Online sex toys shop – SERRA CB http://serracb.org/ Wed, 21 Sep 2022 12:56:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://serracb.org/wp-content/uploads/2021/10/icon-1-120x120.png Online sex toys shop – SERRA CB http://serracb.org/ 32 32 4 reasons to take out a personal loan for debt consolidation https://serracb.org/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Wed, 21 Sep 2022 12:56:13 +0000 https://serracb.org/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you’re juggling high-interest credit card debt, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you’re juggling high-interest credit card debt, taking out a debt consolidation loan to pay off those balances offers 4 major benefits. (Shutterstock)

You can consolidate high interest credit card debt many ways, including home equity products (if you own a home), balance transfer credit cards, and personal loans.

Here are four reasons why you might consider a debt consolidation loan to settle your high-interest debts.

If you want to consolidate your debt, Credible makes it easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation?

Before we dive into why a debt consolidation loan makes sense, let’s define what it is. Debt consolidation consolidates multiple debts into one account with one easy-to-manage payment. It’s a strategy you can use to simplify the debt repayment process and potentially save money on interest. If you are overwhelmed with debt, debt consolidation can be a smart move.

Although you can consolidate your debts in several ways, the personal debt consolidation loan is one of the most popular. With a debt consolidation loan, you take out a new loan to repay one or more unsecured debts that you already have. It gives you a manageable monthly payment so you don’t have to worry about juggling multiple debts, interest rates, and payment due dates.

It’s important to understand that while a debt consolidation loan can treat the symptoms of your financial problems, it won’t treat the root cause. Think of it as a tool to give yourself some breathing room so you can get back on your feet and devise a long-term plan for a better financial future.

ADVANTAGES AND DISADVANTAGES OF DEBT CONSOLIDATION

1. Reduce the overall cost of your debt

A Personal loan can help you reduce the cost of your debt in two ways. If you’re able to lock in a lower interest rate than you currently have on all of your debt, you can save hundreds or even thousands of dollars in interest.

Plus, a personal loan gives you a specific end date for paying off your debt. It can help you stay focused on your goals and pay off your debt faster.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

2. Refinance your debt without risking your home or other assets

Although home equity products – such as home equity loans and home equity lines of credit (HELOC) – may have lower interest rates than personal loans, they have some disadvantages you should consider:

  • Deplete your home equity — Since a home equity loan relies on the value you have built up in your home, you could find yourself under water on your mortgage and owing more than your property is worth if the value of your house goes down. This could be a serious problem if you are planning to move soon.
  • Put your home at risk — A home equity loan puts your home as collateral. If you fail to make your payments, you could lose your home through the foreclosure process.
  • May not qualify — Most lenders will not give you home equity loan or HELOC unless you have some equity in your home. Your equity is the difference between what you owe on your mortgage and the current value of your home. Although each lender has their own criteria, most will be looking for at least 15% equity.

A debt consolidation loan, on the other hand, requires no collateral, which means you won’t have to put your house, car or other assets on the line. You can also lock in an interest rate below the one you could get with a credit card.

Your rate will likely be fixed instead of variable (as it would be with many HELOCs), so you can budget your payments in advance. And if you have good or excellent creditit may be easier to qualify for a debt consolidation loan than a home equity product.

3. Reduce your monthly payments

If you have a lot of high-interest credit card debt and take out a personal loan with a lower interest rate, you may be able to lower your monthly payment amount. This can free up your cash flow and give you more money to spend on your emergency fund and other financial goals, such as saving for a home or for retirement.

Choosing a personal loan with a longer term can also result in lower monthly payments. But keep in mind that if you go this route, you will pay more interest over time.

4. Simplify your debt

When juggling multiple loans and credit cards, it’s easy to miss a bill payment. Missing a single payment can impact your credit.

A debt consolidation loan allows you to combine several monthly payments into a single loan with a fixed interest rate. It can make the debt refund much more manageable process and reduce your risk of missed payments. Many personal lenders also offer discounts for setting up automatic payments, which will ensure that your monthly loan payments are made on time.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan ratess to find the one that best suits your needs.

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Debt consolidation loan: what you need to know https://serracb.org/debt-consolidation-loan-what-you-need-to-know/ Mon, 19 Sep 2022 16:14:00 +0000 https://serracb.org/debt-consolidation-loan-what-you-need-to-know/ Debt consolidation loans combine multiple debts into one loan, which can potentially save you money. Getty Images If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts […]]]>
Debt consolidation loan application form with pen, calculator
Debt consolidation loans combine multiple debts into one loan, which can potentially save you money.

Getty Images


If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts and replace them with a single loan with a fixed monthly payment. You might even be able to lower your interest charges and monthly payments.

If this sounds like something you could benefit from, consider talking to a lender. You can get a debt consolidation loan offer today.

What is a debt consolidation loan?

A debt consolidation loan can be used to pay off multiple debts, including credit cards, medical bills, and personal loans. Debt consolidation loans are a type of personal loan that you can use to combine multiple high-interest credit cards with one low-interest loan.

You may qualify for a debt consolidation loan of up to $100,000 with flexible repayment terms typically ranging from two to five years.

Why would anyone want a debt consolidation loan?

