Is consolidating debt bad

Posted by / 29-Feb-2020 16:21

Is consolidating debt bad

With Interest rates starting as low as 6.99% and many lenders being willing to lend up to 90% of the equity in your home, our team of experienced and trusted mortgage agents specialize in helping people find solutions to help you get out of debt faster and free up extra cashflow for you in the process.At Clover Mortgage we pride ourselves at providing same day approvals and in many cases we can get the money to you within 48 hours to help you reach your goals faster and contribute towards your financial stability.There are other ways to get out of debt besides through a debt consolidation loan.Which is great news for people with bad credit who have trouble getting approved.This type of loan can help you save money on monthly payments by settling other higher-interest debts and replacing them with a lower short-term interest-only loan.

This will allow you to pay off all of your credit card companies with a single smaller monthly payment enabling you to be able to get out of debt faster and reduce the financial stress that you might be feeling from all of those high-interest credit card and other debt payments.

A debt consolidation loan using the equity you have saved up in your home offers many advantages to potential borrowers.

It allows you to breathe easier by helping reduce all of your larger monthly payments into one single and much smaller monthly payment.

In fact, if you can lock in a lower interest rate and continue making the larger monthly payments towards your loan as you were prior to consolidating, you will likely be able to pay the down debt much faster than anticipated!

If you are in the process of paying off an existing mortgage, the added stress of unpaid credit card bills could be even higher.

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The loan is paid back with a single monthly payment at a fixed rate for a period of 24-60 months.

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