I have a little bit of debt I would like to get help with... it totals up to be around $3500.00 (student loan, credit card, etc)... I am just looking for a good place to go to as far as debt consolidation loans or something like that? Any advice?
2007-03-22 05:16:46 · 7 answers · asked by Stev 3 in Business & Finance ➔ Credit
I'd avoid consolidating the student loans along with the credit card debt... interest from student loans is tax deductible and you generally can't get out of it through bankruptcy.
2007-03-22 05:25:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Generally, these loans require collateral that can be either your home or some costly property. But sometimes, you can get these loans as an unsecured personal loan. But they charge high interest rates.
When going for a debt consolidation loan, you should consider some important factors. They are: cost of taking the loan, the annual percentage rate (APR), period of the loan, and the total amount borrowed. Ensure that the debt consolidation loan charges a lower interest rate than the rate for your current loans. Interest rates are usually decided by factors like loan amount, loan terms, and personal details.
If the repayment period of debt consolidation loan is longer, you can end up paying a lot more in interest. This makes it vital to compare the interest rates and repayment periods of various lenders. Debt consolidation calculators offered by various financial organizations can be used to achieve the same.
2007-03-23 08:32:17 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋
In many cases, you would not qualify for debt consolidation. And you're not going to find a lower interest rate than you have on that student loan. $3500 is an extremely low amount of debt to have and is way more easy to handle.
I would suggest you look into a personal signature loan (unsecured; loan is guaranteed by just your signature) just to pay off the credit card. Guarantee you will find a lower interest rate there. But leave the student loan alone.
2007-03-22 12:28:15 · answer #3 · answered by Krista B 6 · 0⤊ 0⤋
There's some advice on dealing with student loan debt on this site: http://www.joblessncollege.com/personalfinance_investing_files/student_loans.htm
2007-03-22 14:23:38 · answer #4 · answered by SurveyTaker 1 · 0⤊ 1⤋
You can apply for debt consolidation at your bank.
2007-03-26 11:52:26 · answer #5 · answered by Pepper 6 · 0⤊ 0⤋
If its anything like the UK, avoid them - they're rarely as good as they first appear.
Can you get a 0% credit card? Or, since it's only $3500, pay it off slowly?
2007-03-22 12:26:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
u should do it your self, pay the min or more if u can and soon u will be debt free
2007-03-22 12:44:57 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