Taking out a debt consolidation loan may make sense if any of the following circumstances apply to you:

  • You want to pay less interest. If you have multiple high interest credit cards, you might consider debt consolidation into a personal loan with a lower interest rate. According to recent data from the Federal Reservethe average interest rate on a 24 month personal loan is 8.73%, which is well below the average credit card interest rate of 16.65%.
  • You want a specific repayment date. Credit cards offer a convenient way to borrow and pay off debt as you go, but if you only make minimal payments, you could stay in debt indefinitely. For this reason, you may want a debt consolidation loan to follow a repayment plan for a specific duration, with a specific end date when your final payment will bring your balance down to zero.
  • Your credit score is sufficient to qualify. Whereas personal loans are available to borrowers with below average credit, a higher credit score may qualify you for lower rates. Generally, the higher your credit score, the lower the interest rate you can receive. As a rule, you can benefit from advantageous conditions with a good credit scorethat begins with a FICO score of at least 670 or a VantageScore of 661 or higher.
  • You can pay off your consolidation loan in five years or less. Debt consolidation loans are installment loans that usually have a repayment term of two to five years. Of course, the longer you pay off the loan, the more interest you will pay. A debt consolidation loan may be a suitable option if you can minimize interest costs by paying off your loan in less than five years.

The advantages of a debt consolidation loan are manifold. Start saving money and getting out of debt by exploring your loan options now.

How to qualify for a debt consolidation loan?

Qualifications for debt consolidation loans vary by lender, but most lenders strongly consider the following eligibility factors.

  • Proof of income: Almost all lenders require you to meet a minimum income requirement to prove that you have the financial stability to repay your loan. Minimum income amounts vary by lender, and you’ll likely need to prove your income with pay stubs, bank statements, or tax returns.
  • Credit file and credit score: When a lender reviews your debt consolidation loan application, they typically extract your credit report and credit score to assess your credit management history. If your credit is below average, you might be better off taking steps to improve your credit before applying for a new loan.
  • Low debt-to-income ratio (DTI): Your debt-to-income ratio (DTI) is another important criterion used by lenders to assess your ability to repay your loan. The ratio compares the total amount of your monthly debt repayments with your gross monthly income. For example, if your gross monthly debt payments total $1,000 and your gross monthly income is $5,000, your DTI ratio is 20% (1,000/5,000 = 0.200). Aim for a DTI of 36% or less for your best chance of loan approval.
  • Collateral: Some lenders require collateral for larger debt consolidation loans, often in the form of home equity.

Be aware that some lenders charge processing fees (also known as origination fees) ranging from 1% to 8% of the amount borrowed.

How to apply for a debt consolidation loan?

Taking out debt consolidation is quick and easy, and you can apply by following these five steps.

  • Shop around and compare lenders. Comparing several loan offers can help you find the best debt consolidation loan to meet your needs. Many online lenders allow you to prequalify for a loan to assess your chances of approval and the interest rate you may receive. When you prequalify, the lender usually does a soft credit check that doesn’t affect your credit score.
  • Choose your loan offer and your lender. Consider loans that offer the best balance of low interest rates and fees, flexible repayment terms, and achievable eligibility requirements. After reviewing several personal loan offers, select the one that best suits your needs.
  • Complete a loan application. Once you have chosen a lender, submit a formal application. You will need to provide information about your job, your income and the amount you want to borrow. Your lender may ask you to provide supporting documentation, including government-issued ID, pay stubs, account statements, and proof of residency.
  • Pay your debt. Once your lender has approved your loan application, you must sign the loan to release the funds. Your lender can disburse your loan funds directly to your competitors to pay off debts on your behalf. Alternatively, your lender deposits the money into your account and uses the funds to pay off each of your debts.
  • Keep making payments. Upon loan approval, you are responsible for making payments on your new loan. However, it may take some time for your old creditors to close your accounts. To avoid damaging your credit, continue to make payments on your old accounts until they are officially closed.

Debt Consolidation Loan Alternatives

If you don’t want to take out a debt consolidation loan, there are other options to consider, such as:

  • 0% APR Balance Transfer Credit Card: These credit cards offer an interest-free period of up to 21 months. You can pay off as much debt as you can during the promotional period at 0% interest, but understand that these cards generally require good credit to qualify.
  • Home Equity Loan: You may be able to tap into the equity in your home to pay off your outstanding debts. Typically, lenders allow you to borrow up to 80% of the value of your home, minus your mortgage balance. Home equity loans involve considerable risk since you have to offer your house as collateral.
  • Credit advice: Instead of borrowing money to pay off your debt, you might consider getting credit counseling from a nonprofit agency. An advisor can help you budget and design a repayment plan. Some agencies will even contact your creditors to lower your interest rates. Online financial advisors can also help point you in the right direction.

Whether you take out a debt consolidation loan or use another method, eliminate credit card debt can dramatically improve your financial health, but only if you can avoid accumulating new debt and repeating the cycle. As a general rule, never charge more than you can afford.

]]> Debt Consolidation Loan vs Balance Transfer: Which is Right for You? https://serracb.org/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Wed, 14 Sep 2022 16:03:59 +0000 https://serracb.org/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. A debt consolidation loan and balance transfer […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

A debt consolidation loan and balance transfer can help you consolidate high-interest debt. Learn how they compare. (Shutterstock)

Debt consolidation consolidates several debts into a single account. It can help you save money, lower your monthly payments, and streamline your payment process. Although you can consolidate your debt in several ways, debt consolidation loans and balance transfers are the most common.

Here’s what you need to know about each of them in order to determine the ideal debt consolidation strategy for your particular situation.

If you need a loan to consolidate high-interest debt, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

Debt Consolidation Loan vs Balance Transfer: What’s the Difference?

Debt consolidation loans and balance transfer credit cards are credit products you can use to consolidate other, higher-interest debt. Here’s an overview of how each works.

What is a debt consolidation loan?

A debt consolidation loan is a type of unsecured personal loan. If you subscribe to one, you will receive a lump sum upfront. Then you will repay what you borrow in fixed monthly payments over a set period of time. Although loan amounts vary, they can range from $1,000 to $100,000.

