Consolidate All Your Debt Into One Monthly Payment

Are you feeling overburdened with debt? Are you paying out too much every month for your credit cards, store cards and loans? Then why not replace them all with one, lower, convenient repayment through a consolidation loan?

Consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest.

Secured on your UK home, low cost, low rate, cheap, low interest debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment - one calculated to be well within your means.

With a Debt Consolidation Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases.

A UK Debt Consolidation Loan is a low cost loan secured on your UK home. It frees up the spare capital (or equity) in your home to repay your store card and other debts.

It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.

Debt Consolidation Loan rates are variable, depending on status Your monthly repayments will depend on the amount borrowed and term.

You may freely reprint this article provided the author's biography remains intact:

By John Mussi

Pay Off Debt Now: 5 Steps To Getting Your Finances in Order

In our world of dizzying change, nothing is more true than the time honored statement that circumstances always change.

No where is this more true than with financial issues.

Have you ever borrowed money, or charged up the VISA card at Christmas, all the while telling yourself that you would pay everything off with a coming tax refund or bonus?

Sound familiar. And then what happens when the bonus money arrives?

Let me guess?.circumstances changed, the car needed brakes (or the kids needed braces, etc), and the VISA debt and interest charges keeps piling up.

Unless you have a plan, you will always be caught in the unpredictable grip of "changing circumstances."

This is a slippery slope that can very quickly become serious financial stress. Consider the fact that Americans are declaring bankruptcy at record rates. One in every 100 families is affected by a bankruptcy.

I was on this slope 10 years ago. Declaring personal bankruptcy and filing for divorce went hand in hand.

One of the most insightful moments of the process was preparing a written log for the trustee of all of our spending for the 5 years leading up to bankruptcy.

While all of the individual decisions made sense in the moments that they were made, they looked totally foolish in the context of the "bigger picture"

In other words, constantly changing circumstances drove us off our financial roadmap.

Consider this five step plan for getting on, and staying with, your financial roadmap.

Step No. 1: Make a list of what you owe & prioritize: Put all your bills in a pile. Then list your debts in order, starting with the largest balance first. Then prioritize your repayments (ie paying down the highest interest rate first).

Step No. 2: Eliminate credit cards and don't roll over balances. Once paid off, notify the company that you want to close the account.

Step No. 3: Make a spending plan. Change your free-spending ways. Track the money that's coming in and going out. Use a debit card instead of your credit card. Download your bank transactions into a computer program for easy categorizing.

Step No. 4: Be careful about the equity in your home. Billions of dollars worth of equity has been withdrawn from millions of homes in the last few years. But many people pay down credit cards only to charge them up again - and then you don't have the safety net of the equity in your home.

Step No. 5: Get help. For some people, the problem of overspending is a psychological one. Spending can become a habit that's as difficult to kick as alcohol, drugs or gambling. Sometimes, it's due to circumstances they truly could not avoid: medical bills or divorce or loss of a job.

You can talk with a credit counselor on a private basis. It only appears on your credit report if you enter their debt repayment program.

During this holiday season, as you consider your finances, remember that Americans are now carrying $683 billion in revolving credit card debt. 47% of the people who paid less than the full amount on their credit card bills in a recent month, made only the minimum payment due.

The good news is that planning and professional help will definitely help you turn things around.

Case in point: I went from bankrupt with zero assets living in a boarding house, to gainfully employed, running my own home based business, with 2 houses and excellent re-established credit.

In other words, it can be done.

Is A Debt Consolidation Loan Your Best Option?

For many people the lure of easy credit has taken them into the forbidden zone of debt. Between debt on regular credit cards, shopping store credit cards, home equity lines of credit, mortgages and car payments it's no wonder consumers are finding themselves financially and emotionally drained as they float in a sea of debt.

At a time like this with debt continuing to mount the decision to use a debt consolidation loan may seem like the smart thing to do - or is it? Certainly the top financial priority should be to pay off all outstanding debt. Unfortunately figuring out how to do this and which debt to pay off first can be difficult at best and even lead to more financially related stress.

