2006-11-13 01:16:21 · 4 answers · asked by Donna W 1 in Business & Finance ➔ Personal Finance
That probably varies from person to person. My best guess would be that they consolidate when they finally realize they are paying exorbitant interest rates on one or more of their credit cards and that a consolidation loan would lower their overall monthly debt at a lower rate.
Chow!!
2006-11-13 01:33:34 · answer #1 · answered by No one 7 · 0⤊ 0⤋
It depends on the type of loan they will use. In the mortgage business the period from November thru January seems to be when people focus on consolidation. The buying slows down and rates seem to lower a bit. This is a generalization and seems to be true as long as he market is not in a strong move up or down. As far as when is the right time the correct answer is as soon as it is necessary to reduce your monthly expenses. Make sure you have a professional analys the terms of the loan making sure it will reduce your monthly expenses and will not bury you over the long term.
2006-11-13 22:42:15 · answer #2 · answered by steve n 1 · 0⤊ 0⤋
If they have a good credit rating NEVER.
I've been moving balances around 0% credit card offers for years now. I financed a house extension that way in 2001. Have paid back most of it but still owe a few grand.
I would guess that Jan-March is a popular one though - when people realise they've spent too much over the holidays.
2006-11-13 10:12:03 · answer #3 · answered by CarolineMary 2 · 0⤊ 0⤋
whenever the time comes when they are in it real deep and the collectors start to call them at work or at home
here's some great reading:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
2006-11-13 20:54:41 · answer #4 · answered by ken_voss12345 4 · 0⤊ 0⤋