Are you sure you want to do a debt consolidation

6 Sep

Are you sure you want to do a debt consolidation.   Do you have more than $10,000 in unsecured credit card debt?  Perhaps you also have more than $ 30,000 to $50,000 in secured debt such as cars, boats, recreational vehicle to name just a few. On top of that you have your mortgage payment and student loans. Are you thinking it’s time to do a debt consolidation loan?  This article will give you some ideas which may help you make your decision.

One of the most stressful events in your life and your family’s life is finding yourself buried in debt. Recent studies have shown that more than 60% of divorces filed are caused by a crippling debt situation. In many of the cases the stress has led to domestic violence or worse.

Because of these financial problems many marriage councilors have referring their clients to professional financial debt consolidation councilors. Hopefully, by doing so those couples will have a cooling off period before the final decision is made on a divorce.

One of the things a professional debt councilor will do is compile a complete analysis on every bit of your financial obligations. Your responsibility will be to ensure you provide them with every single detail about the money you owe. There is a good chance they will even want a complete breakdown of every penny you spend and where.

Don’t be surprised when your councilor keeps digging and digging until they have every scrap of information they can drag from you. Once your debt loan consolidation councilor has that, they will then do a calculation of the total debt with interest. Finally they will compare what your total repayment will be; verses a consolidation loan of all the money you owe.

In certain cases after the full evaluation of your debt problems your advisor may determine that a consolidation loan won’t do you any good. This involves taking into consideration your ability to repay all your debts, plus the accumulated interest.

This being the case your councilor may well recommend bankruptcy in lieu of loan consolidation.

However, in the event they feel you are candidates for a complete consolidation of your cash obligations, that that is when the real work starts. Either you or your councilor will contact all of your debtors to determine what the pay off amount and how long they are going to allow to you to pay it off. By doing this you will know to the penny how much of a loan you will need.

Don’t be surprised if the credit card companies offer to lower your interest rate. It’s much better for them if you don’t repay the bill in full. It also will give you a bit of an opportunity, to be able to keep the credit card, at a much lower interest rate.

If you should decide to work with the credit card companies, in lieu of consolidating your money problems, you need to do your due diligence. Make certain you have the deal they offer you in writing and you know precisely what it means. If not you could be in worse trouble than when you started.

As you can see there is much to be considered before you make the final decision about how you are going to solve your current money obligations. A debt loan consolidation may take care of it now, but what happens down the road if you haven’t learned how to control your debt responsibly.

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4 Responses to “Are you sure you want to do a debt consolidation”

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