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Paul Chehade – Need Help With Debt Consolidation?
Paul Chehade – Need Help With Debt Consolidation?
Do you want to take measures to reduce your debt? Are you at wits end from the pile of bills on your desk? If this sounds like you, there is help. Continue treading to learn more about how debt consolidation may work for your situation.[amazon_link asins=’B0142IHZPI,1632869683′ template=’ProductCarousel’ store=’simplemicrofi-20′ marketplace=’US’ link_id=’e3c3ec31-b213-11e7-b931-6fc4f1518fa3′]
Prior to taking action, do a thorough review of your own credit record. You need to know what got you in your situation. This can help you to avoid making yourself go further into debt once debt consolidation has helped you.
Think about long-term ramifications when you choose a company for debt consolidation. You want to fix your current issues, but you need to know whether a company can work with you as time goes on, as well. Some offer services and classes to help you avoid needing such a loan again.
Are you the owner of a life insurance policy? You may wish to cash it in to pay off the debt. Talk to your insurance agent for more information. Sometimes you’re able to borrow some of what you’ve paid in.
At times, filing for bankruptcy is necessary. However, filing for bankruptcy will ruin your credit score. But, if you simply cannot repay your debts, your credit is probably already damaged. You can get your financial house in order by clearing the decks and starting fresh with a bankruptcy.
An offer for a new credit card that features a low interest rate can be a powerful asset in a plan to consolidate your debts. The interest rates they offer tend to go up once the initial period of low interest ends. You will have to pay the card off quickly before the interest rate goes up.
See a company comes up with the interest rate for your debt consolidation. Fixed interest rates are ideal. That means you will understand how much you will pay in total. Watch out for any debt consolidation program with adjustable rates. If the rates go up enough over the loan period, you may actually end up paying more than the original debt.
How have you accumulated your debt? You must decide this prior to assuming any consolidation loans. Even if you do get a debt consolidation loan, you may still find yourself in debt if you don’t fix the original problem. Therefore, discover the cause(s) of why you are in debt, resolve it, and then pay off your outstanding debts.
Have you considered debt management? If you pay your debts by managing your situation, you’ll be paying less in shorter period of time. There are many companies who will help you negotiate lower interest rates.
When you consolidate debt, your goal is to have a single payment that you can afford to pay every month. Typically, you should have a plan where your debts will be eliminated after 5 years. Some individuals chose shorter or longer plans for getting out of debt. You’ll have an end date for getting out of debt, so you’ll be able to stick with your goal more easily.
If you are looking for a debt consolidation company in Florida or Maryland, realize that they do not need to be licensed. If you live in one of these states, you might want to use a firm from another state which does require licensing. You have no legal protection if you choose a local firm.
There are many people who don’t have a proper understanding on how debt consolidation works and what it can do for you. It can be tough to go through, but easier than having the heavy burden of debt. Take the information in this article and use it to get back on the path of financial stability.
Paul Chehade
Solidary Foundation
Car Loans
Car loans in general can be hard to understand if you have never purchased a car. This article will give you information on the 3 types of car loans including bad credit, no credit and good credit car loans.
Good Credit
Those customers with good credit can expect the easiest time finding financing for car loans. Interest rates are lowest for this group, as well as incentives coming easier. Those with good credit are seen as the lowest risk to lend to, and therefore are given opportunities to save money that other consumers are not given. With good credit, interest rates are as low as 5%, and incentives such as loan forgiveness, early payoff bonuses and shorter loan periods are seen. Most finance companies will have good credit consumers approved within an hour of application during normal business hours. It is important to know that many with good credit buy new cars, and the cost is higher for the vehicle, but the loan period is shorter.
Bad Credit Car Loans
Those customers with bad credit will have the hardest time finding financing for a vehicle. Auto loans are some of the easiest loans to obtain, but for those with bad credit, finding a company willing to extend credit is hard. Pulling a credit history will give the lenders the chance to see how you have previously paid on accounts. This helps them to decide if you are more likely to pay or not, and therefore their decision is based on this report. Checking your credit history from one of the major credit reporting agencies is imperative to deciding if you can be approved or not. Interest rates will be highest for those with bad credit, and auto loans in this category have been found as high as 29%. Even with bad credit, there are options and you are not required to take the first company that approves you. Shop around and look for lower interest car loans, or those that will take a cosigner to get better rates.
No Credit Car Loans
People with no credit are more or less in the same boat as those with bad credit: it is hard to find a company that will lend to you. This is due to the fact that the credit report is pulled as soon as you apply. The lenders for car loans look at this to see if you will be a high or low risk customer. Since there is no credit history to look at, the decision has to be made and assume that you are going to not be able to pay the loan back. Almost all companies require a cosigner for those with no credit history. This is to ensure that payments will be made, and that the loan is secure. Asking someone to cosign means that they will assume this debt if you are unable to pay it. Just because one person says no does not mean all people will, and you can always ask a parent or grandparent to cosign as long as they have good credit.