2007-03-20 04:57:57 · 4 answers · asked by paul a 2 in Business & Finance ➔ Credit
I want to get rid of all my credit card bills and just have one bill with smaller intrest is this the way to go
2007-03-20 05:17:43 · update #1
Don't do it! Get some independent advice from a charity like the Consumer Credit Counselling Service, or the Citizens Advice Bureau. They will help you out for free, and make arrangements with your creditors if needed. Good luck! BTW, I'm assuming you're in the UK.
2007-03-20 05:02:14 · answer #1 · answered by Pseudonym45 4 · 1⤊ 0⤋
what you are telling is called as debt consolidation and it is one of the best methods to reduce debts,
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan.
2007-03-21 07:58:19 · answer #2 · answered by Anonymous · 0⤊ 1⤋
The biggest and most common financial scam every done to the American public....
You will lower your credit score and raise your rates in most cases. All just so you can pay 1 large bill rather then a few small ones...
2007-03-20 12:10:37 · answer #3 · answered by Anonymous · 1⤊ 0⤋
what about it?
2007-03-20 12:01:15 · answer #4 · answered by a_k 4 · 0⤊ 1⤋