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Debt Consolidation

For some consumers, it would be far wiser to consider a debt consolidation loan instead of a payday loan. If you have trouble paying back your payday loan or find yourself in a position where you constantly have to take out new payday loans to get by, chances are that your expenses exceed your income. A more long-term solution may entail reducing your expenses. One option is to take out one more loan – a debt consolidation loan – and use it to pay off all of the other loans. By doing this, you will probably secure a lower interest rate, thereby reducing some of your current expenses. Another advantage is that you can concentrate on one loan and one creditor, instead of several.

Some debt consolidation loans will transfer several unsecured loans into one large unsecured loan, but very often, a debt consolidation loan will be secured. This can mean taking out a second mortgage. Mortgage loans, which are secured against the house, are far less risky for the lender than an unsecured loan. This makes it possible to get a lower interest rate.

A serious problem can arise if the consumer fails to meet these payments. If a loan is secured using property as collateral, the house can be lost.

Debt consolidation doesn’t just become another loan that you have to repay. Most debt consolidation companies will work with you. If you have numerous credit card or school loan debts, they will work with those lenders to help you pay them off. They will negotiate with those lenders for a smaller amount to repay or even a smaller interest rate.

They will then calculate how much you will need to pay each month. You will be sending the payment to the debt consolidation company, and they in turn send payments to each of your credit card companies or school loan companies. The debt consolidation company will usually require that you have a checking account and will take the monthly payment directly from that account.

This can be an easy way to repay your debts. You can create a plan that works for you and it will help lift a huge burden off of your shoulders.

* Payday Today is not a payday lender or broker. We provide research and information about payday lenders and products, and are not necessarily affiliated with the companies featured on this site. Availability of products and services varies by state. Not all independent lenders will approve you for a loan or can provide you with up to $1,000 on your first loan.


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