This dilemma is common among consumers struggling to eliminate debt in order to regain their financial sanity. A debt consolidation loan can be an easy answer to solve the current financial strain brought on by a large outstanding debt amount but it may not solve the long term issue. The reason is because many consumers obtain a debt consolidation loan and correctly use it to pay off their debt. Unfortunatly suddenly feeling good about their new found financial strength they make the mistake of using their credit cards again and again and again - essentially repeating the blunders that got them into trouble in the first place. Compound that with the fact that they now also must pay off teh debt consolidation loan they orginally got in order to relieve them of their initial financial burdens. This is a classic example of where using a debt consolidation loan could lead to more harm then good.

A better option would be to pay off their credit cards one at a time starting with the card that currently has the biggest balance while paying the minimum amount neccessary to all other cards. Any extra money should be devoted to paying off the card with the highest balance first. Once that first credit card is paid off then move onto the card with the next highest balance. Repeat this process until all credit cards are fully paid off then put all but one in a drawer for safe keeping. Only keep the one card handy for emergency purposes. Now concentrate all money that was previous earmarked as credit card payments towards paying off other bills - perhaps a car or house payment. This option will only work so long as the original credit cards are not charged back up again.

If a consumer has financial strength then a debt consolidation loan can be beneficial for a number of reasons. First it eliminates trying to juggle numerous bills in various amounts all at once and instead allows a consumer to focus on paying one large bill. This saves time, energy and helps to prevent accidently forgetting to pay one of the many prvious bills which could lead to more financial charges and stress. The second reason is that a debt consolidation loan should lower the actual amount of money paid out each month. NOTE - it may lower the monthly amount but will most likely increase the oerall amount needed to finally pay off all of teh combined bills depending on the terms of the loan contract. Finally it can provide a psychological boost by relieving an individual of many small bills in order to concentrate on one larger bill.

Ultimately the choice as the whether a debt consolidation loan is the right answer lies with the consumer. Every situation is different and must be treated as such. No matter what option a consumer takes to eliminate debt if there is no financial resolve or strength then they will again fall into the debt trap.

By Timothy Gorman

Debt Consolidation Loan

Debt Consolidation of Different Loans

Debt consolidation refers to the restructuring of a large number of unsecured debts into one low monthly payment, while eliminating interest and reducing the total amount owed to creditors. Debt consolidation has become popular with people as they cope with increasing amounts of credit card debt, home mortgage loans, car loans, and student loans, along with low credit ratings and threatening phone calls from creditors. Debt consolidation is seen as the last option before declaring bankruptcy.

It often takes consumers a lifetime to get out of debt to credit card companies, because of the interest rates charged by the companies. Consumers often think they can pay off their credit card debts by paying the minimum amount they owe on a card, but they can remain in debt for the next 30 years while paying off this amount each month.

Many people, faced by their poor credit situation, are forced to declare bankruptcy, which adversely affects their credit rating for the next ten years, or to take another loan to pay off the money they owe. However, if you are already in debt, you do not need another loan-you need a debt management plan and some credit counseling.

We at the Debt Consolidation and Debt Reduction Service do just that. Our debt consolidation program can reduce your debt by 40 percent, and have you out of debt in three years instead of twelve. We can consolidate your debts into one low monthly payment, eliminate interest payments, penalties, and late fees, and rebuild poor credit. Unlike most other debt consolidation companies, we are not owned by a credit card company-our priority is getting you out of debt quickly and keeping you out of debt thereafter.

We can also help you deal with your creditors, by negotiating with them and seeing to it that they follow the provisions of the Fair Debt Collection Practices Act. This Act stipulates that they cannot call you on Sundays, or at work, if you have requested them not to do so. They can only call you between 8:00 in the morning and 9:00 in the evening, according to your time zone.

