Digital News Report – Credit cards, student loans and other personal loan debt has put many people at risk for bankruptcy. During this recession we have seen an increase in both bankruptcies and foreclosures. The primary culprits include student loans, overextended credit cards and car loans.
The purpose of a debt consolidation loan is lower your monthly payment and interest. The loan will also consolidate the debt into one bill. While most banks concentrate on long-term mortgage loans, many also provide personal loans.
U.S. Bank provides unsecured loans and personal lines of credit. The bank says they offer “unsecured” loans with no annual fee and generous credit limits. The interest rate will depend on your credit score.
PNC offers both secured and unsecured loans. The bank offers secured loans from $1,000 to $100,000 and unsecured personal loans from $1,000 to $25,000. There is no collateral required for their unsecured loans. The terms may vary according to the loan amount and credit history. They can usually let you know within 24-36 hours and the first installment will not be due for 24 to 90 days.
Capital One, Wells Fargo, Citi bank and other banks also offer personal loans.
Another option could be a balance transfer. Discover and other credit card companies offer low-rate balance transfers.
By: Tina Brown