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Debt Consolidation Loan Resources
Debt Consolidation Loan Information
If your credit cards are swelling with debt, or you have additional loans or outstanding payments with high interest rates, it’s time to look into getting a debt consolidation loan. Debt consolidation loans allow you to consolidate your debt into one loan. Debt consolidation works when you get a fixed, low interest loan to consolidate multiple debts with high interest rates. Debt consolidation loans ultimately help reduce the total amount you end up paying. A lower interest rate means a lower payment amount.
But do you know how and where to get a debt consolidation loan?
Bills.com is your one-stop source for debt consolidation. We can help you find the best rate on a debt consolidation loan and provide you with information about the best ways to consolidate, such as refinancing or utilizing your home equity line of credit. With Bills.com, you’ll be able to consolidate your debt and get your finances back in order.
Bill's Expert Advice
Debt Consolidation Success Stories
Read a personal story about obtaining a debt consolidation loan and gain a better understanding of what's involved.
Debt consolidation loan success story
Debt Consolidation Loan Questions
- So what is a debt consolidation loan?
A debt consolidation loan is a loan you get to pay off multiple loans. Debt consolidation loans are useful when you have varying amounts of debt on varying items (car loan, credit cards, medical bills, etc.). The idea is to get a loan at a fixed and low interest rate to pay off your varying debts. It typically lessens the total amount of money you end up paying. - What is the objective of getting a debt consolidation loan?
Debt consolidation loans are used to tackle a number of things. If you have multiple credit cards with varying amounts of debt, a debt consolidation loan can help reduce their high interest rates by rolling over the amount onto a new, low interest loan. For homeowners, wanting to better manage their debt. These loans may reduce the interest-rate related to unsecured debt by placing their home as a form of guaranty securing the debt. - When should I apply for a debt consolidation loan? What signs should I look for?
When you have multiple debts piling up on credit cards, car loans, and other areas, it might be time to get a debt consolidation loan. However, you don’t want to jump right into a debt consolidation loan. Ideally you want to wait when interest rates are low. That way you can get a fixed rate loan that will save you money in the end.
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Glossary of Consolidation Terms
Equity: an owner's financial interest in a property; calculated by subtracting the amount still owed on the loan from the fair market value of the property.
Collection Agency: a company hired by a creditor to collect a debt that it is owed.
Credit Counseling: a program for reducing monthly payments, where a consumer is placed on a "Debt Management Plan" to repay their bills, frequently at a reduced interest rate.
Credit Score: a determination of the ability for a consumer to make payments on future loans, determined by analyzing their past and current performance, including payment history, debt level, debt utilization and other factors.
Debt Consolidation Loan: a loan used to payoff multiple amounts of personal debt. A debt consolidation loan rolls pre-existing debt into a lower interest rate loan so that you pay less interest in the end.
Debt to Income Ratio: a determinant of financial well-being arrived at by dividing monthly debt payments by income.
Debt Management: a service provided by an agency that provides debt help services, including credit counseling, debt settlment, and debt consolidation loans.
Debt Negotiation: Debt Negotiation is a program for reducing consumer debt to the lowest level, typically with a low monthly payment, while avoiding bankruptcy.
Fair Isaac and Company: Fair Isaac is the company responsible for creating the FICO score. This three digit score is created using information from your credit report and ranges from 300-850. The major credit bureaus use this score in evaluating your credit.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.17% |
| 15 Yr Fixed | 5.88% |
| 30 Yr Fixed Jumbo | 7.33% |
| 15 Yr Fixed Jumbo | 6.79% |
| 3/1 ARM | 5.98% |
| 5/1 ARM | 6.13% |
| 7/1 ARM | 6.34% |
| 10/1 ARM | 6.7% |
| 3/1 ARM (I/O) | 6.01% |
| 5/1 ARM (I/O) | 6.21% |
| 7/1 ARM (I/O) | 6.46% |
Debt Consolidation Articles / Advice
Debt Consolidation Advice
You’ve probably gotten debt consolidation advice from your parents, friends, and co-workers. Get the real scoop on debt consolidation.
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Drowning in bills? Debt consolidation might alleviate your stress. Learn how.
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Debt Consolidation Settlement Service
Discover whether a debt consolidation settlement service is the best solution to your debt.
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Debt Solution
Find a debt solution, no matter how much you owe. All the answers are here.
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Online Debt Consolidation Service
Discover the convenience of an online debt consolidation service. Find out how they can help you and your debt.
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