We can provide credit counseling by helping you prepare a budget, so you know where and how you spend your earnings. The first thing we do when you join our debt management program is to stop you from using your credit cards. By the time you successfully complete our debt consolidation program, you are not only free of debt but also more financially knowledgeable and capable of avoiding debt traps.

If you owe $5,000 or more in unsecured debts, to pay off credit card loans, medical bills, store and gas cards, student loans, back taxes, and utility bills, please get in touch with us and let us help you. We can get in touch with you within 24 to 48 hours, and help you get out of debt fast.

By Jonathan Pike

The Pros and Cons of Debt Consolidation Loans

You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment. Simply making the minimum payments is causing your distress and certainly not getting you out of debt. What should you do?

Some people feel that debt consolidation loans are the best option. A debt consolidation loans is one loan which pays off many other loans or lines of credit.

I'm sure you've seen the advertisements of smiling people who have chosen to take a consolidation loan. They seem to have had the weight of the world lifted off their shoulders. But are debt consolidation loans a good deal? Let's explore the pros and cons of this type of debt solution.

Pros

1. One payment versus many payments: The average citizen of the USA pays 11 different creditors every month. Making one single payment is much easier than figuring out who should get paid how much and when. This makes managing your finances much easier.

2. Reduced interest rates: Since the most common type of debt consolidation loan is the home equity loan, also called a second mortgage, the interest rates will be lower than most consumer debt interest rates. Your mortgage is a secured debt. This means that they have something they can take from you if you do not make your payment. Credit cards are unsecured loans. They have nothing except your word and your history. Since this is the case, unsecured loans typically have higher interest rates.

3. Lower monthly payments: Since the interest rate is lower and because you have one payment vs many, the amount you have to pay per month is typically decreased significantly.

4. Only one creditor: With a consolidated loan, you only have one creditor to deal with. If there are any problems or issues, you will only have to make one call instead of several. Once again, this simply makes controlling your finances much easier.

5. Tax Breaks: Interest paid to a credit card is money down the drain. Interest paid to a mortgage can be used as a tax write-off.

Sounds great, doesn't it? Before you run out and get a loan, let's look at the other side of the picture - the cons.

Cons

1. Easy to get into further debt: With an easier load to bear and more money left over at the end of the month, it might be easy to start using your credit cards again or continuing spending habits that got you into such credit card debt in the first place.

2. Longer time to pay off: Most mortgages are the 10 to 30 year variety. This means that rather than spend a couple of years getting out of credit card debt, you will be spending the length of your mortgage getting out of debt.

3. Spend more over the long haul: Even though the interest rate is less, if you take the loan out over a 30 year period, you may end up spending more than you would have if you had kept each individual loan.

4. You can lose everything: Consolidation loans are secured loans. If you didn't pay an unsecured credit card loan, it would give you a bad rating but your home would still be secure. If you do not pay a secured loan, they will take away whatever secured the loan. In most cases, this is your home.

As you can see, consolidated loans are not for everyone. Before you make a decision, you must realistically look at the pros and cons to determine if this is the right decision for you.

By Wesley Atkins

Bad Credit Debt Consolidation Loan

Nowadays, many people can get into a bad credit situation if they do not keep track of their income and expenditure. Many young executives suddenly find that they are being offered credit cards by various companies. Those who are sensible will find a credit card that suits their needs, sign up, keep track of their purchases, pay off their credit card bills in full each month, and ignore offers from other companies.

There are others who may be dazzled by all the credit on offer and will end up with credit cards from several companies. They may easily end up making lots of purchases on credit while making the minimum payments on their cards. Then, one day they realize just how much debt they are in when they need a debt consolidation loan to get out of a bad credit situation.

At the Debt Consolidation and Debt Reduction Service, we do not give you debt consolidation loans. We help you reduce your debts by 40 percent to 60 percent and your payments by 40 percent. We see to it that you pay no interest, late fees, or penalties. We get you out of debt, and out of a bad credit situation, within three years. We ensure that you receive no more harassing phone calls from creditors by negotiating with them.

