Consolidating all my debt

07-Jun-2017 15:39 by 2 Comments

Consolidating all my debt - Free granny video chat room

It’s tempting to pay off all those credit card debts with a new loan, then make just one monthly payment. Most consumers who use bill consolidation or take out debt consolidation loans end up throwing good money after bad.They usually build an even more towering mountain of debt in just a few years because they didn’t change their spending habits.

Nonprofit consumer credit counseling services agencies like Clearpoint Credit Counseling Solutions stand ready to help consumers restructure their personal finances and build better habits for the future.

And, some forms of consolidation are extremely risky.

For instance, if you can’t make your payments on a home equity loan, you may lose your house.

Rather than just trading one debt for another, debt management with one of these agencies will allow you to restructure your existing unsecured debts so you can pay them off more quickly.

Here are the types of debt we can roll into one payment for you: Our credit counselors at Clearpoint work hard, not just to get you lower interest rates with creditors but, most importantly, to educate consumers on taking control of their finances, helping them change old habits and conquer debt once and for all.

When people mention debt consolidation, they are usually referring to one of two different methods.

The first is the kind you describe, where you apply for a personal loan, preferably one with a relatively low interest rate, and then use the money from that loan to pay off all your credit card balances at once.If you are struggling to keep up with your monthly payments, consolidating your debt in this way can certainly help alleviate financial stress.It can also make it less likely that you will fall behind on your payments and risk harming your credit.In all cases, the consolidation just covers up a problem.It doesn’t give consumers the resources they need so that they don’t have to rely on credit and can begin to build a healthy financial future. For example, when consumers get on a longer repayment schedule, they end up paying more over time, even if the interest is lowered some too.The statements show how much debt you have on the program and how much you pay monthly, so you will know how soon the bills will be paid in full.