Debt consolidation programs can be an excellent option for retirees struggling with multiple high-interest credit card balances. These programs, which are typically offered by debt relief companies, work by combining all outstanding credit card debts into one manageable loan via a loan secured through...
Federal student loans are the most common type of student loan. There are four main types of federal student loans: subsidized, unsubsidized, parent loans, and consolidation loans. There are also private student loans, which generally have higher interest rates and stricter requirements. What Is t...
How Debt Consolidation Works You can roll old debt into new debt in several different ways, such as by taking out a new personal loan, a new credit card with a high enoughcredit limit, or a home equity loan. Then, you pay off your smaller loans with the new one. If you are using ...
Instant loans are quick, but they often come with extremely high fees and predatory terms. Consider alternatives, like negotiation or a bad credit loan, before turning to instant options like payday loans. Review every loan contract carefully to ensure it meets with your state’s laws and regula...
Should I use a debt consolidation loan? Generally, a debt consolidation loan can be a good idea if the following are true: You can get a lower APR than what you’re currently paying You can get a monthly payment that you can afford with your current income Your total debt balance (besid...
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Two additional ways to consolidate debt are taking out a home equity loan or borrowing from your retirement savings with a 401(k) loan. However, these two options involve more risk — to your home or to your retirement — so it’s best to consider alternatives first. Debt consolidation ca...
What Debt Consolidation Options Are Available? Depending on your situation and goals, there may be several ways you can consolidate your high-interest debt. Consider the advantages and disadvantages of each option to determine which one would work best for you and your debt payoff strategy. ...
Change loan servicers: If you don't like your current loan servicers, debt consolidation allows you to switch to a new lender who you'll deal with for all future payments. All of these are valid reasons for consolidating debt. But it's important not to confuse consolidation with a plan ...
What Is Auto Loan Refinancing?: Understand how refinancing your auto loan can lower monthly payments and reduce overall borrowing costs. Can I Get a Car Loan if I Am Unemployed or Furloughed?: Explore ways to secure a car loan during financial instability, including working with co-signers or...