Digital News Report – There are several ways to consolidate credit card loans including taking out a new loan or consolidating their cards into one card. Wells Fargo, Bank of America and other banks would like to have the opportunity to consolidate your unsecured debt.
The goal is to lower your interest rates, lower your monthly payments and consolidate your loans into one easy bill.
Low Interest Rates
Now might be a great time to refinance and consolidate your credit. Interest rates are at historically low levels. The Federal Reserve can not lower rates below zero percent and they are in a range between zero and one quarter percent right now.
The unsecured loans could include student loan debt, credit card debt, car loans and payday loans. E-loan says borrowers should move towards lower interest rates and simplicity. They say a debt consolidation loans is the first step.
The Federal Trade Commission advises consumers to contact their creditor if they know they are going to be late. It is better to call them first and work out a payment schedule.
If you have trouble working out an agreement with your bank or lender, the FTC says that credit counselors may help. Some counselors are non-profit and can help you manage your expenses. Eloan says the end result should be to become debt-free.
By: Tina Brown