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October 3rd, 2008 @2:20 pm  

I recently consolidated my student loans this past year – my payments are only $200 a month, but I got a lowered interest rate. So, while paying the same amount, more of the overall total is applied to principal. I have around $14,000 left, and it still feels like it’s a lot to pay off.

Peter Said,
October 4th, 2008 @5:15 am  

Wonder article. It really helped me a lot. This post clears lots of my doubts and concepts. Thanks for sharing the information 🙂

October 10th, 2008 @4:31 am  

Wow, this helped clear some confusion I had. Thanks for posting this! It was informative.

October 11th, 2008 @3:17 pm  

Great post, this is helpful info. I think personal loan rates are going to sky rocket due to the banks hating consumers for the mess they crated.

buy essay Said,
October 11th, 2008 @5:06 pm  

I recently consolidated my student loans this past year – my payments are only $200 a month, but I got a lowered interest rate.

stocks Said,
October 18th, 2008 @11:39 pm  

The wife is currently looking at consolidating loans, getting rid of credit card debt. She did it once before and it worked like a charm, so much that she racked it up again 🙁
Me, I’m lucky, I pay for everything with cash to keep the debt down, with only the car and school as my expenses…

October 19th, 2008 @3:49 am  

I like that you have shown the full example with the dollar values for each item that there is debt on. Also, you didn’t ignore the negative possibility of the consolidation loan, which makes the description more reasonable.

October 19th, 2008 @12:38 pm  

Thanks for the helpful tip. I am beginning to get overwhelmed with the debts I have to pay on their different due dates. On second thoughts, I think I’ll have to stick to my original plan–pay double to banish my debts one by one. It’s hard to resist the temptation of shops but I am succeeding because I do not bring my credit cards with me. I only have gas cash in my wallet. More effective, indeed. 🙂

October 19th, 2008 @1:38 pm  

Its gives some sense for me …i have lot of questions after reading this every thing is cleared

October 19th, 2008 @3:53 pm  

Great post this is really helpful information because we all know how many people out there can’t handle credit/loans. There was recent news from a friend of mine who told me that now the credit checks/credit grading is much more strict now as well. his score dropped about 50 points since last month and not much has changed for him.

October 20th, 2008 @11:38 am  

Useful post. I’ve had problems in the past – but managed to catch up with my debt thanks to a consolidation loan with a very low rate of interest.

October 22nd, 2008 @3:44 am  

I paid 3 credit cards off yesterday and the credit card companies just wanted to push consolidation loans to me, they must get a higher rate of commission on each sale.

I paid them off in full and they were angry.

Tony Bradley.

October 24th, 2008 @10:08 pm  

It is very pity that i couldn’t get the loan, when i had studied in university. I was born in a poverty country, and envy you that you have this excellent life and study.

October 28th, 2008 @5:07 pm  

I honestly don’t trust any loans right now.

stocks Said,
October 29th, 2008 @12:02 am  

Wife is still looking, I’d almost rather pay them off now instead of dump more money into interest payments while she researches…

MonaVie Said,
October 30th, 2008 @3:25 pm  

“It is also important to make sure that you do not borrow more money only to build up more debt after you consolidate your loans, this will only serve to dig a deeper and deeper hole that may eventually be impossible to climb out of.”

If everyone could keep that statement in mind, there would be no more un-payable debt. Thankfully, I’ve never been in situation where I’ve had to use a debt consolidation loan, but I’ll keep that quote in mind if I do.

October 31st, 2008 @2:50 am  

In case of any financial problems or issues you will need to deal with only one instead of several creditors letting you control your finances with greater ease.

Lexli Said,
October 31st, 2008 @11:59 am  

Wow, that’s great thinking. I knew you could save some money, but I had no clue it could be almost $3,000. A lot of credit card companies won’t let you combine credit card debt, so your idea is a great solution to save money and pay off debt.

October 31st, 2008 @4:10 pm  

Great post this is really helpful information because we all know how many people out there can’t handle credit/loans. The credit checks/credit grading is much more strict now as well.

November 1st, 2008 @5:01 am  

Must read article for everyone if they have any doubts about Personal Consolidation Loans and its affects

November 4th, 2008 @8:52 am  

I once considered debt consolidation because of the financial scarcity that I had 3 years ago. My decision entailed extra interest but in the long run, I was able to manage my debts easier. Debt consolidation may not be the best option for all but it worked to me.

stocks Said,
November 4th, 2008 @11:56 pm  

From what I understand, the credit repair companies lock down your cards until the debt is paid, otherwise there is no point in using them, no?

November 17th, 2008 @5:35 pm  

Debt consolidation is a great option for people with several different creditors. The problem is to find a new creditor willing to consolidate all your debts in one, and offering you lower interest.

November 19th, 2008 @8:21 am  

Perhaps the biggest problem with debt consolidation loans has to do with the psychology of the debtor (the person who is carrying the debt load). While such is not always the case, some people who are in debt are there due to poor impulse control and spending habits. What do you think it’s going to happen when the credit cards are freed (thanks to the consolidation loan) once again? You guessed it, many people end up accumulating further debt, because they haven’t broken free from their addiction to buying on credit yet.

November 20th, 2008 @3:49 pm  

I have so many outstanding bills, It’s hard to keep track of them all. I thought debt consolidation only helped you manage the payments, I didn’t know it could save you this much money. Thanks for info.

November 25th, 2008 @7:33 am  

Wonder article. It really helped me a lot. This post clears lots of my doubts and concepts. Thanks for sharing the information

December 5th, 2008 @10:54 am  

You see all of these finance adverts on the television and I didn´t know whether debt concolidation was a really good idea or not. I not think it is a good idea, it´s also a lot easier to keep track of… one payment instead of several every month. It might even have a psyhcological effect on you.. if you think you are paying out less every month then the chances are you want be so anxious about your financial situation.

Rainer

SSAS Said,
January 3rd, 2009 @4:52 pm  

One should eneter into a consolidation arrangement only after a careful review of all the fine print. Often decision is made in haste and does not turn out to be as lucrative as it intially seemed. Businesses can look into alternative methods that can be more benefical and tax efficient. Loans form pension schemes have proved popular in recent years.

January 5th, 2009 @12:56 pm  

A good alternative to credit card consolidation is debt settlement. You can have attorney’s negotiate with your creditors on eliminating some interest. It’s perfect for people who are already behind on their bills because their credit has already taken a hit.

January 14th, 2009 @2:01 am  

The problem is to find a new creditor willing to consolidate all your debts in one, and offering you lower interest.

January 19th, 2009 @6:07 am  

The problem is to find a new creditor willing to consolidate all your debts in one, and offering you lower interest.

June 8th, 2009 @7:29 pm  

If you have poor or no credit history, or your credit record is not good, your loan may well be approved, but the lending rate will knock your socks off. Be sure to read the fine print before you apply for any credit or credit card.

July 23rd, 2009 @10:43 pm  

Consolidation loans can be a very effective way of improving debt management when used responsibly. However, you do need to consider the pros and cons of consolidation loans before you opt for this type of loan, as this will help you to determine whether this is the right type of loan for your needs. Thanks for the post. It is very helpful.

August 7th, 2009 @10:29 am  

Having worked in banking for over 20 years, consolidation only works if the borrower stops taking out further credit. Some people borrow responsibly, others just see the car or a new outfit and they can’t help themselves.

February 21st, 2010 @1:04 pm  

What an informative article on student loan consolidation. Loan consolidation definitely makes sense if you have a variable interest rate loan or your monthly payments are exceedingly high.

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