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Most of us have debt. We may have a mortgage, a car loan, and many different credit cards. We may even owe on a time payment for household appliances or furniture. Some people have hospital bills and others have student loans. Debt accumulates every month and interest rates on unsecured debt, such as that which is accumulated on credit cards, tends to be very high. Debt consolidation methods are as varied as the reasons why people choose to combine their debt. In some cases, when people can no longer make the minimum payments on their monthly bills, or are barely making these payments, they may choose to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy not only consolidates debt, but it staves off any collectors and eliminates interest payments. Debt consolidation is usually a practical way to combine all of the money that you owe into one sum and make only one payment each month instead of several. For whatever reason you decide to consolidate your debt, in most cases, it is convenient and financially prudent.
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Veröffentlichungsjahr: 2014
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Debt Consolidation
Everything You Need to Know
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What is Debt Consolidation?
Most of us have debt. We may have a mortgage, a car loan, and many different credit cards. We may even owe on a time payment for household appliances or furniture. Some people have hospital bills and others have student loans. Debt accumulates every month and interest rates on unsecured debt, such as that which is accumulated on credit cards, tends to be very high.
Many people find it time consuming to pay their bills each month. If there are many different debts, some might have to make a list to make certain that none are forgotten. If the bills are paid by checks and through the mail, there is an expense to consider. Even if the bills are paid online, there is sometimes a service charge associated with online payments.
For this reason, many people choose debt consolidation. Debt consolidation is the process in which all of your debt is combined and paid off on one easy, monthly installment. Debt consolidation can take many different forms. There are many different ways one can consolidate their debt. Depending whether or not you are homeowner, you can have the option of refinancing your house and consolidating your debt with your home, thereby writing off the interest on your income taxes. If you do not own a home, but are falling behind in paying your debt, you may choose to seek a debt consolidation counseling service that will help you eliminate some or all of the interest you are paying on unsecured debt, consolidate your debt and allow you to make one monthly payment that is lower than the individual payments you were making.
Debt consolidation methods are as varied as the reasons why people choose to combine their debt. In some cases, when people can no longer make the minimum payments on their monthly bills, or are barely making these payments, they may choose to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy not only consolidates debt, but it staves off any collectors and eliminates interest payments.
Imagine you have several bills due each month. You have your mortgage, car loan, three credit card payments and a dental bill. Instead of paying each of these bills individually, it would be much more convenient to pay one bill each month. If you could write the interest off on your income taxes, such as you do the interest on your mortgage loan, then it may be financially prudent.
Suppose you do not have a mortgage, but have quite a bit of credit card debt and suddenly lose your job. You have no way to pay off the bills each month and fear that by falling behind, you will incur not only more interest, but late payment fees. You may feel that by using a debt consolidation service that would not only combine your debt into one lump sum that you can pay off towards each month, without having to worry about late fees and interest rates.
Perhaps you had a streak of bad luck, had lost your job but recently found employment. You have a stack of unpaid bills that have accumulated nearly double in interest and late fees. It would take you years to pay off the debt and you would like to make a fresh start. In a case such as this, you may choose the ultimate form of debt consolidation, Chapter 13 bankruptcy. In this case, you would no longer owe interest and would not have to worry about late fees. In most cases, the principal balances owed are also reduced. Although Chapter 13 Bankruptcy is drastic, it can be the only solution for a situation as described above.
Debt consolidation is usually a practical way to combine all of the money that you owe into one sum and make only one payment each month instead of several. For whatever reason you decide to consolidate your debt, in most cases, it is convenient and financially prudent.