If you have different types of debt that can take years to pay off, a debt consolidation loan is worth considering.

UNSECURED LOANS: KNOW ALL

What is a balance transfer credit card?

Balance transfer credit cards allow you to transfer balances from your current maps to a new card, usually with a 0% APR introductory period of six to 18 months. If you pay off all your debts before the end of this introductory period, you can save a lot on interest. But keep in mind that once the period is over, you’ll start earning interest on the remaining balance on the card, and credit cards can have high interest rates.

If you have a lot of high interest credit card debt and you can pay it off during the introductory period, a balance transfer credit card might make sense.

Advantages and disadvantages of a debt consolidation loan

Before choosing a debt consolidation loan, consider these pros and cons:

Advantages

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

The inconvenients

  • If you don’t have the best credit, you may find it difficult to get an interest rate lower than what you are currently paying.
  • Some lenders charge origination fees, prepayment penalties, and other fees when you take out a debt consolidation loan.
  • There is no 0% APR introductory period like some credit card offers.
  • If you don’t make your payments on time, every time, your credit can take a hit.

WHERE TO GET A $5,000 LOAN

Advantages and disadvantages of a balance transfer

Here are some pros and cons to think about before deciding on a balance transfer:

Advantages

  • You can benefit from a 0% APR introductory period, which can save you hundreds or even thousands of dollars in interest.
  • Some cards offer rewards, such as cash back and travel points.
  • Opening a new card can lower your credit utilization ratio (the amount of credit you use compared to the amount of available credit you have) and, therefore, improve your credit score.

The inconvenients

  • If you don’t pay off your debt before the end of the 0% APR period, you could face high interest charges.
  • Some cards charge a balance transfer fee of 3% to 5% of the amount you transfer.
  • You may not qualify for a balance transfer credit card unless you have good credit.

What to consider when consolidating debt

When comparing a debt consolidation loan and a balance transfer, consider the following factors:

Where to get a debt consolidation loan

You can get a debt consolidation loan from a bank, credit union, or online lender. While banks and credit unions tend to offer competitive rates, they generally have stricter requirements than online lenders. Also, you must join a credit union before taking out a loan from it.

If your credit score is preventing you from getting approved for a debt consolidation loan, you may want to apply with a co-signer who has good credit or take the time to improve your credit before to make your request.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

Where to get a balance transfer card

Many banks and credit card companies offer balance transfer credit cards. If you’re having trouble qualifying, check your credit reports and dispute any errors. Also focus on making your payments on time and do your best to pay off some of your credit card debt to improve your credit utilization.

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Debt consolidation vs bankruptcy: what’s the difference? https://serracb.org/debt-consolidation-vs-bankruptcy-whats-the-difference/ Tue, 30 Aug 2022 13:07:37 +0000 https://serracb.org/debt-consolidation-vs-bankruptcy-whats-the-difference/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Debt consolidation with personal loan or bankruptcy: […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Debt consolidation with personal loan or bankruptcy: Both are debt solutions, but one is better than the other. (Shutterstock)

Debt consolidation and bankruptcy are two options for dealing with overwhelming debt. Both offer a long-term solution to your debt, but they work very differently and have varying consequences for credit.

A personal loan can be a good tool for consolidating high-interest debt. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

Debt consolidation vs bankruptcy

Debt consolidation and bankruptcy can both help you manage your debts, but it’s important to understand how each works before deciding which option is right for you. Here are some key differences between debt consolidation and bankruptcy.

Debt Consolidation

Debt consolidation merges multiple debts into one, usually by taking out a new loan or a balance transfer credit card to pay off your existing debt balances. This option is best suited for those who can pay off their debt but have difficulty managing multiple monthly payments or high interest rates.

Debt consolidation can hurt your credit in the short term since it requires taking on new debt. But it can increase your long-term credit as you pay off your debt. Debt consolidation may have a small associated cost in the form of loan origination fees or balance transfer fees, if you are using a balance transfer credit card to consolidate.

How long it will take to get rid of your debts depends on the debt consolidation route you choose, how much debt you have and how much you can afford to pay each month. But it may be possible to be debt free within five years.

Bankruptcy

Bankruptcy is another solution to debt, but with a very different process and different ramifications. Unlike debt consolidation, bankruptcy is a legal proceeding. And instead of helping you consolidate debt or get lower interest rates, it helps you get rid of debt altogether.

If it sounds too good to be true, know that there are some serious downsides. First, not all types of debt can be discharged in bankruptcy, so you may still find yourself stuck with some debt.

What you need to know about debt consolidation

In most cases, debt consolidation involves take out a personal loan to settle your other debts. You will then have only one debt with only one monthly payment to settle. In some cases, you may qualify for a lower interest rate than you’re paying on your other debts, which can also save you money in the long run.

Debt consolidation can also be done in other ways, including using a balance transfer card to manage credit card debt or a home equity loan or home equity line of credit (HELOC) to pay off your debt.

