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Low Interest Debt Consolidation Loan - How To Get Peace Of Mind From Overwhelming Debt |
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Submitted by Cheryl Adams
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The telephone calls will not stop, and they’re not going to. You’ve had enough and have decided that it’s time to be proactive. Following will give you some tips as to how to get a low interest consolidation loan to obtain peace of mind from overwhelming debt.
Some may have a hard time with a low interest debt consolidation loan because of the fact that you are borrowing money from one source in order to pay back money from another source. While this is technically true, the benefits that this solution can include should be all the incentive you need to decide that this is truly a wonderful way to take back your peace of mind.
One major factor that will convince you that this low interest debt consolidation loan is a good idea is the part that makes it “low interest.” When you pay your monthly revolving debt, that debt incurs finance charges at a rate of at least 11-14%. For those that haven’t always had a good track record of paying your bills on time, that interest rate can climb as high as 24 or 25% if not more. At that rate, it’s highly unlikely that you’ll get your bills paid down to a manageable amount at all. If you’re only paying the minimum each month, you’re not touching the principal amount of what you owe at all. And this is with just one credit card. If there’s more, those figures can double, triple, and so on.
With one low interest debt consolidation loan, you will be able to take all the amounts of what you owe on all of your revolving credit and combine it. In this way, you will only be charged interest each month on one amount. The interest charged each month will be less because of the lower interest rates that are available with low interest debt consolidation loans. This will ease stress from your pocketbook each month and possibly even free up some money each month for other expenses.
The phone calls will stop and your credit report will begin the process of repair. Make sure to stay on top of that credit report as those agencies can be slow to report changes in your credit. A life with financial freedom can lay in your very near future and your credit score will not be negatively affected. The low interest debt consolidation loan is no longer a possibility; rather it is an answer to the long suffering problem of overwhelming debt.
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