Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
Latest activity
Earn Money
Review Website/Apps
Passive Income
Money apps
Paid Survey
Stock
Forex
Real estate
Paid to write
Social Media Monetization
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Personal loan
Retirement
Debt help
Savings for Students
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Is Debt Consolidation A Good Idea?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Yusra3, post: 306709, member: 31907"] Debt consolidation is a process that involves the collection of debts from multiple lenders, usually with the intent of paying them off in one lump sum. This may sound like a good idea, but it's actually not. The reason is simple: consolidating your debts will not allow you to save money on interest. In fact, it will likely cost more than if you had just paid off the full amount owed on each loan individually. That's because most debt consolidation plans involve paying off all of your loans at once but with one monthly payment. That monthly payment covers all of your debts with one company, which means all of their interest rates will be added together into one rate. The resulting total amount that you owe is then multiplied by this new rate and then multiplied again by how long it takes for you to pay off the plan's total balance at once. This means that even though you're only paying interest on one loan at a time instead of two or three, it still costs more than if you were just making separate payments to each lender and saving money on interest payments along the way! [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Personal loan
Is Debt Consolidation A Good Idea?
Top