Advantages of debt consolidation

  • Streamlines debt repayment — Debt consolidation can help you go from multiple monthly payments and interest rates to one. Not only is it easier to track your debts, but you might also end up paying less each month.
  • Can get a lower interest rate — Debt consolidation can lead to lower interest rateespecially if you are consolidating high interest debt like credit cards or using secured debt like a home equity loan to consolidate your debt.
  • Can improve your credit — Although you may see a temporary drop when you open new debt, debt consolidation can improve your credit usage and make it easier to make on-time payments each month.
  • Getting Out of Debt Earlier — With a potentially lower monthly payment and interest rate, debt consolidation could help you pay off your debt faster. Depending on the amount of your debts, it can take up to several years or as little as a few months to become debt free.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

Disadvantages of debt consolidation

  • May pay fees — Debt consolidation may incur additional costs in the form of origination fees on a Personal loan or a home equity loan, or a balance transfer fee on a credit card. Consider additional fees to ensure that consolidating your debt will make financial sense.
  • The interest rate cannot be lower — There is no guarantee that debt consolidation will result in a lower interest rate. Personal loans can have high interest rates, especially for borrowers with bad credit. If you already have low interest rates on your current debts, debt consolidation might not be beneficial.
  • Assets could be at risk — Depending on the type of debt consolidation you use, you could be putting other assets at risk. For example, a home equity loan is secured by your home, which means your lender could foreclose on your home if you stop making your payments.
  • May not reach root cause of expense — If you haven’t addressed the root cause of your debt, your debt consolidation loan could help you pay off your credit cards, but encourage you to use them for additional purchases. As a result, you can find yourself in an endless cycle of debt.

What you need to know about bankruptcy

If your financial situation is dire and you are considering bankruptcy, here are the two different types:

  • Chapter 7 Bankruptcy — This type of bankruptcy allows you to pay off certain debts. In return, your non-exempt assets will be sold to help provide compensation to your creditors. What is considered exempt property depends on your state, but can include work-related items, a personal vehicle, equity in your personal residence, and household furniture.
  • Chapter 13 Bankruptcy — With Chapter 13 bankruptcy, a court representative will help you create a repayment plan rather than paying off your debts. You will pay installments to your creditors for a number of years and, in exchange, you will be able to keep all your assets. Any outstanding debt at the end of the repayment term will be discharged.

It is important to note that some debts cannot be discharged in a Chapter 7 bankruptcy. Debts that will not be discharged include child support, alimony, taxes, and student loans. Chapter 7 bankruptcy also has an income limit. Those who wish to declare bankruptcy and are not eligible for Chapter 7 can use Chapter 13 instead.

Advantages of bankruptcy

  • Can provide debt relief — Bankruptcy can relieve you of your debt and, in the case of a Chapter 7 bankruptcy, help you pay off some of your debts entirely.
  • Can help you avoid foreclosure — Bankruptcy can help you avoid a legal judgment or foreclosure due to unpaid debts.
  • Some goods will be taken – While some of your personal assets will be liquidated to pay off loans, others will be exempt from liquidation.
  • May not lose all your possessions — In the event of a Chapter 13 bankruptcy, you may be able to keep your assets while having some of your debts discharged.

Disadvantages of bankruptcy

  • Sustainable credit effects — Bankruptcy stays on your credit report for up to 10 years and could prevent you from borrowing money, renting an apartment, getting insurance, or even getting certain jobs.
  • Could lose your property — Depending on the type of bankruptcy, you could end up with a lot of your personal assets seized and liquidated to make payments on your debts.
  • Not all debts are eligible for discharge — Certain debts, including student loans and child support, cannot be discharged in bankruptcy.
  • May have to pay a fee — Bankruptcy can result in additional court, administrative and attorney fees during a time when you are already struggling to pay what you owe.

Bankruptcy should be considered a last resort. Consider a personal debt consolidation loan instead. You can quickly and easily compare personal loan rates with Credible to find the one that meets your needs.

]]> Debt consolidation in times of uncertainty https://serracb.org/debt-consolidation-in-times-of-uncertainty/ Fri, 26 Aug 2022 13:03:18 +0000 https://serracb.org/debt-consolidation-in-times-of-uncertainty/ “Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.” The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan. It revealed that the vast […]]]>

“Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.”

The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan.

It revealed that the vast majority (78%) of UK homeowners found themselves spending more on living costs than six months ago. Three in 10 (30%) of those with revolving credit, including credit cards, store cards and overdrafts, said they had an average balance of almost £3,000 and had seen their rates rise over the course of the same period.

Overall, our research found that around 12.7m UK homeowners could face an average increase of over £750 in annual interest rate payments on revolving credit, with 3.8m seeing a increase of over £60 per month.

With the two pinch points of the rising cost of living and more expensive credit, and an average balance of £8,738.90 per owner for revolving credit and unsecured loans, such as car loans, the moment may have come for savvy spenders to consider debt consolidation. .

Not a last resort

For many, the term “debt consolidation” can carry negative connotations, suggesting an unmanageable or poorly managed amount of debt, and a person in dire straits. Indeed, our research found that only 30% of people with outstanding debt would consider consolidating it into a single loan, while 45% said they wouldn’t see it as an option at all.

However, far from being a matter of desperation, with much of the UK dependent on unsecured credit, rising rates and the economic outlook looking constantly bleak, it is simply a matter of good money management .

While no financial solution is perfect for every client, under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce expenses. monthly, at a time when every little gesture counts. There’s also the added benefit of streamlining all additional fees and charges and having one easy-to-manage payment per month, reducing the risk of complications or missed payments.

A homeowner can use their home security in a number of ways in this situation, including remortgaging to raise capital to pay off debts, but the best option may be second mortgages, as this allows borrowers to stay on a potentially more favorable market. first rate of charge while enjoying the equity accumulated in their home.

At Pepper Money, the average median salary among our second charge clients who take out a debt consolidation loan is £53,900. These are high-income earners who take proactive steps to ensure their continued financial stability, in addition to potentially boosting their credit ratings, while leaving a safe buffer of equity in their home.

While there is risk with any form of borrowing, Pepper Money prides itself on taking a careful and thoughtful approach, backed by humans and technology working together to deliver positive results for clients.

