Outside of your monthly expense and necessity purchases, you probably have a slew of bills that come every month for credit cards, loans, and other debt. Your interest rates might be very high, or your monthly payment might be beyond your means. One way to deal with debt, make life less complicated and save money is to consolidate your bills.Get a Bill Consolidation Quote Now
How: Bill Consolidation combines a number of your bills and personal debts into one payment. You can consolidate debt, credit card, medical, and household expense bills into one payment. You can either combine the amounts into a low-interest loan, such as a cash-out or home equity mortgage or take out a short-term bill consolidation personal loan. If you can’t qualify for a loan, then look for alternative bill consolidation such as a debt settlement, or a debt management program.
When: Bill Consolidation is appropriate in many different situations. For example, if your credit cards have high-interest rates and you can qualify for a low-interest rate consolidation loan, then you can save money. If you are having trouble making monthly payments, then a long-term cash-out refinance, or home equity mortgage can help you consolidate debt.
Why: One primary reason to consolidate your bills is to simplify your life. Instead of paying lots of bills, and risking late fee penalties, you only have to worry about one monthly payment. Another reason to consolidate your bills is to benefit from a lower interest rate. If your credit score improved, you may qualify for a low-interest bill consolidation loan and save money. A third reason is to reduce your monthly payment through a long-term mortgage or a debt settlement program for those with financial hardship.
If you have good credit, then consider a Bill Consolidation Loan. Check out Bills.com Personal Loan Calculator.
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If you have so many bills that you cannot keep track of them, a bill consolidation loan may help you apply more money toward your principal each month. You can watch your debt decrease in large chunks rather than slowly whittle away. There are various types of bill consolidation loans. Make sure that you choose a loan that fits your financial situation and goals. Here are three types of bill consolidation loans available:
Do you have good credit? Consolidate your debt with a bill consolidation personal loan. Shop around for the loan that fits your budget and credit.
Do you have extra equity in your home? With a cash-out refinance or home equity loan you can consolidate bills and debt into one affordable payment.
Do you build up your retirement account? If so, consider combining your bills with a 401-k bill consolidation loan. Learn about the risks before using this option.
Are you struggling with bills? Juggling household expenses, medical bills, and an unexpected bill? Did you know that according to the August 2018 New York Federal Reserve Household Credit Report, US households are carrying record level debt balances? Credit cards, mortgages, student loans, personal loans are close to $14 trillion. Fortunately, there are bill consolidation alternatives for people suffering financial hardship. In a debt settlement program, you stop paying your bills and instead put money into a dedicated account to allow for a negotiated debt reduction. Another option, for those in hardship, is a Chapter 13 bankruptcy that allows for a court-ordered settlement whereby you make one payment into a designated account which is used to pay off your creditors.
Bills.com Debt Navigator tool helps you analyze the best bill consolidation alternatives. Getting debt help is as easy as answering a few questions, allowing a soft pull on your credit, with no impact on your credit score, and pushing a button. You will get a picture of your debt on one page as well as up to five different debt relief solutions. Choose the recommended solution that best fits your situation and helps you consolidate your bills
Consolidate My Bills | Review the options available to consolidate your bills, such as debt consolidation loans, debt managem... Read more >>
Bill consolidation loans can help save money. If you have excellent credit you can obtain a low-interest bill consolidation ... Read more >>
Bill consolidation programs exist for those in a financial hardship. A personal loan isn't an option if you have poor credit ... Read more >>