Their behavior hasn’t changed, so it’s extremely likely they will go right back into debt.
Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.
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.
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.
And now the total loan amount would jump to ,103.
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.This debt consolidation calculator is designed to help determine if debt consolidation is right for you.Fill in your outstanding loan amounts, credit card balances and other debt.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.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.
Pay attention here, because these crafty companies will stick it to you if you’re not careful.