In this time of uncertainty, this is an opportunity to make the most of the continued stability in the housing market, leveraging the power of home equity to gain some breathing room. With rising inflationary pressures, now is the time to find out if secondary debt consolidation is right for your clients.

]]> Debt Consolidation Market to Record Healthy Annual Growth Rate to 2028 https://serracb.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/ Thu, 25 Aug 2022 06:25:31 +0000 https://serracb.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/ The most recent research report on the Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical […]]]>




The most recent research report on the Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical information obtained from several outlets, it also contains a variety of proposals to promote industrial expansion through the advancement of corporate strategies.

The report elaborates more on the major development trends that will shape the industry's profitability pattern over the estimated timeframe. It also mentions the industry's challenges and opportunities as well as ways to reduce their ramifications. Furthermore, it considers market sub-divisions to establish the overall scope and size of the landscape.

Market segmentation and coverage

Request Sample Copy of this Report @ https://www.newsorigins.com/request-sample/52183

Product range:

  • Credit Card Debt
  • Student Loan Debt
  • Medical Bill
  • Apartment Leases and Others

  • Past data along with estimates regarding growth rate, revenue share, and compensation are presented in the report.

Application spectrum:

  • Company
  • Personal
  • By company
  • Goldman Sachs
  • OneMain Financial
  • Discover personal loans
  • loan club
  • Pay
  • Debt Relief Freedom
  • National debt relief
  • Rescue One Financial
  • ClearOne Advantage
  • New era debt solutions
  • Pacific Debt
  • Approved Debt Relief
  • CuraDebt Systems
  • Guardian Debt Relief
  • Debt negotiation services
  • First Debt Help
  • Oak View Legal Group
  • By Region and North

  • Historical information and projections of product demand, CAGR, and market share of each application field are mentioned in the study.

Regional bifurcation:

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

  • Along with the growth rate forecasts, the report contains records of the overall revenue and sales obtained by each regional market.

Competitive Landscape Summary

  • Goldman Sachs OneMain Financial Discover Personal Loans Lending Club Payment Freedom National Debt Relief Debt Relief Rescue One Financial ClearOne Advantage New Era Debt Solutions Pacific Debt Accredited Debt Systems CuraDebt Systems Guardian Debt Relief Debt Negotiation Services Premier Debt Help Oak View Law Group By Region North America United States Canada Europe Germany France United Kingdom Italy Russia Nordic Rest of Europe Asia-Pacific China Japan South Korea Southeast Asia India Australia Rest of Asia Latin America Mexico Brazil Rest of Latin America Middle East and Africa Turkey Saudi Arabia United Arab Emirates Rest of MEA

are the distinguished entities that shape the competitive environment in the debt consolidation industry. Companies are profiled based on their profits, revenue, payment system, market portfolio, and tactical moves. Accordingly, the section highlights the procedures that vendors can use to outperform their competitors over the projected period through successive mergers and acquisitions, product launches, R&D and global coverage.

Industry Value Chain Analysis Overview

The industry value chain model, which focuses on manufacturers, customers, and sales channels, definitely aims to help companies reduce costs at each stage of the product/service lifecycle while delivering quality and value to the heart of the people.

FAQs-

  • Which companies represent the competitive scope of the Debt Consolidation market?
  • Which regions are assessed in the Debt Consolidation report?
  • What are the key segments of the Debt Consolidation market?
  • How is the debt consolidation market expected to grow during the period 2022-2028?

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Debt consolidation service providers ordered to pay over $2 million in fines and restitution https://serracb.org/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/ Wed, 24 Aug 2022 13:00:00 +0000 https://serracb.org/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/ BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh today announced that his Consumer Protection Division issued a Final order against Marcia L. Bailey and Arthur Wittenberg and their entities, Marcia Bailey Inc. trading as Signature Accounting and the Wittenberg Family Trust, for violating the Consumer Protection Act when they collected hundreds […]]]>

BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh today announced that his Consumer Protection Division issued a Final order against Marcia L. Bailey and Arthur Wittenberg and their entities, Marcia Bailey Inc. trading as Signature Accounting and the Wittenberg Family Trust, for violating the Consumer Protection Act when they collected hundreds of thousands of dollars from consumers to help them consolidate and pay off outstanding consumer debt, but failed to deliver the promised services.

From their offices in Baltimore, Bailey and Wittenberg targeted victims who resided in Maryland and other states. In June 2021, Attorney General Frosh obtained a preliminary injunction from the Baltimore County Circuit Court restraining Bailey, Wittenberg and their entities from offering or selling debt consolidation services from Maryland. The final order issued this week by the Consumer Protection Division includes a permanent injunction that prohibits Bailey, Wittenberg and their entities from further harming consumers, as well as an order requiring them to pay a fine of $1,246,000. $ and return any funds they have collected from consumers who have not received promised services. Together, the total payments are expected to exceed $2 million.

“Marcia Bailey and Arthur Wittenberg deceived and defrauded consumers by promising that the Wittenberg Family Trust’s ‘Private Bank Debt Liquidation Program’ would save consumers hundreds of thousands of dollars, pay off unpaid consumer debts in a shorter time frame than the original loan terms, and improve consumer credit scores,” Attorney General Frosh said. “Instead, they took the money for themselves while consumers repossessed their cars and homes threatened with seizure.”

Bailey, Wittenberg and their entities charged consumers an upfront fee of between $11,000 and $118,000 for the services, followed by charging additional amounts that were supposed to be used to pay off consumers’ outstanding debts. Rather than providing the services purchased by consumers, Bailey and Wittenberg wrongly converted most consumer payments for their own personal uses. The Division found that the eight consumers who testified at the hearing owed at least $772,939 for payments made to Bailey, Wittenberg and their entities for services that were not provided. Rather than helping consumers consolidate and eliminate their debts, Bailey and Wittenberg only helped themselves.

