Consolidating debt into one loan usa

That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.

Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.

But here’s the downside: It will now take you 58 months to pay off the loan.

And now the total loan amount would jump to ,103.

The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.

Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.

Pay attention here, because these crafty companies will stick it to you if you’re not careful.Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.The debt includes a two-year loan for ,000 at 12% and a four-year loan for ,000 at 10%.You don’t need to consolidate your bills—you need to pay them off.To do that, you have to change the way you view debt!

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Your monthly payment on the first loan is $517, and the payment on the second is $583. If you make monthly payments on them, you will be out of debt in 41 months and have paid a total of $34,821.

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