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The debt includes a two-year loan for ,000 at 12% and a four-year loan for ,000 at 10%.
Your monthly payment on the first loan is 7, and the payment on the second is 3. If you make monthly payments on them, you will be out of debt in 41 months and have paid a total of ,821.
Here are the top things you need to know before you consolidate your debt: But here’s the deal: Debt consolidation promises one thing but delivers another.
That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.
Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission. When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.
You don’t need to consolidate your bills—you need to pay them off.
Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.
And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!
The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.
To do this, many or all of the products featured here are from our partners. Debt consolidation loans are one option that can reduce your debt and help you pay it off sooner.
Debt consolidation is the process of combining multiple debts — such as credit cards, medical bills and payday loans — into one debt with a fixed monthly payment.
And now the total loan amount would jump to ,103.
So, that means you shelled out ,282 , although often the terms are used interchangeably.