|
Digital News Report – Now that the holidays are over many Americans are looking for ways to consolidate their high-interest credit card and personal debt. There are many options available, even for people with less-than-perfect credit.
Initial estimates from Mastercard indicate that holiday spending this season increased more than five percent over the previous year. Much of that debt was placed on credit cards.
Wells Fargo and other banks are ready to help consumers deal with their debt. The debt might include credit card debt, student and car loans.
The bank says you do not need a home to acquire a debt consolidation loan. “But what if there’s no home equity to leverage because you rent?,” the bank asks in a statement. “You may still have options.”
There are two types of personal loans: unsecured and secured. Wells Fargo says customers can use their vehicles for bill consolidation. This may provide customers with a lower interest rate and make qualifying easier.
The bank lists several other reasons you might want to use a car as collateral for debt consolidation.
The goal is to lower the interest rate and monthly payment. One bill a month can also make things less complicated. There is “no direct cost to apply”.
By Tina Brown