Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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Finding a Low Interest Debt Consolidation Loan
Author: John Mussi
If you are in the market for a low interest debt consolidation loan, then you might think that you're out of luck. After all, aren't loans that consolidate your debt into a single monthly payment designed for people who have poor or bad credit?
What are the chances of someone like that getting a low interest debt consolidation loan? Depending on where you look for your loan and what collateral you offer, the chances might actually be quite good.
The keys to finding a low interest debt consolidation loan are knowing where to look for your loan and knowing what collateral to use for security.
With careful comparison of different lenders and a good value on your collateral, you stand a good chance of securing the low interest debt consolidation loan that you're looking for.
Interest and collateral
If you're just getting started on your loan search, you might not know what some of these terms mean. Interest is the amount that you're going to have to pay to the lender in addition to the amount that you borrow… it's how the lender makes their money.
Ideally, you'll be able to secure a low interest debt consolidation loan, which means that you'll have less interest added onto your monthly payment and will have less to repay.
Collateral is property that you use to secure the loan, and is usually an automobile or real estate. If you don't repay your loan, then the lender can take possession of your collateral and sell it in order to get their money back.
Where to look for your loan
One of the big factors in getting a low interest debt consolidation loan is finding the right lender. Many of the lenders with big, flashy advertising are trying to draw in customers and charge high interest rates… they should be considered only as a last resort.
Check with finance companies and small local banks first, especially during times when they're having any sort of customer appreciation days or a promotion of any kind. If they can't offer you a low interest debt consolidation loan, ask them if they can recommend another establishment… in most cases, they'll be able to direct you to a place where you can get a pretty good deal.
The right collateral
Choosing the right collateral can be vital to securing a low interest debt consolidation loan. After all, it's your collateral that's guaranteeing the loan for the lender… use it for all that it's worth. When applying for your low interest debt consolidation loan, ask for less than the total value of the collateral.
The greater the value of the collateral in relation to the asking amount, the more likely you'll be approved and charged a lower interest rate.
Shop around for quotes at several establishments before deciding on one… use the same collateral and the same asking amount, and see who offers you the lowest interest and the best terms for your money.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
Article Keywords:
'Debt Consolidation'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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