Las Vegas Casino – Scapa LV http://scapa-lv.org/ Wed, 21 Sep 2022 12:56:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://scapa-lv.org/wp-content/uploads/2021/09/icon-4-150x150.png Las Vegas Casino – Scapa LV http://scapa-lv.org/ 32 32 4 reasons to take out a personal loan for debt consolidation https://scapa-lv.org/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Wed, 21 Sep 2022 12:56:13 +0000 https://scapa-lv.org/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you’re juggling high-interest credit card debt, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you’re juggling high-interest credit card debt, taking out a debt consolidation loan to pay off those balances offers 4 major benefits. (Shutterstock)

You can consolidate high interest credit card debt many ways, including home equity products (if you own a home), balance transfer credit cards, and personal loans.

Here are four reasons why you might want to consider a debt consolidation loan to settle your high-interest debts.

If you want to consolidate your debt, Credible makes it easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation?

Before we dive into why a debt consolidation loan makes sense, let’s define what it is. Debt consolidation consolidates multiple debts into one account with one easy-to-manage payment. It’s a strategy you can use to simplify the debt repayment process and potentially save money on interest. If you are overwhelmed with debt, debt consolidation can be a smart move.

Although you can consolidate your debts in several ways, the personal debt consolidation loan is one of the most popular. With a debt consolidation loan, you take out a new loan to repay one or more unsecured debts that you already have. It gives you a manageable monthly payment so you don’t have to worry about juggling multiple debts, interest rates, and payment due dates.

It’s important to understand that while a debt consolidation loan can treat the symptoms of your financial problems, it won’t treat the root cause. Think of it as a tool to give yourself some breathing room so you can get back on your feet and devise a long-term plan for a better financial future.

ADVANTAGES AND DISADVANTAGES OF DEBT CONSOLIDATION

1. Reduce the overall cost of your debt

A Personal loan can help you reduce the cost of your debt in two ways. If you’re able to lock in a lower interest rate than you currently have on all of your debt, you can save hundreds or even thousands of dollars in interest.

Plus, a personal loan gives you a specific end date for paying off your debt. It can help you stay focused on your goals and pay off your debt faster.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

2. Refinance your debt without risking your home or other assets

Although home equity products – such as home equity loans and home equity lines of credit (HELOCs) – may come with lower interest rates than personal loans, they have some disadvantages you should consider:

  • Deplete your home equity — Because a home equity loan relies on the value you have built up in your home, you can find yourself underwater on your mortgage and owing more than your property is worth if the value of your home decrease. This could be a serious problem if you are planning to move soon.
  • Put your home at risk — A home equity loan puts your home as collateral. If you fail to make your payments, you could lose your home through the foreclosure process.
  • May not qualify — Most lenders will not give you home equity loan or HELOC unless you have some equity in your home. Your equity is the difference between what you owe on your mortgage and the current value of your home. Although each lender has their own criteria, most will be looking for at least 15% equity.

A debt consolidation loan, on the other hand, requires no collateral, which means you won’t have to put your house, car or other assets on the line. You can also lock in an interest rate below the one you could get with a credit card.

Your rate will likely be fixed instead of variable (as it would be with many HELOCs), so you can budget your payments in advance. And if you have good or excellent creditit may be easier to qualify for a debt consolidation loan than a home equity product.

3. Reduce your monthly payments

If you have a lot of high-interest credit card debt and take out a personal loan with a lower interest rate, you may be able to lower your monthly payment amount. This can free up your cash flow and give you more money to spend on your emergency fund and other financial goals, such as saving for a home or for retirement.

Choosing a personal loan with a longer term can also result in lower monthly payments. But keep in mind that if you go this route, you will pay more interest over time.

4. Simplify your debt

When juggling multiple loans and credit cards, it’s easy to miss a bill payment. Missing a single payment can impact your credit.

A debt consolidation loan allows you to combine several monthly payments into a single loan with a fixed interest rate. It can make the debt refund much more manageable process and reduce your risk of missed payments. Many personal lenders also offer discounts for setting up automatic payments, which will ensure that your monthly loan payments are made on time.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan ratess to find the one that best suits your needs.

