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Get out of Debt - Top 5 Reasons you need to Consolidate Loans

Written by: Dion Semeniuk


Today, the number of people filing for bankruptcy has
skyrocketed by 44% in just the past 10 years with numbers
continuing to climb. Consumer credit has reached an all-time
high, leaving more and more people in debt. While we need
consumer spending to maintain and grow the economy, when money
and credit are misused, disaster strikes.

Unfortunately, people are notorious for abusing money and before
they know it, they are in completely over their heads with no
way to get out - or so they think. In truth, there are options
for getting out of debt, staying out of debt, and rebuilding
damaged credit. Below, you will find the top five reasons for
taking back control of your life with a debt consolidation loan
or student consolidation loan.

Keeping your Home

Considering that the average cost of a home today is close to
$175,000, it is easy to see why mortgages can zap a large part
of a person's income. However, with interest rates now at a
serious low and being a homeowner an excellent investment, this
is the time to save your home. If you find that you are being
swallowed up by bills and your mortgage is getting further and
further behind, a debt consolidation loan could not only get you
caught up on payments but also make owning your home more
manageable and enjoyable.

Going to School

Unfortunately, there are people all across the country that
would love to go to school or go back to school to complete a
degree. However, the high cost associated with tuition, books,
and supplies makes it impossible for many people due to the high
level of bills. In fact, with so many people working two jobs
just to stay above water financially, trying to fit in the cost
of the classroom is simply too difficult.

However, by choosing a debt consolidation loan or student
consolidation loan, you can get all of your outstanding debt
under control. With this type of loan, everything is wrapped
into one loan at a great interest rate and with payment
schedules, you can afford. With that, your bills would be far
more management, allowing you to earn the coveted degree that
will only push you further into success.

Credit Card Interest Rates

Sadly, many credit card companies lure people into having a
credit card, offering great credit limits and convenience.
However, these same companies are charging anywhere between 20%
to 25% interest on a single credit card. Multiple that by
several credit cards and there is no way the individual could
pay off the debt. Today, the average balance on a credit card
is $9,000 and most people have five or more cards.

Unfortunately, people do not realize that if they had even a
$1,000 balance and were to pay the minimum payment with a high
interest rate, they would be paying on that one credit card debt
for 20 years or more before finally getting it paid off, just
because of the interest. That means they are spending thousands
and thousands of dollars just for the "privilege" to carry
around a credit card. By securing a debt consolidation loan,
you could have all outstanding credit card debt rolled into one
loan with a low interest rate. Therefore, the debt would be
paid off within a few years, saving tremendous money.

Controlling Debt

Because so many people are struggling with debt versus income,
debt consolidation loans and student consolidation loans are
booming. With this type of service, you also have the
opportunity to meet one-on-one with a professional counselor
that will review your debt versus income ratio and set you up on
a realistic payment plan that works specifically for you.

An agency that specializes in debt consolidation loans or
student consolidation loans is structured to work directly with
your debtors, working out lower interest rates and better
repayment schedules. With that, you can keep a schedule that
would allow you to pay off all your debt in 30 to 60 months as
opposed to 20 to 30 years! The bottom line is that depending on
the level of your debt, you would easily save anywhere from
$1,000 to hundreds of thousands of dollars in interest,
processing fees, and late fees.

Future Buying

When you go to buy a home, car, get a student loan, or go into
business for yourself, the first thing that will happen is a
report will be run on our credit history. This report will show
potential debtors how much money you own, if you pay your bills
on time, if you have ever had a judgment against you or filed
for bankruptcy, and everything possible about spending and
paying habits. If you are way in over your head from a
financial perspective, chances are you are overextended with
credit, have missed some payments, made late payments, and
overall have a fair or poor credit report history.

That means if you wanted to buy a home or car, you would be
denied. Maintaining good credit is crucial and something
everyone should take seriously. A debt consolidation loan would
help you get back on track so your history report is favorable,
not damaging. With that, if you want to invest in a home when
you get married, or buy a larger car when little ones begin
arriving, you could. Therefore, a debt consolidation loan can
help you with future buying.

About the Author

Dion Semeniuk has researched various ways to consolidate loans and the best resources to do so. To learn more on why to consolidate you loans, please visit http://www.consolidation-loan-directory.com

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