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Tag Archive: Consolidating debt

  1. Consolidate Debt

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    Debt consolidation is a process where the borrower merges all his debts into one and deal with his emerging financial crisis effectively. Since several loans are merged together, the term “consolidation” is used when describing such a loan. Based on the current economic conditions and credit facilities in the market, you can get an affordable interest rate on your consolidated loan. If you consolidate loans, you will be in a better position to clear all the existing small loans.

    •         We are firm that connects lenders to borrowers. There are debt repayments programs that will help you manage and repay the loan effectively.

    Reasons to Consolidate Debt

    1. Reasons to Consolidate Debt

      Reasons to Consolidate Debt

      It helps you to simplify your finances. Instead of dealing with several small high interest loans, you will deal    with a large loan but with a lower interest. Therefore, you can repay the loan on time.

    2.    It saves you money by reducing the overall cost of the loan.
    3. You make a smaller monthly payment. This is true if you choose to consolidate your loans with a lender who         gives you a lower interest rate and an extended loan repayment period.
    4.   You can repay your debt faster. With debt consolidation, you can make sound financial judgment and clear all   your debts with ease.

    A popular way that you can get out of debt quickly is by consolidating your loans. There are many types of debt consolidation and debt management plans. We will delve into these and explain them to you for a better understanding.

    Debt consolidation that works

    Debt consolidation that works

    Debt consolidation that works

    When you have debt consolidation loan, you will use the proceeds of the loan to pay off all existing debts. Consolidating all your loans into one means that you will get these three main benefits

    Ø  Reduced interest rate- lowering the interest rate will allow the borrower to take off longer years of repayment ultimately saving you money. All you need to do is to make sure that the annual percentage rate of the new loan is lower than the loan you are repaying.

    Ø  Easy to repay your loan, with a consolidation loan you have to monitor only one payment. This is easier to manage unlike following up with several loans. However, financial experts recommend that you look at annual percentage rate.

    Ø  Improved credit score: many people looking to consolidate loans have maxed out their credit cards and this increases your utilization ration. A high utilization ratio means that you have a lower credit score. By paying off your debts on your cards, you reduce your utilization and therefore improve your credit score.

    Debt Consolidation Program to Use

    Debt Consolidation Program to Use

    Debt Consolidation Program to Use

    Personal loans such as debt consolidation loan will help you overcome debts by merging all your loans into one. Consolidating your debts gives you a chance to recover from poor credit because you will be able to repay the loan on time. You can choose to look for a lender who will help you in managing your debts through debt consolidation. If you are struggling with your bills and several other small loans then debt consolidation is the right option for you. Your lender will repay all your debts and you will remain with one loan to pay off. Your lender will negotiate with your creditors and you will get a better interest rate.

    How Does It Work?

    How Does It Work?

    How Does It Work?

    When you want to request for a debt consolidation loan, your lender will guide you on how to repay the loan with ease. The interest rate of a debt consolidation loan is determined by the recurrent income and the credit score of the borrower. However, even with a less than stellar credit history, we will connect you to lenders in our network who will finance your loan.

    Ø  In conventional lending system like banks and other financial institutions, you are required to provide collateral in case the borrower defaults the loan.

    Ø   Lenders in our network do not require collateral to give you the loan and this make it a better choice for people with poor credit history. However, you need to meet all the criteria set forth by the lender in order to qualify for the loan.

    Is Debt Consolidation A Good Choice?

    The answer to the question depends on your situation. With one monthly payment, it is easier to focus on repaying it. The interest rate is usually lower than the conventional loans.

    Ø  Many people make the mistake of getting into debt consolidation plan without fully understanding it. You should fully understand what consolidation is all about before committing to it.

    Ø   You should not use the loan as a solution to long-term financial issues.

    Ø  Consolidating debt through conventional lending systems will affect your credit score negatively because the loan interests are quite high.

    Ø  The main reason why people choose to consolidate debt is to get out of the many debts they are currently having. All your small loans will be marked as settled, therefore you will pay less than what you owed and it will have a positive effect on your credit report.

    Ø  You will save some money on the lower interest rate.

    Ø  There is a possibility that your credit score will improve considerably if you use a consolidation loan to clear all your existing loans. Lowering the credit utilization ratio correlates to a better credit score.

    Once you understand how consolidation works, you can choose the best lender in our network who will finance your consolidation loan. We recommend responsible lending and you should not use debt consolidation as a solution to your long-term financial problems.

    Our customer support team is available to help you during the loan request process. Ask as many questions as you can and also check out the FAQ page to learn more about the loans and what to do during the request and repayment process. We are here to help you get access to credit facilities that you would otherwise not have access to in a conventional system.