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Payday Loan Debt Consolidation | The bank rate https://scapa-lv.org/payday-loan-debt-consolidation-the-bank-rate/ Mon, 19 Sep 2022 18:33:45 +0000 https://scapa-lv.org/payday-loan-debt-consolidation-the-bank-rate/ Payday loans are usually short-term loans for a small amount, usually around $500, with payment due on the day of your next payday. They are marketed as a useful bridge between paychecks. However, payday loans come with fees that result in very high annual percentage rates, or APRs, which makes them difficult to eliminate. However, […]]]>

Payday loans are usually short-term loans for a small amount, usually around $500, with payment due on the day of your next payday. They are marketed as a useful bridge between paychecks. However, payday loans come with fees that result in very high annual percentage rates, or APRs, which makes them difficult to eliminate.

However, payday loan debt relief is possible. A personal loan consolidation allows you to take out a new loan, usually with a lower interest rate and a fixed monthly payment that you can repay over time.

Why Debt Consolidation for Payday Loans Can Help

If you’ve taken out a payday loan that charges exorbitant fees, the struggle to make the payments can seem overwhelming. This is a particularly difficult type of debt to repay because borrowers can get trapped in a cycle of debt. About 12 million people take out personal loans every yearand more than 80% of these loans roll over into a new loan because the borrower couldn’t pay the bill on time.

However, a debt consolidation loan can be useful because it is easier to manage and has significantly lower borrowing costs. There is a debt consolidation assortment for borrowers with bad credit with APRs capped at 35.99%. A typical two-week payday loan with a fee of $15 per $100 borrowed, for example, equates to an APR of almost 400 percentaccording to the Consumer Financial Protection Bureau.

The drastic increase in interest rates means you could save a fortune by transferring what you owe into a new loan with a much lower interest rate.

How Payday Loan Debt Consolidation Works

With a debt consolidation loan, you will take out a loan with a lower interest rate and use the funds to pay off your high interest debts. Then you will repay the debt consolidation loan over time. Monthly payments are more manageable compared to payday loans. Indeed, the interest rate on a debt consolidation loan should be much lower and you repay the loan over a longer period, usually 12 to 84 months, rather than two weeks.

First, you need to find a lender that offers debt consolidation loans. Some online lenders will do a pre-qualification check, which won’t hurt your credit. They will review your credit reports and estimate the interest rate, loan term and monthly payment you may be eligible for. Before applying, make sure you can afford this payment each month.

Unlike a payday loan, debt consolidation loan payments are reported to the credit bureaus. This means that making payments on time can help improve your credit over time.

Advantages of a personal loan consolidation

If you need help with a payday loan, a consolidation loan can help get your finances back on track. Debt consolidation loans generally offer:

  • Reduced fees: Some personal loans come with an origination fee, usually around 1-5% of the loan amount, but you may be able to find a loan with no upfront fee.
  • Flexible repayment terms: Personal loans offer repayment terms that generally range from 12 to 84 months. Payday loans usually have to be repaid on your next payday, or usually within two to four weeks.
  • Predictable monthly payments: With a personal loan, you will make one monthly payment until you repay the loan. If the interest rate is fixed, your payment usually stays the same for the life of the loan.
  • Credit check required: A debt consolidation lender wants to make sure you can afford the monthly payments before signing up for the loan. This may seem like a downside, but it means you’re less likely to get trapped in a cycle of debt. They will usually check your source of income, check your credit reports, or ask you what your cash reserves are. They may be willing to work with you even if you have a lower credit score. On the other hand, payday lenders usually don’t verify that you can handle the loan.
  • No bearing: Once you have refunded all the money, you are done. Your account is closed and the loan is marked as repaid. You will need to apply for a new loan if you need more money.