We can help you create a debt reduction plan. You begin by listing all your debts, estimating your income, and creating a workable monthly budget. You then have to find the money to pay off all your debts. We also offer credit counseling to our clients. We begin by advising our clients to stop using their credit cards-this automatically stops their debt situation from worsening. By helping you estimate your income and create a monthly budget, we ensure that you know how much you earn each month and how you spend what you earn.

You can consult us if you have debts that are over and above $5,000. You cannot hope to get out of a bad credit situation if you only pay the minimum amounts due every month-you cannot hope to get out of debt for a lifetime. If you decide to go in for debt consolidation-where the numerous payments you have to make each month are consolidated into one small sum-you can hope to get out of debt faster. If you are in a bad credit situation and need help with debt consolidation, fill out the form on our Web site. We will help you get out and stay out of debt for the rest of your life.

By Jonathan Pike

Credit Cards Debt Consolidation

Consolidating credit card debt is never easy. Too often people run up their debts without even realizing it until it is too late. If you are one of these people, don't feel bad or trapped, or that there is something wrong with you. Credit cards are the hardest bills to consolidate because the interest rates are so high. But not any more. We are here to help you get your monthly payments to a bear minimum.

Most often, credit card debts get so high because people feel trapped within their payments. More often than not, you will find yourself using one credit card to make payments on another. You think to yourself, "at least I'm making the payments on time", when in actuality, you are simply substituting one payment for another. Right now you probably have up to five different payments to make. Let our professional team convert your five payments into one affordable payment. We'll help you sleep a lot easier.

Written by Risto

Reducing Credit Card Debt

One of the easiest "things" that can happen in life is the ratcheting up of a large credit card debt. For whatever reason, making purchases with credit cards seems easier than spending cash to obtain a product or service.

Maintaining high levels of credit card debt is not prudent. The interest rates associated with most credit cards is high. In fact, many people have managed to rack their card balances up so high that only the minimum payment is made each month. As a result, these people are taking years if not decades to pay down their credit card balances, all the while wasting an incredible sum of money in interest payments alone.

In this article, a number of strategies to reduce credit card debt are presented. These tips are general in nature but will provide a person with credit card debt a solid plan for reining in credit card balances.

A good overall strategy is to target the highest rates of interest. If you can, transfer the balance to another credit card, where you will achieve a zero or low interest rate for a set period. While this balance is not costing interest you can target other debts that are. Make sure you are prepared for when the offer period runs out and have another balance transfer offer ready to take over. You should look to have your credit card application a few weeks before your current offer period runs out. If you cannot transfer the balance then pay off as much as you can afford, so the balance reduces as quickly as possible.

Credit card companies are very competitive and as such there are some very good 0% balance transfers and purchase offers available. Look to take advantage of these, but make sure you have a plan in place on how to deal with the balance when the offer finishes. Remember that the debt has not gone away.

As mentioned previously in this article, credit card accounts usually have high interest rates. The combination of high interest rates and free spending patterns can result in the rapid escalation of credit card debt.

A debt consolidation loan can be an excellent tool to assist in the reduction of credit card debt. Consolidation loans carry interests rates far below those of credit cards. In the long run, a great deal of money can be conserved through the use of a debt consolidation loan.

While in many segments of society, the word "self restraint" is passé, out of style like last year's fashions. But, in reality, the very best way of reducing credit card debt is through self restraint.

Of course, it is easy to bandy around the words "self restraint" and much, much harder to practice personal control.

Although it might seem comical on the surface, cutting up credit cards is a perfect first step to reducing credit card debt. No cards, no charging, less debt.

Many people leave the payment of their credit card accounts at the bottom of the monthly bill pile. Other primary accounts -- rent, electricity, phone, and the like -- understandably take a higher priority over credit card bills. But, oftentimes a person will spend money on incidental purchases before taking on credit card balances. In the end, the credit card account may not be paid on at all or, if so, after the deadline.

