Debt Consolidation is a process of combining all your debts into one and paying them off.
Debts are not uncommon but the interest rates for unsecured debts are so high that it becomes very difficult to accommodate it within one's income resources. Debt consolidation is one concept brought out as an alternative to prevent bankruptcy. You can now negotiate with your creditors and work out a modified repayment plan which would make the monthly obligations more affordable.
A debt consolidation loan is a loan taken out to pay the debts clubbed together. This is usually a home equity loan or a second mortgage. But the practice is not always recommended because if you fail to pay your loans you will only incur a penalty or fines but if you fail to pay mortgage back, you will be losing your home.
Features of debt consolidation are as following:
- It helps you solve debt problems. Rather than having many debt repayments you need to make only one payment. You are responsible to just one creditor.
- Its main purpose is to reduce interest rates and to lower monthly payments. You can work out an alternative payment method involving reduced monthly payments spread over a longer period of time.
- It gives the facility of paying off a number of higher interest rate loans or credit cards.
- You can avail of a lower rate of interest and also waive in the penalties or fines earlier incurred.
- You can get debt free earlier than your term. Earlier you had to keep by a few debts to pay the others every month, and this would increase the term of those loans. Since debt consolidation involves clubbing of all the debts into one, the process takes place faster.
- It helps borrowers with unsecured debt.
Unsecured debts include:
- Credit Cards accounts.
- Medical bills.
- Service charges.
- Personal loans.
- Signature loans.
- Store credit account, etc.
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