Disadvantages of a personal loan consolidation

Payday loan relief probably sounds good. However, you should consider these points before applying for a new personal loan:

  • You can still default on loan repayments. Although you plan to make every payment on time, a job loss or other obstacle could disrupt your finances again. Any missed or late payments could damage your credit score and the loan consolidation lender could send your account to collections. Try to plan for financial emergencies by setting aside as much savings as possible in an emergency fund.
  • You cannot benefit from a low interest rate. Depending on your creditworthiness, personal loan interest rates generally vary between 4 and 36%. Many online lenders are willing to work with people with low credit scores, although your interest rate may be higher. However, they are still lower than payday loan costs, which can have APRs of around 400% or more. You can also find out about alternative payday loans if you are a member of a credit union. These are small, short-term loans with affordable interest rates.

Alternatives to Personal Loan Debt Consolidation

Consider these alternatives if payday loan debt consolidation isn’t right for your situation.

Extend repayment period

In some states, payday lenders are required to extend your repayment period beyond your next paycheck. This can help you because your payments will be lower and you will have more time to raise the money.

Ask your payday lender if this is an option, if it prevents adverse credit reports, and if you will pay a fee.

Enter a debt management plan

Under a debt management plan, you work with a credit counselor to negotiate better loan terms with your creditors. Once you have agreed on a monthly payment, you will send funds to the credit agency every month. In turn, the organization will pay your creditors.

It’s important to work with a reputable credit counseling agency, so research your options before signing up for a plan. Signing up for a DMP won’t directly affect your credit rating, but you’ll likely have to close any accounts included in the plan. This could dramatically increase your credit usage and lower your credit score, making a debt consolidation loan more viable.

Additionally, DMPs come with a monthly fee collected by the credit counseling agency, and you may find that a debt consolidation loan is a much cheaper option to get rid of those pesky debt balances. .

File Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a legal procedure that can help some people pay off some or all of their debt. You will need to follow a strict process and some of your assets may be sold to pay off some of your debt.

This move is usually a last resort as it has major consequences. Your credit score will be damaged and it may be difficult to qualify for credit for a few years after discharge from bankruptcy.

If possible, try to get approved for a debt consolidation loan, even if it comes with higher interest, to minimize the lasting impact of bankruptcy on your credit and overall financial health. Also, consult a lawyer before choosing this option.

At the end of the line

If you’re struggling to clear your payday loan balances, a debt consolidation loan can help. They come with much lower interest rates and you could be approved even with less than perfect credit.

If payday loan debt consolidation doesn’t seem viable, consider alternatives, such as rollovers, DMPs, and Chapter 7 bankruptcy for relief. Just be sure to crunch the numbers to make sure the form of relief you seek makes financial sense.

]]> Debt consolidation loan: what you need to know https://scapa-lv.org/debt-consolidation-loan-what-you-need-to-know/ Mon, 19 Sep 2022 16:14:00 +0000 https://scapa-lv.org/debt-consolidation-loan-what-you-need-to-know/ Debt consolidation loans combine multiple debts into one loan, which can potentially save you money. Getty Images If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts […]]]>
Debt consolidation loan application form with pen, calculator
Debt consolidation loans combine multiple debts into one loan, which can potentially save you money.

Getty Images


If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts and replace them with a single loan with a fixed monthly payment. You might even be able to lower your interest charges and monthly payments.

If this sounds like something you could benefit from, consider talking to a lender. You can get a debt consolidation loan offer today.

What is a debt consolidation loan?

A debt consolidation loan can be used to pay off multiple debts, including credit cards, medical bills, and personal loans. Debt consolidation loans are a type of personal loan that you can use to combine multiple high-interest credit cards with one low-interest loan.

You may qualify for a debt consolidation loan of up to $100,000 with flexible repayment terms typically ranging from two to five years.

Why would anyone want a debt consolidation loan?