In Maryland, individuals who provide certain types of debt consolidation services must be licensed by the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor.

Before entering into contracts for such services, consumers should check a provider’s licensing status with https://www.dllr.state.md.us/finance/industry/licsearch.shtml.

In addition, persons who provide mortgage assistance services, credit services, funds transfer services and debt management services are generally prohibited from collecting upfront fees from consumers and, in addition to other requirements, must obtain a bond and provide consumers with specific information, notices and other information regarding consumer rights.

For more information, consumers can call the Consumer Protection Helpline at 410-528-8662 or toll-free at 888-743-0023.


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Personal loan for debt consolidation: a guide https://serracb.org/personal-loan-for-debt-consolidation-a-guide/ Tue, 23 Aug 2022 14:54:14 +0000 https://serracb.org/personal-loan-for-debt-consolidation-a-guide/ Using Personal Loans to Consolidate Debt: The Benefits Every financial decision has pros and cons. A personal loan used to consolidate debt is no exception. Here is an overview of the benefits that come with using a personal loan to consolidate debt. Loan term flexibility When shopping for a personal loan, you can usually choose […]]]>

Using Personal Loans to Consolidate Debt: The Benefits

Every financial decision has pros and cons. A personal loan used to consolidate debt is no exception.

Here is an overview of the benefits that come with using a personal loan to consolidate debt.

Loan term flexibility

When shopping for a personal loan, you can usually choose the repayment term. With the ability to choose, you can find a monthly payment option that fits your budget.

If you are able to lock in a shorter repayment term, you will reduce the overall cost of the loan. Indeed, a shorter repayment term means fewer monthly payments.

Lower interest rate

The exact interest rate you can lock in for a personal loan varies depending on the borrower’s credit score and debt-to-income ratio (DTI). But in general, you will be able to find a lower interest rate for personal loans than those attached to your credit card.

A lower fixed interest rate can help you save thousands of dollars while paying off your debt. But not all borrowers will find lower interest rates. Generally, a debt matching loan only makes sense if you can find a lower interest rate.

Single monthly payment

Consolidating your outstanding debt payments into one monthly payment can help you get a clear understanding of your financial situation. Without the stress of juggling multiple payments, you can set a simple budget that works for your finances.

Additionally, most lenders will allow you to set up an automatic payment option. With this, you can begin to eliminate stress from your life while paying off your debts.

Lower monthly payment

When looking for a personal loan, you have a choice. It is possible to lock in a lower monthly payment by finding a personal loan with a lower interest rate or a longer loan term.

If you’re struggling to meet the combined total of your monthly payments, the ability to stretch your payment obligations can give you some of the wiggle room you need in your budget.

Although a longer loan term means you’ll pay more interest over the life of your loan, this strategy gives you the ability to prioritize the cash flow you need to make ends meet.

No collateral required

A personal loan is a type of unsecured debt. As a borrower, you will not have to provide any asset as security for the loan. Although this means that no specific asset is tied to the loan, it generally means that you will find higher interest rates than with secured debt.

For example, home equity loans generally have lower interest rates than personal loans because this debt is secured by your home. If you default on a home equity loan, the lender can foreclose on your home. But that’s not the result when you default on a personal loan.

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3 tips to make a debt consolidation loan work for you https://serracb.org/3-tips-to-make-a-debt-consolidation-loan-work-for-you/ Mon, 22 Aug 2022 13:15:12 +0000 https://serracb.org/3-tips-to-make-a-debt-consolidation-loan-work-for-you/ Breadcrumb Links Columnists A consolidation loan is not a magic solution for debt. Explore all of your debt relief options first and make an informed decision that will benefit you in the long run. Publication date : August 22, 2022 • August 22, 2022 • 5 minute read • Join the conversation]]>

A consolidation loan is not a magic solution for debt. Explore all of your debt relief options first and make an informed decision that will benefit you in the long run.

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Q: We have been struggling with our debt for a long time. For a while things improve, then something happens and we fall behind again. The last time we maxed out our credit cards was for car repairs and with the cost of living so high right now, we can barely make the minimum payments. One of the credit card companies contacted me the other day and suggested I get a consolidation loan to pay off what we owe. I talked to my bank, and it looks like a loan would solve our money problem. Is it too good to be true? ~ Brad

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A: Debt has a funny way of accumulating over the years. For a while, we can sweep it under the rug and not worry too much about it. But there comes a time when it overflows and we have to deal with it. Debt unfortunately does not resolve itself and does not disappear on its own.

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There is a lot of different ways to deal with debt and there is even different types of debt consolidation. The options depend on your overall situation and whether you can afford to make payments or not. Once you’re able to make payments, getting back on track takes time and effort, and you’ll encounter obstacles along the way that will make you wonder if you made the right decision. In the long run, though, you’ll be thankful you dealt with it when you did.

When it comes to a debt consolidation loan There are things you can do with your bank or credit union to make sure the loan helps you get ahead and meet your financial goals.

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Recognize that a loan is only half a solution

There are two key factors to consider when considering solving your debt problem with a consolidation loan. The first is to identify why you got into debt in the first place, and the second is whether the loan will help you pay off what you owe. It only leads to more stress if the loan ends up doubling your debt and leaving you worse off than before you took out the loan.