  2. Credit Card Consolidation

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    Credit Card Consolidation

    Credit Card Consolidation

    If you own credit cards, then the best thing you can do for your financial life is to understand credit card consolidation. When you are in a situation where you have credit card loans, then consolidation is your best way out.

    Credit card consolidation is an efficient way of getting out of bad credit. In the modern society, the use of credit is accepted widely. People use credit cards to purchase items everywhere and these cards gives you a certain level of spending power. The convenience of purchasing items without the need to use cash extends the purchase ability of the customer. However, without a proper spending habit you will end up with a huge credit debt. Fortunately, there are ways that you can overcome credit card debts. One of the methods is through credit card consolidation.

    What Is Credit Card Consolidation?

    What Is Credit Card Consolidation?

    What Is Credit Card Consolidation?

    This is a common question that any people ask when they are seeking credit card debt consolidation. This is a type of debt that combines a number of credit card debts into one. Instead of the borrower following up on several creditors or credit card accounts, you have to monitor one payment because your lender will pay off all your debts on your behalf. You can choose a consolidation plan that will suit your budget. Look at the interest offered by your lender and determine if it will help you manage your debts easily. Put all your financial goals in line with the repayment strategy to help you overcome credit card debt.



    Why choose credit card consolidation?

     Why choose credit card consolidation?

    Why choose credit card consolidation?

    There are many reasons that people choose credit card consolidation, however the most common reasons include the following

    1.     Reduce interest rate. For many people high interest rates associated with credit card debt makes it hard for the borrower to get out of debt. Most of the monthly payments go into interest and a smaller percentage is taken to cover the principal. The amount carried over to the net month increases interest rate. When this happens, it becomes difficult for the borrower to clear the debt. Consolidating your credit card debt will give you a low interest loan that you can repay your loan on time.
    2.  Pay off your debt quickly. If you want to deal with your debts aggressively, the best way is to find a plan that increases the amount of principal amount repaid. This will shorten your repayment period and it will help you save money in the long run.
    3.   Simplify payments. This is a major benefit of consolidating your credit card debt, instead of paying multiple loans you will have to pay only one loan each month. This increases commitment to the repayment plan and reduces chances of failing to repay the loan on time.

    How to prepare for credit card consolidation

    1. Note that consolidation of your loan debts will eventually result in more savings. First, check all your credit cards and list the different interest rates you are currently paying. You can then compare with the new consolidation rate that you will be getting from lenders working with us. This will ensure that you choose a suitable rate for your case. Lenders will offer rates that make your monthly deduction lower. With us, you will find finance experts who will analyze your situation and offer you the best.
    2. Review all the lenders you find and ensure that you understand their charges. We will link you to lenders who are open and who do not charge any hidden fees. You will be dealing with experienced lenders who understand how consolidation works.

    Taking advantage of credit card consolidation

    • Taking advantage of credit card consolidation

      Taking advantage of credit card consolidation

      You will learn how to make small cuts on your budget: know where you spend your cash and identify the places where you could save. Avoid eating out and opting to eat at home, reduce grocery expenditure or removing TV services that you do not need. These are some of the things you can cut off and save more.

    • You will save on interest: this means that if you have debts, whether it is a loan or mortgage, you will need to find ways to reduce the amount of interest you are paying. When you have a good credit score, your lender is likely to offer you a lower interest on your consolidation package. Having to pay interests is not easy but the lesser it is, the better.
    • Find other use of things you do not need: You can opt to sell things you do not use often and generate cash.
    • Lenders in our network will offer you a low rate. This will ensure that you pay the least amount of interest possible. When on your journey to come out of credit card debt, you should stick to lenders who will give you minimum repayment options. With minimum repayment in your consolidation plan, you are likely to complete your consolidation loan comfortably. The amount you will be paying as a result of consolidation can be significantly smaller. It is better to consolidate with the help of a lender who will help you keep track of your payments. Your responsibility will be to pay back the single amount on a regular basis as agreed.
    • Choose a lender with fast services. Lenders in our network will clearly show you their different rates. Remember that interests are compounded everyday and the shorter your repayment period, the better. With credit card consolidation, you will be in a position to know how your interest rate is going to directly affect your balance.

    Financing options

    • Financing options

      Financing options

      You can decide to also settle your loan using collateral. If you own a home, you can use it as collateral to get better rates from your lender. It is usually not recommended but it works. You will be able to get a substantial consolidation amount that will pay off your credit card debts faster.