Taking out a debt consolidation loan may make sense if any of the following circumstances apply to you:

  • You want to pay less interest. If you have multiple high interest credit cards, you might consider debt consolidation into a personal loan with a lower interest rate. According to recent data from the Federal Reservethe average interest rate on a 24 month personal loan is 8.73%, which is well below the average credit card interest rate of 16.65%.
  • You want a specific repayment date. Credit cards offer a convenient way to borrow and pay off debt as you go, but if you only make minimal payments, you could stay in debt indefinitely. For this reason, you may want a debt consolidation loan to follow a repayment plan for a specific duration, with a specific end date when your final payment will bring your balance down to zero.
  • Your credit score is sufficient to qualify. Whereas personal loans are available to borrowers with below average credit, a higher credit score may qualify you for lower rates. Generally, the higher your credit score, the lower the interest rate you can receive. As a rule, you can benefit from advantageous conditions with a good credit scorethat begins with a FICO score of at least 670 or a VantageScore of 661 or higher.
  • You can pay off your consolidation loan in five years or less. Debt consolidation loans are installment loans that usually have a repayment term of two to five years. Of course, the longer you pay off the loan, the more interest you will pay. A debt consolidation loan may be a suitable option if you can minimize interest costs by paying off your loan in less than five years.

The advantages of a debt consolidation loan are manifold. Start saving money and getting out of debt by exploring your loan options now.

How to qualify for a debt consolidation loan?

Qualifications for debt consolidation loans vary by lender, but most lenders strongly consider the following eligibility factors.

  • Proof of income: Almost all lenders require you to meet a minimum income requirement to prove that you have the financial stability to repay your loan. Minimum income amounts vary by lender, and you’ll likely need to prove your income with pay stubs, bank statements, or tax returns.
  • Credit file and credit score: When a lender reviews your debt consolidation loan application, they typically extract your credit report and credit score to assess your credit management history. If your credit is below average, you might be better off taking steps to improve your credit before applying for a new loan.
  • Low debt-to-income ratio (DTI): Your debt-to-income ratio (DTI) is another important criterion used by lenders to assess your ability to repay your loan. The ratio compares the total amount of your monthly debt repayments with your gross monthly income. For example, if your gross monthly debt payments total $1,000 and your gross monthly income is $5,000, your DTI ratio is 20% (1,000/5,000 = 0.200). Aim for a DTI of 36% or less for your best chance of loan approval.
  • Collateral: Some lenders require collateral for larger debt consolidation loans, often in the form of home equity.

Be aware that some lenders charge processing fees (also known as origination fees) ranging from 1% to 8% of the amount borrowed.

How to apply for a debt consolidation loan?

Taking out debt consolidation is quick and easy, and you can apply by following these five steps.

  • Shop around and compare lenders. Comparing several loan offers can help you find the best debt consolidation loan to meet your needs. Many online lenders allow you to prequalify for a loan to assess your chances of approval and the interest rate you may receive. When you prequalify, the lender usually does a soft credit check that doesn’t affect your credit score.
  • Choose your loan offer and your lender. Consider loans that offer the best balance of low interest rates and fees, flexible repayment terms, and achievable eligibility requirements. After reviewing several personal loan offers, select the one that best suits your needs.
  • Complete a loan application. Once you have chosen a lender, submit a formal application. You will need to provide information about your job, your income and the amount you want to borrow. Your lender may ask you to provide supporting documentation, including government-issued ID, pay stubs, account statements, and proof of residency.
  • Pay your debt. Once your lender has approved your loan application, you must sign the loan to release the funds. Your lender can disburse your loan funds directly to your competitors to pay off debts on your behalf. Alternatively, your lender deposits the money into your account and uses the funds to pay off each of your debts.
  • Keep making payments. Upon loan approval, you are responsible for making payments on your new loan. However, it may take some time for your old creditors to close your accounts. To avoid damaging your credit, continue to make payments on your old accounts until they are officially closed.

Debt Consolidation Loan Alternatives

If you don’t want to take out a debt consolidation loan, there are other options to consider, such as:

  • 0% APR Balance Transfer Credit Card: These credit cards offer an interest-free period of up to 21 months. You can pay off as much debt as you can during the promotional period at 0% interest, but understand that these cards generally require good credit to qualify.
  • Home Equity Loan: You may be able to tap into the equity in your home to pay off your outstanding debts. Typically, lenders allow you to borrow up to 80% of the value of your home, minus your mortgage balance. Home equity loans involve considerable risk since you have to offer your house as collateral.
  • Credit advice: Instead of borrowing money to pay off your debt, you might consider getting credit counseling from a nonprofit agency. An advisor can help you budget and design a repayment plan. Some agencies will even contact your creditors to lower your interest rates. Online financial advisors can also help point you in the right direction.