A debt consolidation loan is not a magic solution for debt. For the loan to free you from debt, you need to think carefully about how you can change your habits and clean up your finances so that you don’t spend more than you earn. This means establishing a realistic budget that you use to guide your spending decisions. Your budget will also take into account setting aside money in savings so that when an emergency expense occurs, you have at least some savings to pay for it. If you need to use the credit to pay the rest, you’ll need to adjust your budget to account for higher debt payments until you’re back on track.

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Dangers of Different Types of Consolidation Loans

Change the way you use credit to avoid future problems

Many Canadians can hardly imagine how they would manage without their credit card. Even those who rarely use them would struggle to shop online or book a hotel room without one. However, if you want to move on and use a consolidation loan to get your finances back on track, you need to be aware of how you use all forms of credit.

For example, if you have a secured line of credit, it is usually not included in a debt consolidation loan. If you continue to use your secured line of credit after obtaining a loan to consolidate your credit card debt, the effectiveness of the loan could turn against you. If you have overdraft protection on your bank account, request that it be blocked or removed if you don’t trust yourself to stay in the black. If you’ve used high-interest payday loans to make ends meet, make sure those debts are paid off with the loan and focus on bringing your expenses in line with your income instead.

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What to do if you’re struggling with bad credit

A typical condition of a consolidation loan for credit card debt is that the credit cards are canceled once they are paid off with the loan proceeds. However, as you make regular loan payments, your credit rating will recover. If you’re a spendthrift and miss the convenience of having a credit card, if you haven’t changed the way you use credit, there’s a chance that the debt problem will start again.

Hidden Dangers of Using a Line of Credit to Consolidate Debt

Understand the non-financial influences on your spending

Money management isn’t just about dollars and cents. It’s as much psychological and emotional as it is mathematical. We didn’t need to consolidate our debt because we couldn’t calculate our budget accurately; financial problems are rarely so simple. In fact, many of our spending decisions are made long before we set foot in a store or log into our favorite retailer’s app.

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When we try to make ends meet on a daily basis, it can be difficult to appreciate the complexity of the decision-making processes that go into managing our money. Our values, the goals we set, the choices we make, the habits we have, the social media we use, the friends we keep, as well as how we use credit, our attitudes towards debt , as well as lifestyle factors and what we don’t all have an impact on our expenses.

Each of these factors gives us the opportunity to make positive choices and changes with our money. Replace thoughtless spending and impulse buying habits with the abandonment of costly attitudes towards credit and debt. Develop strategies to keep your money safe from yourself by following money savvy social media profiles. Join groups and associate with like-minded friends to help you keep your lifestyle choices in line with your budget.

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Why an Instant Online Payday Loan Won’t Solve Money Problems

The Basics of Using a Consolidation Loan to Get Out of Debt

There is no one-size-fits-all solution to settling your debts. Before following the advice of a creditor, take the time to explore all your options in order to make an informed decision. There are options that consolidate your debts and others that consolidate your payments. With some options you have to borrow more money, with others you restructure your budget. Some options have a more severe impact on your credit rating than others, and there are even options with interest relief to help get you back on track. The right option will help improve your financial skills and provide you and your family with a financially stable future.

Related Reading:

Get free help with debt and money issues

How to break a spending habit

What is debt consolidation and how does it work in Canada?

Scott Hannah is president of the Credit Counseling Society, a non-profit organization. For more information on managing your money or debt, contact Scott by E-mailCheck nomoredebts.org or call 1-888-527-8999.

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Debt consolidation with a personal loan https://serracb.org/debt-consolidation-with-a-personal-loan/ Wed, 17 Aug 2022 22:07:30 +0000 https://serracb.org/debt-consolidation-with-a-personal-loan/ Managing all your debts, with multiple due dates, interest rates, and minimum payment amounts, can be very difficult to keep track of. Missing a payment can hurt your credit score and your chances of borrowing money in the future. That’s why consolidating all your monthly bills into one payment with a new personal debt consolidation […]]]>

Managing all your debts, with multiple due dates, interest rates, and minimum payment amounts, can be very difficult to keep track of. Missing a payment can hurt your credit score and your chances of borrowing money in the future.

That’s why consolidating all your monthly bills into one payment with a new personal debt consolidation loan can be a great way to simplify your financial life, keep your credit strong, and make it easier to pay off what you owe each month. . Of course, you should continue to pay all your bills on time until you have simplified the payment setup with your new loan.

How a Personal Debt Consolidation Loan Works

A personal loan is a debt product that can be used for almost anything. You will receive the funds in a lump sum and make monthly installments over a specified period. Additionally, personal loans are generally unsecured, which means that they are not backed by collateral and do not expose you to the risk of losing your asset.

Some consumers get personal loans and use the product only to consolidate their debts, which is why you will often hear the term “debt consolidation loan”. Using a personal loan to consolidate debt involves paying off all your credit cards, loans, and other debts with loan proceeds and making a manageable payment on your loan each month until it’s due. refunded.

Example

To illustrate, suppose you have the following credit cards:

  • Card 1 carries an APR of 15%, the minimum monthly payment is $25, and the outstanding balance is $500. (Payment term: 24 months; Total interest paid: $78)
  • Card 2 carries an APR of 17%, the minimum monthly payment is $30, and the outstanding balance is $750. (Repayment term: 32 months; Total interest paid: $182)
  • Card 3 carries an APR of 19%, the minimum monthly payment is $35, and the outstanding balance is $1,000. (Term of payment: 39 months; Total interest paid: $341)

If you take out a personal loan of $2,250 with a term of 36 months and an interest rate of 10%, your monthly payment will be $73, slightly less than what you are already paying. Plus, you’ll only pay $363.64 in interest over the term of the loan, a decrease of $237.36.

