You should
only consider debt consolidation when you have a clear plan of action to pay off your debt, and avoid any other debts.
Not exact matches
When it reaches the point where you're
only making minimum payments on one or more of the bills, then it's time to
consider debt consolidation.
Most people
consider bankruptcy
only after they pursue
debt consolidation or
debt settlement.
Payoff
only makes
debt consolidation loans, so it's worth
considering if you need to pay off credit cards and don't have a pre-approved offer from American Express.
Generally,
consolidation loans should
only be
considered by people with good credit histories and a relatively high proportion of high interest
debt (such as store and credit cards).
Actually, besides the usual interest rate concern, there is
only one real issue when applying for a
debt consolidation loan for bad credit borrowers to
consider carefully.
My wife and I have around 6000 $ in credit card, not including car payment that we
only owe about 1200 on now with 250 $ payments and I have a school loan of about 2500 $ in all including interest that I just went into forbearance with and got a new payment schedule set up to eliminate the late fees and tey to clean up my credit score.We
considering debt consolidation but aren't exactly sure if it's a right fit.Our end game is to be able to buy a house in the next year or so.Would a loan for
debt consolidation be a good idea for us?
Debt consolidation should
only be
considered if the consolidated interest rate is lower than the rates you're currently paying, which can be difficult to accomplish when your current credit scores fall within the subprime category.
However, it's
only when we feel our
debts have spiraled out of control where you may
consider debt consolidation an option.