Is consolidating credit card debt good

09-Dec-2019 05:57

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.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.You consult a company that promises to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the two loans together into one. Who wouldn’t want to pay 0 less per month in payments?But here’s the downside: It will now take you 58 months to pay off the loan.Pay attention here, because these crafty companies will stick it to you if you’re not careful.

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They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!And now the total loan amount would jump to ,103.