out there that will work for me?

Firstly, you must ascertain just how much debt you currently have. Thereafter, you can begin to research the many resources that are available. If you are a homeowner you can apply to lenders who will use the equity you have in your home as collateral. You will then be able to pay off creditors with the money from the loan, and rather than having to accrue high interest charges, your bills will be lumped together in one monthly payment. There are some programs that will allow you to save even more money by allowing you to write off the interest from your debt consolidation loan from your income taxes. If you do not own your own home, you may want to consider a loan that does not require any collateral to consolidate your debt. These loans are called unsecured loans. Unsecured loans require credit scores that are slightly higher, but their interest rates and payment terms can be very flexible and can save you hundreds of dollars from high interest credit cards or medical bills. To determine whether you will qualify for this type of loan, obtain a credit report from one of the major credit reporting agencies, or better yet, get one from all three.

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What if I don’t own a home, and I do not qualify for an unsecured loan?

It is important to know for certain that you will not qualify for either of these types of loans. Do not avoid applying simply because you think that your credit isn’t good enough to be considered. There are many lenders that specialize in these types of situations. If you discover that you are not eligible for either a home equity debt consolidation loan or an unsecured loan, don’t worry. There are still resources that will help you consolidate all of your debt into a monthly payment that is affordable for you, and oftentimes, these specialists will assist in lowering interest rates on your existing debt for a small fee. With any of these options, be sure to choose a reputable institution from which to seek help consolidating your debt. Ask friends, neighbors, or contact Consumer Credit Counseling services to see what is available to you.

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