A personal loan can also help keep your accounts in good standing and maintain your credit rating if you have multiple types of debt. Being late on any of your payments, whether for a credit card or a student loan, can crush your credit score. It could also hamper your chances of borrowing money or getting competitive terms on debt products in the future.

Advantages of debt consolidation with a personal loan

Debt consolidation with a personal loan has several advantages that make it an attractive option:

  • One monthly payment: It can be difficult to keep track of multiple monthly debt payments. A debt consolidation loan simplifies your finances and allows you to make a single monthly payment.
  • Lower interest rates: Personal loans often come with higher rates than secured loans, but they can have lower rates than credit cards.
  • Pay off your debts faster: With a lower interest rate, you may be able to save money and pay off your debt sooner with a personal loan.
  • Improve your credit score: Using a personal loan to consolidate debt can improve your credit score by increasing your available credit, which lowers your credit utilization rate.

Disadvantages of debt consolidation with a personal loan

Although a debt consolidation loan has its advantages, there are also disadvantages that you should consider:

  • Potentially high interest rates: Personal loans generally have lower interest rates than credit cards, but personal loan rates can exceed 30% for borrowers with poor credit.
  • Additional upfront costs: When you take out a personal loan, you may be subject to loan origination fees. Other common charges may include prepayment penalties and late payment charges.
  • Could encourage more spending: Debt consolidation does not solve the fundamental problem of why you got into debt. If you consolidate your credit card debt with a personal loan, you may be encouraged to take on new debt.

When to take out a personal loan for debt consolidation

High-interest debt, such as credit card debt, could make you a good candidate for a debt consolidation loan, as personal loans tend to have lower interest rates than cards. credit. You might be a good candidate for a personal loan if:

  • You have strong credit: The better your credit, the more likely you are to qualify for a loan at the lowest interest rate. The lower your interest rate, the less you have to pay on top of the money you borrow.
  • You have a large but controlled debt: If your debt is large but you can make at least minimum monthly payments, a personal loan might be best for you.
  • Your expenses are under control: A personal loan will not help you if you do not control your expenses. This could put you in even more debt. Before getting a personal loan, review your finances to make sure you can afford the loan and pay off your debt.

When not to take out a personal loan for debt consolidation

Although a personal loan for debt consolidation can help you save money and get out of debt faster, it’s not always the best choice. Here are some cases where a loan would not be a good idea:

  • Your credit rating is low: It is possible to qualify for a personal loan if you do not have good credit. Unfortunately, chances are you’ll only be entitled to high interest rates, which could make the costs of consolidation outweigh the benefits.
  • You are not eligible for lower interest rates: If the personal loan rates available to you are higher than what you are currently paying on your debt, try other methods of settling your debt. Once your credit improves, you may qualify for debt consolidation loans with better terms.
  • You have trouble affording your minimum monthly payments: You could get a more affordable monthly payment by consolidating. However, if money is already tight and you are living check after check, you may find it difficult to make timely payments on a personal loan. So consider crunching the numbers before you apply to determine if it makes sense to take out a debt consolidation loan or if it’s better to ask your lenders or creditors to enroll in a hardship program (if applicable).

Other Ways to Consolidate Debt

If a personal debt consolidation loan isn’t right for you, there are several ways to consolidate your debts.

Home Equity Loan

If you own your home and your mortgage debt is less than the value of the home, you may be able to take out a home equity loan and use it to pay off your outstanding debt. A home equity loan is a type of second mortgage that lets you borrow against the equity in your home. You can use the lump sum you receive from your home equity loan to pay off all your outstanding debts, then make a single payment on the new loan each month.

For home equity loans, your home is secured. As a result, the lender views your loan as less risky, which means interest rates are generally lower than unsecured loans such as personal loans. However, you could lose your home if you fall behind or fail to pay off your home equity loan. Calculate the equity in your home to see if you would qualify to borrow enough to cover your outstanding debt.

Credit cards with balance transfer

You can try a balance transfer credit card if you want to manage a few credit card balances. Many cards offer 0% APR for a fixed term, usually 12-21 months.

It’s a great way to transfer all of your existing credit card debt into one manageable monthly payment. Remember that if you have a lot of credit card debt, you might not be approved for a balance transfer for the full amount you need. This means you could pay off your new card balance and any cards that couldn’t be transferred.

If you don’t pay a balance transfer credit card before the end of the 0% APR period, the card issuer starts charging interest.

Debt repayment strategies

You may need to manage your debt differently if you don’t qualify for a new loan or credit card transfer. If you haven’t already, start by organizing your debt on a spreadsheet. Write down each lender you owe money to, your current interest rate, the amount you owe, and your monthly due date. From there, you can try a few debt management methods:

  • Debt Snowball: This method focuses on paying off your smallest debt first. While making minimum payments on all other debt, you put all your extra money on the debt with the lowest balance. Once that’s paid off, you focus on allocating all of your extra cash to the lower balance. Do this until all your debts are paid in full. The advantage is that you will see results quickly. The downside is that you might pay more interest on other higher-rate debt.
  • Avalanche of debt: This method focuses on paying off the debt with the highest interest rate first. You make minimum payments on all your other debts, then put all your extra money on the debt with the highest interest rate. Do this until the debt is paid off, then move on to the debt with the highest interest rate until all of your debt is fully paid off. Although you can save more money by paying off the higher interest debt first, you might not see results as quickly as with the debt snowball method.

The bottom line

A personal loan could be a great way to consolidate your debt, but it’s not necessarily the right method for everyone. Examine your debt situation and see if a personal loan would work better. Otherwise, try methods such as a home equity loan or a balance transfer or debt management strategy.

Learn more:

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