|
Digital News Report – There are several options available for people who are unable to pay their mounting debt. During this economic recession, the foreclosure rate has skyrocketed and the number of bankruptcies has increased.
Many people have several high interest credit cards. Others may have credit cards, student loans and car payments. The goal is to consolidate multiple loans into one low monthly payment.
Your bank should be the first place to look. Credit unions and banks offer non-secured personal loans. Citifinancial offers debt consolidation loans from $300 to $7,500 for both renters and homeowners.
Wells Fargo is now offering personal loans. The bank says customers can qualify “within hours” and the application is “simple”. They offer a fixed rate with a fixed term debt-consolidation loan. Their minimum amount is $3,000.
Another option is a credit card balance transfer. Rather than take out a new loan, some credit card companies offer balance transfers with zero percent interest or a low introductory APR.
It may take some time and effort to find the right debt consolidation loan for you. Lenders will consider your credit score and that can be a factor, but it may be worth your while to look into a personal debt consolidation loan.
By: Tina Brown