Whether you take out a debt consolidation loan or use another method, eliminate credit card debt can dramatically improve your financial health, but only if you can avoid accumulating new debt and repeating the cycle. As a general rule, never charge more than you can afford.

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Debt Consolidation Loan vs Balance Transfer: Which is Right for You? https://scapa-lv.org/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Wed, 14 Sep 2022 16:03:59 +0000 https://scapa-lv.org/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. A debt consolidation loan and balance transfer […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

A debt consolidation loan and balance transfer can help you consolidate high-interest debt. Learn how they compare. (Shutterstock)

Debt consolidation consolidates several debts into a single account. It can help you save money, lower your monthly payments, and streamline your payment process. Although you can consolidate your debt in several ways, debt consolidation loans and balance transfers are the most common.

Here’s what you need to know about each of them in order to determine the ideal debt consolidation strategy for your particular situation.

If you need a loan to consolidate high-interest debt, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

Debt Consolidation Loan vs Balance Transfer: What’s the Difference?

Debt consolidation loans and balance transfer credit cards are credit products you can use to consolidate other, higher-interest debt. Here’s an overview of how each works.

What is a debt consolidation loan?

A debt consolidation loan is a type of unsecured personal loan. If you subscribe to one, you will receive a lump sum upfront. Then you will repay what you borrow in fixed monthly payments over a set period of time. Although loan amounts vary, they can range from $1,000 to $100,000.

If you have different types of debt that can take years to pay off, a debt consolidation loan is worth considering.

UNSECURED LOANS: KNOW ALL

What is a balance transfer credit card?

Balance transfer credit cards allow you to transfer balances from your current maps to a new card, usually with a 0% APR introductory period of six to 18 months. If you pay off all your debts before the end of this introductory period, you can save a lot on interest. But keep in mind that once the period is over, you’ll start earning interest on the remaining balance on the card, and credit cards can have high interest rates.

If you have a lot of high interest credit card debt and you can pay it off during the introductory period, a balance transfer credit card might make sense.

Advantages and disadvantages of a debt consolidation loan

Before choosing a debt consolidation loan, consider these pros and cons:

Advantages

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

The inconvenients

  • If you don’t have the best credit, you may find it difficult to get an interest rate lower than what you are currently paying.
  • Some lenders charge origination fees, prepayment penalties, and other fees when you take out a debt consolidation loan.
  • There is no 0% APR introductory period like some credit card offers.
  • If you don’t make your payments on time, every time, your credit can take a hit.

WHERE TO GET A $5,000 LOAN

Advantages and disadvantages of a balance transfer

Here are some pros and cons to think about before deciding on a balance transfer:

Advantages

  • You can benefit from a 0% APR introductory period, which can save you hundreds or even thousands of dollars in interest.
  • Some cards offer rewards, such as cash back and travel points.
  • Opening a new card can lower your credit utilization ratio (the amount of credit you use compared to the amount of available credit you have) and, therefore, improve your credit score.

The inconvenients

  • If you don’t pay off your debt before the end of the 0% APR period, you could face high interest charges.
  • Some cards charge a balance transfer fee of 3% to 5% of the amount you transfer.
  • You may not qualify for a balance transfer credit card unless you have good credit.

What to consider when consolidating debt

When comparing a debt consolidation loan and a balance transfer, consider the following factors:

Where to get a debt consolidation loan

You can get a debt consolidation loan from a bank, credit union, or online lender. While banks and credit unions tend to offer competitive rates, they generally have stricter requirements than online lenders. Also, you must join a credit union before taking out a loan from it.

If your credit score is preventing you from getting approved for a debt consolidation loan, you may want to apply with a co-signer who has good credit or take the time to improve your credit before to make your request.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

Where to get a balance transfer card

Many banks and credit card companies offer balance transfer credit cards. If you’re having trouble qualifying, check your credit reports and dispute any errors. Also focus on making your payments on time and do your best to pay off some of your credit card debt to improve your credit utilization.