    • Remember that even with the lowest rate, you still need to be self-disciplined. You need to clearly set your goals to ensure you get the most out of your consolidation plan. Your goal would be to reduce the total amount of your credit card debt balances. If you are not careful, you can still end up in more financial crisis even after consolidating your debts.
  3. Consolidating debt

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    Having trouble with multiple debts? It is ok, a lot of people do. In fact, it is safe to say that many people in the United States are experiencing similar financial problems. The reasons for that are many, but basically, it is just the world that we live in.

    Reasons for going into debt

    Reasons for going into debt

    Reasons for going into debt

    Nowadays, many hardworking people are struggling with their regular monthly bills. When it all becomes too much, taking out a loan is usually the go-to option for most of them.

    • Some manage their regular monthly budget pretty well but then are faced with an unexpected emergency expense and once again, the loans start to come in into play.
    • Others go into debt because of their desire to invest in themselves. In today’s economic state, if you want to have a successful career, you would normally need to graduate from college. In order to do that, you would need to have a significant amount of money, which most people simply do not have. And so their only way to get an education is to take out a student loan.
    • Other people start carrying debt because they want to have their own home, and so they apply for a house loan.

    Whatever your reason for carrying debt is, the important thing is to find a solution and ultimately get rid of all that debt.


    How to deal with multiple debts


    How to deal with multiple debts

    How to deal with multiple debts

    Once you start carrying a certain debt amount, it is easy to start adding more and more debts just to deal with the previous ones. Soon you can find yourself in an ocean of financial trouble. Dealing with multiple debts can be extremely hard, especially when you still need to take care of all your regular monthly bills. So in order to prevent losing total control of your financial future, you should look for a way to make your situation better, and getting some help is usually the only way to do that. Probably the most popular and most efficient way for dealing with multiple debts is consolidating your debt.


    What is a debt consolidation?

    Debt consolidation is a way for you to combine all the different loan payments that you have to make each month into a single monthly payment. Depending on the type of the debt consolidation that single monthly payment may be a new, larger loan with different loan terms.

    Why is combining multiple debts into a single payment is so beneficial?

    combining multiple debts into a single payment

    combining multiple debts into a single payment

    There are a number benefits that come with consolidating debt. The first and probably the most obvious one is being able to focus on a single monthly payment instead of managing multiple debt payments. That alone is going to make your life a lot easier. Having to stress over multiple debt repayments while trying to manage your regular monthly bills can be overwhelmingly exhausting. Another major benefit of debt consolidation is that you will most likely be able to lower the terms of your debts, including the interest rate. Another advantage is that consolidating your debt will give you is an overall lower monthly payment which will make your monthly budget planning a bit easier.


    Different types of debt consolidation

    There are three ways that debts can be consolidated:

    • Debt Settlement
    • Debt Consolidation loan
    • Debt management plans

    None of these options is a 100% method for debt relief, nor are they easy and simple fixes. However, the right debt consolidation can have a tremendous impact on your battle with debt. There are, however, some ways that you can consolidate your debt almost on your own, without having to use the services of a debt consolidation company. Now we are going to have a more in-depth look into some of these methods that you can choose for your debt consolidation.


    5 ways to consolidate your debt

    1. Home equity line of credit or a home equity loan

    home equity loan

    home equity loan

    In order to pay off your multiple debts, you may be able to borrow an amount of money against the value of your home. You can also use a home equity loan to pay off your debts or use a home equity line of credit and then use the money from the loan to deal with your debts. However, when considering these options, you should keep in mind that if you fail in your payments, you will risk losing your home.

    2. Credit card balance transfer

    If your credit card has a limit that is large enough, you may be able to use a low rate credit card balance transfer and move all your balances onto just a single credit card. Before you choose to go with that option, make sure that by doing so you will actually be saving money and not end up paying more at the end.  

    3. Borrow a life insurance policy

    While it may not be the most popular way of consolidating debt, borrowing money from your life insurance can still be a better option compared to bankruptcy for example. You can normally get an amount up to the value of your loan, and then use that money to consolidate your debt. You will not be required to make payments by your insurance company, that is, as long as the payments of the loan are not more than the cash value of the policy.

    4. Debt Consolidation Loan

    The purpose of a debt consolidation loan is to combine all your current debts into a new, single and larger loan with different loan terms. You can apply for a debt consolidation loan with your bank or you can go to a private loan lending company. In case you have a bad credit score, getting a debt consolidation loan from a traditional loan lending institution such as a bank will most likely be impossible. However, if you choose to work with a private loan lender, make sure you pay attention to the loan terms that are offered to you. Some of these companies offer really high interest rates and fees.