One way to ensure that credit card payments are made and one way to ensure that credit card debt is kept under some degree of control is via an automatic payment system on credit card accounts. A person's bank can arrange for the credit card account to be paid automatically each and every month.

By ensuring that at least a base payment is made on credit card accounts each and every month, accelerated interest rates and late fee penalties will be avoided.

In this article, three strategies for reducing credit card debt have been presented :- debt consolidation, self restraint, automatic payments.

By following one or all of these strategies, a person will work towards a more solid and satisfactory financial position.

By Neil Brown

Open the Cash Vault Inside Your Home

Believe it or not, many people do not understand equity and the power it provides.

In its purest form, equity is money. With regard to real estate (specifically, your house or other investment property), equity is measured in terms of the value of the property minus what you owe. So, if your home is valued at $100,000, and you owe $40,000 on it, you have $60,000 in equity (actual money that is available to you, under particular circumstances).

Surprisingly, many people have this type of equity and do not take advantage of it. Some people are actually in dire financial straits and fail to realize their problems can be solved very easily, by taking the equity from their home. Remember, your home is a "vault," and the money inside that vault belongs to you. Best of all, you can use that money/ equity for anything you desire, from home improvement to travel expenses to spending money.

Exactly what is a home equity line of credit or HELOC? A home equity line of credit, which lenders and mortgage brokers refer to as a HELOC, is a different kind of home loan. An equity line has different rates and terms from a conventional first mortgage. In a standard home loan, or mortgage, your monthly payments cover both the principal loan and the interest you are charged.

Most mortgage payments include escrow, or taxes and insurance. An equity line of credit payment does not reduce your principal loan amount and does not include escrow. You are borrowing the equity in your house and paying the bank an interest premium on that loan. With a HELOC, you pay only the interest on the loan and, generally, you get the money for less time than you do a standard first mortgage.

The underwriting on these loans is very simple, and in most cases, the loans are very easy to get. At close, you either get one big check, which you can deposit into your savings or checking account or you can get a check book and treat your equity line of credit as another checking account. The payment on equity lines is very enticing. Paying interest only makes for a very low payment. It's important to remember, though, when paying interest only, you are not paying down the principal loan balance.

The Power of Interest-Only Payments So, let's suppose you take an equity line for $50,000 at 4.25% interest. This interest rate is based on the Prime rate, a floating rate that can change but does not fluctuate very often. When this article was first published, the prime rate was 4.25 percent. So, on your $50,000 equity line of credit, your payment is $177.00 each month. This is an incredibly low payment on a loan of this size. This gives you a great deal of power, because you can control a large sum of money for an extremely low monthly payment. It is this low, because you are only paying the interest on the loan.

At the end of the first year, you will have paid the bank over $2,100. You will, however, still owe $50,000. This is because your monthly payment is an interest-only payment. This is where some people can get in trouble with home equity lines of credit. If you use all the equity in your home and never pay down the balance, then decide to sell your house, you won't make anything on the sale, because you'll owe it all to the bank.

It is also important to understand the terms on a home equity line of credit (HELOC). When talking to mortgage professionals about home equity lines of credit, be sure you understand the terms, as lenders vary on what they'll offer. Like conventional mortgages, which have terms of 30 years, 15 years, 10 years, etc., home equity lines also have various terms, but not all lenders offer them. Don't let this confuse you. Just find your trustworthy mortgage broker, and tell him or her exactly what you want.

Unlike mortgage payments, which include complicated yearly amortization of the principal loan amount, interest-only payments are calculated very easily. You can do it in two simple steps. To find out your payment, first learn what rate of interest you'll be charged. If you are using 80 percent or less of the equity available and you have an A credit rating, you'll be able to get the best rate available, which is the prime rate.

Now, let's assume you have $40,000 in equity in your house, but you only need $20,000 (taking less than 100% of the equity is important). You take $20,000 and multiply it by 4.25%, which gives you 850. This is what you'll pay each year to borrow $20,000. Next, divide the 850 by 12 for a monthly, interest-only payment. Your payment for your $20,000 home equity line of credit is $70.83.