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Advice from the Better Business Bureau: Beware of debt consolidation offers https://scapa-lv.org/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ Sun, 04 Sep 2022 09:28:26 +0000 https://scapa-lv.org/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt. This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in […]]]>

With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt.

This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in to the temptation to look for a quick fix that could turn out to be a scam.

After a recent action by the Biden administration, federal student loan repayments remain suspended without interest until Dec. 31. receive up to $20,000 in pardons. Consumers should beware of scammers who take advantage of the news by offering bogus ways to apply for loan forgiveness.

Better Business Bureau Scam Tracker received over 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers a reported total of over $283,000, the median consumer losing $600. Most often, these reported scams involved payment by bank account debit.

Upfront fees, including fees to enter a repayment plan, are a common thread among debt relief scams. These upfront charges are illegal. Loan repayment assistance – including loan deferrals, forbearance, repayment, and forgiveness or release programs – is available directly from the Department of Education and Loan Services, and application for these programs is always free.

Some scam companies ask consumers to sign a power of attorney for financial decisions, use it to suspend the consumer’s loans – a way to temporarily stop or reduce payments, during which the loans continue to earn interest – and require the consumer to make payments directly to them rather than to the loan officer. In reality, the company keeps the payments for itself and the forbearance eventually expires without any repayment progress.

Borrowers seeking student loan relief should consider the following tips:

• Do your research on the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. These include customer complaints and how they were handled, customer reviews, and an A+ to F grade.

• Do not pay upfront fees to debt repayment companies. If a rescue company asks for money before helping you, report it to BBB.

• Think twice before signing a power of attorney or giving a company your bank account information or your federal student aid website login information. These actions allow a company to make potentially devastating financial decisions for you.

• Don’t agree to a long-term abstention or adjournment plan without doing your homework. These should only be seen as temporary solutions.

• Don’t be fooled by promises of quick relief. The loan relief and forgiveness options available through the Department of Education still require years of payments, and these loans cannot be canceled by bankruptcy.

]]> Debt consolidation in times of uncertainty https://scapa-lv.org/debt-consolidation-in-times-of-uncertainty/ Fri, 26 Aug 2022 13:03:18 +0000 https://scapa-lv.org/debt-consolidation-in-times-of-uncertainty/ “Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.” The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan. It revealed that the vast […]]]>

“Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.”

The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan.

It revealed that the vast majority (78%) of UK homeowners found themselves spending more on living costs than six months ago. Three in 10 (30%) of those with revolving credit, including credit cards, store cards and overdrafts, said they had an average balance of almost £3,000 and had seen their rates rise over the course of the same period.

Overall, our research found that around 12.7m UK homeowners could face an average increase of over £750 in annual interest rate payments on revolving credit, with 3.8m seeing a increase of over £60 per month.

With the two pinch points of the rising cost of living and more expensive credit, and an average balance of £8,738.90 per owner for revolving credit and unsecured loans, such as car loans, the moment may have come for savvy spenders to consider debt consolidation. .

Not a last resort

For many, the term “debt consolidation” can carry negative connotations, suggesting an unmanageable or poorly managed amount of debt, and a person in dire straits. Indeed, our research found that only 30% of people with outstanding debt would consider consolidating it into a single loan, while 45% said they wouldn’t see it as an option at all.

However, far from being a matter of desperation, with much of the UK dependent on unsecured credit, rising rates and the economic outlook looking constantly bleak, it is simply a matter of good money management .

While no financial solution is perfect for every client, under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce expenses. monthly, at a time when every little gesture counts. There’s also the added benefit of streamlining all additional fees and charges and having one easy-to-manage payment per month, reducing the risk of complications or missed payments.

A homeowner can use their home’s security in a number of ways in this situation, including re-mortgaging to raise capital to pay off debts, but the best option may be second mortgages, as this allows borrowers to stay on a potentially more favorable market. first rate of charge while enjoying the equity accumulated in their home.

At Pepper Money, the average median salary among our second charge clients who take out a debt consolidation loan is £53,900. These are high-income earners who take proactive steps to ensure their continued financial stability, in addition to potentially boosting their credit ratings, while leaving a safe buffer of equity in their home.

