Question: >Has anyone had any experience with debt consolidation loans? Are they a >legitimate way to help in financial planning (provided my spendings >habits aren’t such that I’ll pile up extra debt at the same time!)
Thanks for any input,
Answer: Depending on your credit and just how much you owe you may be better off looking for a credit card with a low rate and transfering all your balances. There are alot of cards out there right now with 9.9 or less fixed rates which will probably be less than any consolidation loan you can get. Huh? What service? The bank? I’d rather pay their interest-rate than that of the various credit-cards, or whatever… And that’s exactly what I did do a few yrs ago. I was having to work over-time just to keep up with my bills (want some mac-n-cheese recipes?).. After the consolidation, I could pay almost double the amount of the new mnthly payment and still have $$ left for essentials without having to work overtime.. But I did continue to beg of that OT, tho.. I “got a warm feeling” everytime I wrote a check for THREE TIMES the minimum-payment… It also makes your credit look much better by having just one bank-loan……
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