DEBT CONSOLIDATION
What is debt consolidation?
A debt consolidation loan is a loan that allows you
consolidate all your debts into one affordable monthly payment.
What are the advantages of a debt
consolidation loan?
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Replace all your monthly payments with just one
payment, which should make it easier to budget your monthly income.
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Debt consolidation loans may offer a lower
interest rate than the rate you are paying on credit cards, which
will result in smaller payment each month.
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With a lower interest rate and/or extended terms,
you may be able to reduce your total monthly payments, or pay your
loan off sooner.
How to qualify for a debt consolidation loan?
You must meet the following criteria:
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The bank will request a copy of your monthly expenses
to determine if you can meet your payment obligations.
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You must be employed, or have a source of income that
will enable you to repay the loan.
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Your bank may request a co-signor or collateral.
(house, car, boat etc..)
What is the next step?
To find out if you qualify for a debt consolidation
loan, contact your bank or financial institution.
