Debt consolidating online

22 May

A consolidation loan should only be considered if the interest rate is less than all the credit you owe AND you close out all of the accounts you paid off.

If the loan's APR is higher than your credit cards, you'll lose money and should not close on the loan.They might offer you a lower payment, but check their math and you might discover that it ends up costing you more than your original bills. They could have a high APR and stretch the payments out over a long period of time, which is costing you more in the long run.Car dealers use this trick all the time on car loans.Consolidation just means that the monthly payments from your creditors will be consolidated into one payment to one lender.Basically you can't just borrow your way out of debt, you must pay it off.