Does searching for personal loans online leave you scratching your head in confusion? There are so many technical terms, sometimes it’s difficult to know which products are right for you. Fortunately, it’s not as confusing as it first appears once you know more about common loan types.
If you’ve got debt, you’re not alone. As student loans, medical costs, and overall cost of living continues to rise in America, consumer debt has soared to more than $12 trillion. Hard-working folks turn to credit cards and other means to try to pay off what they owe, but often the high interest rates just make things worse. Thankfully, there are alternatives. A debt relief program is designed to improve financial health over time. Let’s take a look at how these programs can lead to debt relief and even freedom.
Hiding from your mailbox because of the piles of bills that keep showing up? Hate looking at your phone because of the collection agencies that keep calling? Mounting debt is more than a financial problem: It can wear on you emotionally. It’s worth the effort to take control of your financial future, and debt consolidation is a great option. Today, there are many online options that compete against the more traditional methods. Let’s compare the two
When you’re facing escalating debt, you may feel like you’re all alone. The truth is, it’s a common problem faced by many American households. Credit card debt surged in 2019, with total US credit card balances standing at $870 billion, as reported by American Banker. If you’re struggling to make your repayments, it’s time to refinance credit cards and consolidate debt.
Are you considering a home equity loan to regain control of escalating debt? You aren’t alone. Many American families live beyond their means, with 43% of them carrying credit card balances each month. Furthermore, figures from the Federal Reserve reveal that as of March 2019, total nonrevolving consumer credit (loans) in America totals $2,994.9 billion. A home equity loan is one method of debt consolidation, but is it the right option for you?
If you have both a home and debt, you may be able to use the equity from your house to pay off your other bills. But is this right for you? There are important things to consider before you apply for a cash-out refi and refinance your home. A cash-out refi may be the tool you need to consolidate your debt and pay it off faster, but there are some disadvantages to that debt relief plan as well. If you don’t have a solid personal or family budget, or fully understand your new financial obligations, be cautious.
It sounds too good to be true: By simply connecting with a representative of a debt settlement agency, the amount of your debts will decrease significantly, and in no time you’ll be debt-free. Well, it’s not that easy, of course. Debt settlement can be a long process that has many pros and cons, and it’s not always the best solution for everyone. Let’s take an in-depth look at the process of debt settlement, as well as other debt relief services, to see what option is best for you.
Home ownership is an investment, but when it pays off may be up to you. If you own your own home, you have been paying into a long-term investment in real estate. It’s smart in many communities to have a mortgage rather than pay rent to a landlord every month. Your mortgage may take up to 30 years or more to pay off, but you don’t have to wait that long to see the benefits. If the value of your home is more than what you currently owe, you may be eligible for a home equity loan. This can result in a cash-out refi, giving you cash that you can use for other things.
If you’ve been hit with a sudden bill that you can’t cover — maybe a medical bill or a home repair — it may make sense to take out a small loan. Many people are confused, though, about the differences between a personal loan and a payday loan. In reality, these types of loans are very different. They have different terms, different fees, different limits and can have different impacts on your credit score. Let’s compare the two types of loans to help with your debt.
Despite working hard every day, you may find yourself in a financial situation that stretches your resources to the limit. Maybe you’ve been hit with a big hospital bill or maybe crippling student debt is taking its toll. Perhaps you had to pay for a surprise bill like a home repair, or you got too relaxed with your credit cards. Before your debt gets out of control with high interest rates and calls from collection agencies, consider possible solutions for debt consolidation and financial relief. A personal loan is one option for paying off debt.