Getting a Debt Consolidation Loan Tips

Read these 6 Getting a Debt Consolidation Loan Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Debt Consolidation tips and hundreds of other topics.

Getting a Debt Consolidation Loan Tips has been rated 3.1 out of 5 based on 394 ratings and 1 user reviews.
Where can I get the fastest debt consolidation loan?

Getting a Fast Debt Consolidation Loan

People who decide that it is time to start saving money usually want to start as soon as possible. When it comes to a debt consolidation loan, one of the most popular questions is “How fast will it go through?” The answer will depend greatly on where you are getting your debt consolidation loan from. It will also depend on how many different creditors and how much debt is being consolidated.

For the fastest debt consolidation loans available, look to the Web. Online lenders are well knows for providing the fastest debt consolidation loans to people all over the United States. As long as you have all of your debt information ready to provide them, these lenders can take you from application to approval to disbursement in a matter of days.

While major banks can keep you waiting for weeks, these online lenders have a far more streamlined underwriting system that waits for no one. If you want the fastest debt consolidation loan possible, start with online lenders who provide them. Get your information ready and your fingers ready to type it all into the forms and you can start paying less money for your bills very quickly.

Are bill consolidation services trustworthy to use?

Bill Consolidation Services for Everyone

Do you hate having to visit several websites or writing multiple checks to pay for your monthly bills? You are not alone. Because so many people feel the same way, many bill consolidation services have come into business to offer you solutions.

These bill consolidation services can take on the responsibility of paying your individual bills and all you have to do is write them a single check each month for the total. Many people wonder about the trustworthiness of these services. Most will offer you guarantees that your bills will always be on time or the company will pay for your next month's bills. With a guarantee like that, why wouldn't you at least try a bill consolidation service? Keep thinking and you will soon realize there are no good answers.

If bill consolidation interests you, take a look at our sponsor. Sites such as these can lead you towards an easier bill payment each month. Gather up all of the bills you would like to consolidate and get an analysis from any website or local company offering bill consolidation services. Make sure to get that guarantee and check for references. This is a pretty big responsibility to put in someone else's hands. Make sure they are the right hands.

Should I use debt consolidation to manage my student loans?

Student Loan Debt Consolidation – A No-Brainer

If you were fortunate enough to go to college, chances are you are paying dearly for it each and every month. Most college students take on multiple loans in order to finance their education. These loans generally come at very low interest rates from the government because they are used for schooling. Some people even call it ‘socially acceptable welfare'.

For graduates making those monthly payments, welfare is hardly the word to describe student loans. Student loan debt consolidation is offered by the government for just these types of scenarios. The trick to student loan debt consolidation is that the government allows it only once. Therefore, it is important to perform your debt consolidation when the rates are right.

The benefits of student loan debt consolidation are obvious – you get a reduced interest rate, a longer payoff term, and a single payment instead of the several you were paying before. Combine the reduced rate with the longer payoff term and you can clearly see that you will be paying far less each month for your minimum payment. You don't even have to be a college graduate to see the benefits of student loan debt consolidation.

What are the benefits of a debt consolidation loan?

Benefits of a Debt Consolidation Loan

Many people carry multiple mortgages, car loans, and other financed loans for many years not realizing that they are paying more than necessary each month. All of these people are missing out on the benefits of debt consolidation loans. A debt consolidation loan is just as it sounds.

You can take out a single, large loan with which you can pay off all of your other outstanding debts. By obtaining a debt consolidation loan, you will be required to spend less each month while still paying down your balance. The reason that a debt consolidation loan saves you money is two fold.

First, a typical debt consolidation loan has a much lower interest rate than a credit card or auto loan. You will cut your interest rate across the board with a low interest debt consolidation loan. Second, these types of loans will usually have an extended payoff term. Sometimes, as with a mortgage, you can pay the debt off over up to 30 years. Lower interest plus longer payoff equals lower monthly payments.

To find out if a debt consolidation loan would help you better manage your debt, consult with a financial specialist from a local bank or internet lender. You can get several competitive quotes in just a few minutes by visiting websites such as our sponsor's. Don't spend another day spending more than you should. Look into a debt consolidation loan for you.

How should I choose between debt consolidation services?

3 Tips to Selecting Debt Consolidation Services

  1. References – As with any financial decision, you should research the people or business that you are going to trust with your most secure information. When it comes to debt consolidation services, you can get all the information you need from places like the Better Business Bureau and you State departments dealing with lending and credit. Be sure to double and triple check these references before getting involved with anyone providing debt consolidation services.
  2. Comparisons – Many people choose to go with the first quote that they get for debt consolidation services. They may never know that they could have saved more than they did. Debt consolidation is a very competitive industry and you can often get better rate quotes just by getting more than one. Let the second guy know what the first guy offered and chances are they will do whatever they can to beat it.
  3. The Bottom Line – In the end, debt consolidation services serve only one purpose, saving you money. No matter what other factors come into play, you should go with the option that will save you the most for the long term. Steer clear of any frilly loans with introductory APRs and the like.

For the best long term savings, go with the overall savings for the life of your loans. The goal of it all is to get yourself out of debt as quickly as possible and to have it cost you as little as possible.

Should I get a home equity line for bill consolidation?

Bill Consolidation with a Home Equity Line of Credit

For homeowners who have benefited from the recent boom in home values there are ways to make your home's value directly translate into you saving money. Today, many are taking advantage of low interest rate home equity lines of credit with the specific purpose of bill consolidation. Bill consolidation makes it so you only have to make a single payment each month, in this case to your home equity line.

Because a home equity line of credit can be paid off over many, many years, the monthly payment is less than your total previous payments. Combine this with the low interest rates on home equity lines and your savings are compounded even further. If you are a homeowner who is also carrying many other debts, a home equity line for bill consolidation may be right for you.

  • First, determine how much equity you have in your home. This will depend on how long you have owned your home and how much you pay towards your principal mortgage. You can get an accurate portrayal of your home equity by speaking with a mortgage specialist.
  • After looking at other home sales in your area you can see the going rate for a house in your neighborhood.
  • Then, you can subtract your mortgage balance from that and the remainder equals the amount of home equity you have.

Now, consult a professional to see how much bill consolidation this home equity can get you. You may be able to pay off some of your bills and even all of them. You will never know exactly how much until you get started. So stop waiting and start saving.

Not finding the advice and tips you need on this Debt Consolidation Tip Site? Request a Tip Now!

Guru Spotlight
Ray Lokar