    5. Borrow money from your retirement fund

    This is, of course, much like the life insurance borrowing. This should be a last resort option for debt consolidation. Many retirement plans actually give allow you to borrow a certain amount of money against them. But you really should explore other options and review this one only if none of the other debt consolidation options are available to you.

  4. Debt consolidation loans

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    For many people out there, it is an extremely hard task to sustain a steady financial state for a long period of time. Even when they put in all their effort, with life being as expensive as it is, many people still struggle with their monthly bills. Nowadays, having a job, working hard and getting that monthly income is often simply not enough. If all that people had to worry about was paying their monthly bills, the situation would probably not be that hard. There are also emergency expenses, problems with finding a job and other scenarios where people quickly run out of cash. Yet, the reasons to get in debt do not stop here.

     debt consolidation loans

    debt consolidation loans

    Everybody wants to have a good life, make the best out of their time and so it is only normal to strive for a successful career. However, in order to be successful, in most cases you would need to graduate from a college, and that is far from cheap. Not everyone can afford to pay for his education and so many students take out student loans. While it is good to invest in yourself, in many cases, such people continue to repay their student loans long after they have graduated from college. If you are already carrying debt, it is not so important how you got there, but rather how you are going to get out.

    Getting rid of debt has proven to be an extremely hard task that most people usually cannot handle, at least not on their own. That is why there are many debt relief programs designed especially for people who struggle with debt and who want to get rid of it once and for all. Maybe the most popular way to deal with multiple debts is with debt consolidation loans. Below we will talk about that debt consolidation loans are and what are the different debt consolidation loan types that you can usually use to manage your debts and reach the point of debt relief.


    What is a debt consolidation loan?

    It is more than likely that you have already considered trying to make your payments for your debt a bit easier with the help of a debt consolidation loan. What a debt consolidation loan does is basically combining all your high interest rate debts into just a single loan with lower interest rate and therefore lower overall monthly payment. By using a debt consolidation loan, you will most likely be able to pay a lower sum for your debt monthly payment, and with that, you will be more capable of affording your monthly bills. There are different debt consolidation loan types that you can choose from to reach your goal.

    Debt consolidation loan types

    Here are the most common types of loans that you can use to consolidate your debt


    • Home Equity Loans

    Home Equity Loans

    Home Equity Loans

    This is a type of loan that you have taken out by using your home equity as collateral for the loan. Usually, you need to have good credit and a good amount of equity in your home in order to qualify for this loan type. Home equity loans usually have lower interest rates and fees compared to other loan types, however, putting your property on the line in order to get the money you need is always going to be a risky choice. If for some reason, at some point you can no longer afford to make your monthly loan payments, you may be faced with foreclosure on your property. This is the reason why if you are not completely sure in your ability to make your monthly payments, using a home equity loan as a debt consolidation loan is probably not the best idea.


    • Balance Transfer of your Credit Cards

    What you do with a credit card balance transfer is, you transfer the balances of your credit cards into a new credit card with a lower interest rate. Normally, such lower interest rate credit card balance transfers are promotional, and therefore, they will expire after a certain time period. And so if you decide to transfer your credit card balances, you should check when will the low rate expire and what is going to be the regular interest rate when that happens. If you intend using the balance transfer of your credit cards as a debt consolidation loan, you will need to have a credit card that has a credit limit large enough to hold all your current credit card debt. Consolidating your debt with a credit card balance transfer can also have its downside and that is going to be a hit to your credit rating. That is because, if you put too much of your debt onto a single credit card, that may impact your credit score in a negative way as your credit utilization will most likely go up.


    • Personal Loans

     personal loan is basically an unsecured loan

    personal loan is basically an unsecured loan

    If you are able to borrow a big personal loan, you may be able to use it as a debt consolidation loan. A personal loan is basically an unsecured loan with fixed monthly payments that you must repay over a scheduled period of time. Once you get approval on your personal loan application, you will be able to use it to consolidate your debt. Your chances of being approved for a personal loan will vary depending on whether you have a good or a bad credit score. You may be approved for a personal loan even if you do not have the best of credit scores, but that will most likely mean that your loan will have a higher interest rate and that is something you should really take into consideration when deciding whether you want to go through with it or not.


    If used in the right way, debt consolidation may be a good way of dealing with your multiple outstanding debts.


"Thanks and I have enjoyed my association with you and your company. I would have never been able to do this on my own. Again, thanks for your help." Sandy P.

"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket. But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.

"Thank you so much, I appreciate working with you and AppleDebtCare; You have already helped me so much and are continuing to help me get back on my feet and to manage my debt better." Demetrice M.