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Digital News Report – Debt consolidation loans are used to combine multiple high-interest loans into one low monthly payment. This week the government reported that more Americans became unemployed and this means the need to lower monthly payments has never been greater.
Some of the debt that needs to be consolidated may include student loans, credit card purchases, auto payments, and personal or payday loans. The goal is to consolidate the loans into a lower interest rate and one single payment.
Wells Fargo offers debt consolidation loans. This week they are pushing their debt consolidation loans with a car loan. In other words, use your car as collateral for a new loan.
Since the car is secured, the interest rate may be reduced. The bank says you can receive up to a 45-day break from payments. This means you can set money aside to make your first payment on time and “stretch your income further”. Why not play with their money for a while.
Customers can pay their bills online and you may be able to access your cash to help keep up with rising costs. Even if your car has a loan against it, you may be able to refinance it.
The bank says the loan can be consolidated within a couple days and there is no cost to apply.
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