While there is risk with any form of borrowing, Pepper Money prides itself on taking a careful and thoughtful approach, backed by humans and technology working together to deliver positive results for clients.

In this time of uncertainty, this is an opportunity to make the most of the continued stability in the housing market, leveraging the power of home equity to gain some breathing room. With rising inflationary pressures, now is the time to find out if secondary debt consolidation is right for your clients.

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Debt Consolidation Market to Record Healthy Annual Growth Rate to 2028 https://scapa-lv.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/ Thu, 25 Aug 2022 06:25:31 +0000 https://scapa-lv.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/ The most recent research report on the Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical […]]]>




The most recent research report on the Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical information obtained from several outlets, it also contains a variety of proposals to promote industrial expansion through the advancement of corporate strategies.

The report elaborates more on the major development trends that will shape the industry's profitability pattern over the estimated timeframe. It also mentions the industry's challenges and opportunities as well as ways to reduce their ramifications. Furthermore, it considers market sub-divisions to establish the overall scope and size of the landscape.

Market segmentation and coverage

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Product range:

  • Credit Card Debt
  • Student Loan Debt
  • Medical Bill
  • Apartment Leases and Others

  • Past data along with estimates regarding growth rate, revenue share, and compensation are presented in the report.

Application spectrum:

  • Company
  • Personal
  • By company
  • Goldman Sachs
  • OneMain Financial
  • Discover personal loans
  • loan club
  • Pay
  • Debt Relief Freedom
  • National debt relief
  • Rescue One Financial
  • ClearOne Advantage
  • New era debt solutions
  • Pacific Debt
  • Approved Debt Relief
  • CuraDebt Systems
  • Guardian Debt Relief
  • Debt negotiation services
  • First Debt Help
  • Oak View Legal Group
  • By Region and North

  • Historical information and projections of product demand, CAGR, and market share of each application field are mentioned in the study.

Regional bifurcation:

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

  • Along with the growth rate forecasts, the report contains records of the overall revenue and sales obtained by each regional market.

Competitive Landscape Summary

  • Goldman Sachs OneMain Financial Discover Personal Loans Lending Club Payment Freedom National Debt Relief Debt Relief Rescue One Financial ClearOne Advantage New Era Debt Solutions Pacific Debt Accredited Debt Systems CuraDebt Systems Guardian Debt Relief Debt Negotiation Services Premier Debt Help Oak View Law Group By Region North America United States Canada Europe Germany France United Kingdom Italy Russia Nordics Rest of Europe Asia Pacific China Japan South Korea Southeast Asia India Australia Rest of Asia Latin America Mexico Brazil Rest of Latin America Middle East and Africa Turkey Saudi Arabia United Arab Emirates Rest of MEA

are the distinguished entities that shape the competitive environment in the debt consolidation industry. Companies are profiled based on their profits, revenue, payment system, market portfolio, and tactical moves. Accordingly, the section highlights the procedures that vendors can use to outperform their competitors over the projected period through successive mergers and acquisitions, product launches, R&D and global coverage.

Industry Value Chain Analysis Overview

The industry value chain model, which focuses on manufacturers, customers, and sales channels, definitely aims to help companies reduce costs at each stage of the product/service life cycle while delivering quality and value to the heart of the people.

FAQs-

  • Which companies represent the competitive scope of the Debt Consolidation market?
  • Which regions are assessed in the Debt Consolidation report?
  • What are the key segments of the Debt Consolidation market?
  • How is the debt consolidation market expected to grow during the period 2022-2028?

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Debt consolidation service providers ordered to pay over $2 million in fines and restitution https://scapa-lv.org/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/ Wed, 24 Aug 2022 13:00:00 +0000 https://scapa-lv.org/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/ BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh today announced that his Consumer Protection Division issued a Final order against Marcia L. Bailey and Arthur Wittenberg and their entities, Marcia Bailey Inc. trading as Signature Accounting and the Wittenberg Family Trust, for violating the Consumer Protection Act when they collected hundreds […]]]>

BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh today announced that his Consumer Protection Division issued a Final order against Marcia L. