Sentences with phrase «owe multiple lenders»
You likely owe multiple lenders and must write separate checks or make separate payments to each, usually with different due dates.
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Simply put, the debt to income ratio expresses the relation between the total amount that you are earning and the total amount that you owe as debt to one or multiple lenders.
If you owe multiple student loans to multiple lenders and student loan programs at a variety of interest rates, it might make sense to consolidate your loans into one monthly payment at one interest rate.
With debt consolidation, all of your debt is typically restructured into one loan that encompasses everything you owe - you then repay your new lender on a monthly basis, most typically with reduced interest and smaller payments as opposed to what you were paying to a stack of multiple lenders previously.
The problem compounds itself when you owe multiple debts to various lenders, and have rising payments on a fixed income.