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Debt Consolidation Loan Options You Should Consider

Recent statistics confirm what many economists and health care professionals have been proclaiming for years - financial insecurity is one of the leading causes of stress and anxiety. In fact, a study performed by the American Psychological Association claims 73% of Americans list money as the primary factor that affects their degree of stress. If you are dealing with financial worries, you need simple solutions that promote peace of mind and sustainability.

This Option May be Ideal for Significant Balances

If you have large expenses piling up with due dates and pushy creditors looming, it might benefit you to consider a debt consolidation loan. This type of secured lending service will give you the flexibility to repay what you owe, without being penalized by expensive late payments or severe hits on your credit. Instead of being inundated by a variety of costly fees at once, you can pay off balances when you take advantage of the consolidation option. One of the strongest determinants for whether this type of service is the best solution is the amount of money you owe. If what you owe exceeds several hundred dollars, it is reasonable to assume this borrowing option would be a smart choice. In this scenario, the associated interest fees would be stark in comparison to the delinquent payment penalties. Not to mention you could avoid the crippling effect that late payments have on consumer credit reports.

Homeowners Benefit from Equity

You are at an advantage if you own your own home in this scenario as you can use your home equity (the difference between the fair market value of your home and any amount you owe) to qualify for a lower interest rate. In this case, consolidating your balances with a home equity loan can save you a large sum of money! Debt consolidation with home equity works best when the recipient uses the approved amount to pay off bills in a timely manner, avoiding compounding interest rates.

Other Considerations You Should Make

If the amount of money you owe has grown significantly, you may want to talk to a financial specialist. There are many different programs set up for consumers with significant money problems. While many specialists claiming to offer support are legitimate, it is important to research each entity to make sure you don't fall for a scam. There have been countless cases of consumers being ripped off by unethical scam artists posing as financial counselors. In short, take some time to examine your situation and use your best judgment when it comes to securing your financial future. The peace of mind that comes from knowing you have taken control of your spending is priceless.

For Smaller Expenses, Consider a Short-term Option

If what you owe does not exceed several hundred dollars, it might be wise to think about consolidating debts with a payday loan instead. Unlike the aforementioned secured borrowing service with home equity option, short-term lending services used to consolidate debts are much easier to qualify for. There are usually no credit or background checks required. We recently determined that 75% of approved recipients use the funds to pay off unexpected expenses. After utilities and medical bills, car repair bills are the third most common reasons consumers take out this type of short-term lending product. Many utilize these convenient borrowing products to avoid becoming delinquent on payments. The average late payment charge rounds out at $30, which adds up quickly if you are struggling with several bills at once. Furthermore, many rely on these types of convenient unsecured borrowing services to avoid overdraft fees and bounced check fees. If you determine any of these products may be a viable solution to your current financial concerns, you can apply directly on this page.