There are millions of Americans that are drowning in credit card debt, barely keeping their heads above water. If you are one of them, you do not have to be trapped in the endless cycle of minimum payments and high interest. Debt Consolidation could have been a solution to the financial treadmill you're on.
What is Debt Consolidation?
A debt consolidation loan pays off your credit card balances. You then repay your lender with one monthly payment instead of many small payments to the credit card issuers. Lender will often negotiate with your creditors to reduce your balances so that you do not have to borrow as much money. And that's even more debt that you will not have!
There is a huge difference between paying your credit card minimums and paying on a loan consolidation. For instance, let's assume you have ten thousand dollars in total credit card debt and you're being charged 18% interest. If you make only the minimum payments each month, it will take you 38 years to pay off that debt and you'll pay more than $ 14,000 in interest! By getting a debt consolidation loan at 10% interest that same $ 10,000 will be paid off in four years and you'll pay interest of about $ 2,200. As you can see, taking action now can significantly impact your future financial health.
There are no surprises and reliably little stress when you have only one monthly payment to meet. It will be easier to control your budget, instead of your budget controlling you.
Request and Compare Free Online Quotes
If you decide that a consolidation loan is right for you the first thing you should do is get some online quotes. There's no obligation to the quotes and lenders understand that consumers need to shop around for the best terms and interest rates. As with any product, the loan industry is highly competitive so if you get multiple quotes you may be surprised how much they differ. Online quotes are free so be sure to get as many as you can for comparison. When you finally select a lender with the terms and rates that best suit you, you'll know that you have the very best deal possible. You'll be on your way to financial freedom.
Where Can I Request Free Online Quotes?
There are hundreds of websites offering a free online debt consolidation quote to you. These sites will allow you to compare several major lenders side-by-side. Be sure to compare all aspects of your online quotes, such as, the company's reputation, success rate, loan terms, and interest rate.
Now that you are more familiar with how debt consolidation works and the importance of requesting free quotes, you probably want to see just how much you can save with a debt consolidation loan. A great place to learn more about debt consolidation, and get free quotes, is http://debtconsolidationsource.googlepages.com/ , an excellent online resource with lots of valuable information on debt consolidation.