Help consolidating medical bills
It might also be more costly than credit card consolidation if your interest rates are real high.Also, it might not be enough if you’re completely swamped in debt Recommendation: If you do not have much debt, or if you rates are not astronomical, this is the most honorable approach.Payday Loans & Title Loans: These are a loan of last resort.The rates are so high that it almost never makes sense to use these as options for getting yourself out of debt..Pros: You can get out of debt within 2 years and pay as little as 27% of your original debt, although it averages out to be around a 55% discount Cons: In order to get your creditors to be willing to negotiate, you’ll have to let your bill payments fall behind.If they aren’t already behind, this could have a big impact on your credit score.Before you decide to consolidate your debt, you should know that not all loans are created equally.Some types of debt are better suited for consolidation than others.
Understanding all those options can be incredibly confusing, especially since they all have similar names, but that’s not excuse for learning what your options are before taking the plunge.
Pros: You get instant cash Cons: The exorbitant interest rates will keep you in the debt cycle.
Recommendation: I can go into horror stories here, but just please take my advice and avoid these.
Chances are good if you’re reading this article, you’re trying to regain control over your debt situation.
And if your experience resembles mine in any way, then you’ve also realized when you Google Credit Card consolidation, most online content comes from biased companies peddling you their services–something that just doesn’t inspire much confidence in their advice.