Debt Consolidation Vs Credit Counseling – Exploring Debt Reduction Options
With so many debt reduction options available to you, its easy to get confused on which is the most effective. Debt consolidation allows you to lower interest rates and payments on your own. But credit counseling can help you find other ways to reduce your debt and develop future financial goals.
Going Alone With Debt Consolidation
Debt consolidation is a quick way to reduce your interest charges and monthly payments. With secure loans, like a cash out refi, your rates can drop by half or more. You can also select terms that give you a reasonable monthly payment. Remember though that the longer the loan, the higher the total interest charges will be.
Selecting a fixed rate loan also gives you the security of knowing what your payments will always be. Theres no worry that a jump in the minimum payment will send you into the red.
Its important to be a careful shopper when selecting a consolidation loan. Differences in rates and loan fees can mean savings of thousands of dollars. Fortunately, online lenders and broker sites help you get quotes in a few minutes. You...
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