If you have debt and that debt includes two or more monthly payments to lenders at high interest rates, you do not need to be held hostage by burdensome repayment plans. Combine what you owe with a debt consolidation loan and watch your monthly payments and overall debt drop dramatically. Basically, you have two options that can help you head down the road to financial recovery. Lets explore what they are so you can find the plan that works right for you.
Banks, Savings Institutions Your bank may be all too glad to lend you money to help you consolidate your debt. However, banks also charge application fees ranging from $50 to $200 or more per loan. In addition, banks make getting a debt consolidation loan difficult as approval for this type of loan is hard to get especially if your existing debt levels are high.
New Credit Card While the banks personal loan department may not want your business, their credit card department just might. Tighter bankruptcy laws and mergers and acquisitions in the credit card arena have intensified competition for new business. Truly, it is a buyers market for the smart thinking consumer and a debt consolidation loan...
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