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Advice on debt consolidation and how to consolidate with a single payment. - The Bills.com Blog
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Advice on debt consolidation and how to consolidate with a single payment.
Question: I have about 15,000 in various debts. Paying them separately is killing. I would like to get a 15,000 loan to pay all these at once and only have one payment. However, I do not own my home, or have any collateral that is worth 15,000. My question is: How can I get a loan like this without owning a home. Are thereany types of loans specifically for this. Please Help. Brian N.
Answer: Thanks for the question Brian - you are not alone. Millions of Americans are struggling to manage debt loads. A loan is one solution, getting other forms of debt help is another way to go.
Very quickly, if you want a free debt help consultation with one of Bill's approved debt help partners, click here:
https://www.bills.com/debthelp/debt/
Several possible solutions to your problem come to mind, but the best one for your situation will depend on several factors. You may be able to transfer your existing cards to another credit card with a lower APR, or one with a 0% introductory rate. A balance transfer could help you by consolidating all of your credit
cards into a single account with a lower interest rate and lower monthly payment.
You may want to explore Bills.com to search for credit cards that meet your needs. A card such as the Discover Platinum, with a 0% APR for 12 months, and 10.99% thereafter, is certainly a good deal as far as credit cards go. You could also look into an unsecured personal loan to consolidate your debts?check out the loans section of the Bills.com Savings Center for unsecured debt consolidation loans that may improve your situation.
However, your ability to qualify for either a credit card or a personal loan that will actually save you money greatly depends on your credit score. If your credit history is less than perfect, you may have difficulty finding a lender willing to extend you credit, and if you do find
a loan, you should expect to pay a premium in interest. A possible loan resource you may want to explore is www.Prosper.com, a site which puts private lenders in contact with private borrowers. A private lender may be more willing extend you a loan than a traditional bank. If you are unable to find a consolidation loan that fits your needs, you may want to look into alternatives such as debt settlement or credit counseling. Bills.com offers a wealth of information regarding the various debt help options available to consumers?visit http://www.bills.com/debthelp/
I hope we can help you find a solution to your debt troubles.
Good luck,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by MALINDA B. on Thursday 15th November 2007 13:48
MY HUSBAND LOST HIS JOB WE ARE ABOUT TO LOSE OTHER CAR. I NEED MY CAR TO GET TO WORK. WE ARE BEHIDE THREE PAYMENTS IS THERE A WELL AROUND THIS. I HAVE SIX KIDS IS THERE HELP OUT THERE.WE ARE GOING TO HAVE A BAD CHRISTMAS.I NEED A LOAN TO CATCH UP ON BILLS SO I COULD HAVE ONE MONTHLY BILL NOT THREE HELP PLEASE.920-385-0686 THANK YOU
2. Posted by Niti on Monday 19th November 2007 08:57
I do not know much about your financial situation to advice you if a loan is going to be possible. You do not mention that you own a home, if you do, a home equity line of credit may be an option, however you must be prepared to pay a higher rate of interest, I can assume that your credit is not that good considering that you are behind on some payments. If you have a lot of credit card debt then debt settlement may be an option for you. You can try Freedom Debt Relief at 1-800-544-7211, a friendly representative will give you a free consultation on your options.