This is a very powerful loan. Imagine paying less than 71 dollars for the ability to control $20,000. Some people pay more for cable TV or their monthly cell phone bill. Some people even take the equity in their home and invest it elsewhere. You're probably figuring out how much equity you have right now, and what you can do with that money!

To learn how you can turn your equity into a never-ending money cycle that will fill your bank account year after year, read Winning the Mortgage Game. Whatever you decide, open the cash vault inside your home, and make use of your equity today.

By Mark Barnes

16.4% APR $5,000 Auto Loan...HELP!

Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:

DEAR LoanResources.Net:

I was very impressed with your article entitled "8 Point Checklist, Evaluating Online Lenders."

I have tried several sources to refinance my auto. I only have 2 more years to pay $245.04 a month. I owe 4,414.00 on the car loan.

This may not seem like a lot of money but I would like a lower interest rate on my car loan which is now $16.4% APR.

I want to still pay it off in 24 months but at a lower rate so that I can use the money saved to help pay off other bills.

In my internet searches, the auto refinance loans required that you borrow more money than I need. I tried to search for unsecured personal loans on your website and they also required that I borrow more money.

I have a very good credit record and I am working to get some of my bills paid off.

Is there anything you can suggest so that I can get a lower rate auto loan for under $5,000? Any assistance will be appreciated.

Thanks. Geraldine W.

DEAR Geraldine:

Sorry I have not gotten back to you sooner. I took a couple weeks off to be with family...Thanks for the compliment on the article!

Anyway, I read your email and I do indeed have a suggestion or two that I'm happy to share.

A COUPLE THINGS INITIALLY:

1. First, you're paying a very high interest rate at 16.4% APR for an auto loan! I'm going to assume that your statement as to your good credit is accurate. If that's true, then you do indeed need to fix this.

2. Since you only need $5000, with the intention of paying it off in 2 years or less, I don't think you should look for a refinance auto loan or a refinance on your home. Indeed, the bank is going to want to loan you much more money, usually at least $25,000. While a refinance or equity loan on your home does offer tax benefits, we're only talking about interest on $5,000 over the course of 2 years. I have another idea you may not have considered.

HAVE YOU CONSIDERED?

Have you considered just putting the balance of your car loan on a credit card that has a lower interest rate?

1. Credit Cards are, indeed, unsecured lines of credit with financial institutions.

2. They are the perfect financial vehicle for a $5,000 transfer of debt, with added flexibility, and you should be able to find an interest rate between 9 to 11%, and better, on average.

3. IN ADDITION! Once approved, the bank will usually give you blank checks for balance transfers (sometimes they'll just do it for you right over the phone)...,

4. AND GUESS WHAT? The majority of the time, the incentive interest rates on the balance transfers are EXTREMELY low; sometimes zero percent for up to 6 months to a year.

5. IN ADDITION! you can apply for incentive cards that provide rewards for your spending....free airline miles, cash back programs, etc. I use the American Express Blue, and I get cash back of up to 3% on everything I spend. So, for $5,000, 3% cash back, AMEX? pays me $150.

How do you like them apples? The bank pays YOU to borrow money.

RECOMMENDED PLAN OF ACTION:

So, Geraldine, here's what I recommend you do:

1. Go back to our website, and explore the credit card offers we've recommended. We've picked out what we think are the best offers, and there are a LOT of them, so think of it as a much needed shopping trip! Pay particular attention to our links for "incentive cards". We have two pages of them.

2. Apply for whatever card or cards suit your tastes and needs. There are so many great reward cards. Limit yourself to only your imagination.

3. Get approved, receive card, and receive balance transfer checks.

4. Pay off loan to 16.4% bank!

5. Pay off credit card loan (with extremely low rate and incentives), at your leisure!


?And enjoy the fact that you just made an excellent financial move, saved money, made money, and gave yourself the flexibility to manage your debt on your own schedule...

Hope this helps...Let me know how it all works out.

We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

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