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Be aware that if the new monthly payment is lower, it is either because you reduced your interest rate or you extended the payment period (i.e.
from 5 years to 10 years), which means you could pay for a longer time period.
Unlike debt settlement and debt management, however, debt consolidation does not entail negotiating with your creditors to reduce your debt amount or change your payment terms.
It may seem harder in the short run, but the results will change your life forever.
At its heart, the term “debt consolidation” refers to incorporating several loans or debts into a new loan. For one thing, countless so-called debt relief companies have been running ads on television and on the Internet for the past few years claiming to be debt consolidation companies.
The new loan, called the “debt consolidation loan” is equal to the amount of all the loans which were consolidated, and its interest rate may be either higher or lower than the rates on those old loans. They’ve muddied the water when it comes to this topic, and the result is that many companies who offer debt settlement or debt management programs call themselves debt consolidation companies.
Less debt means you’re in a better position to serve God and to serve others.
Sure, consolidation may seem tempting, but I promise you there’s a better way to become debt-free.
Lending Club is a great option for people with good or above average credit scores.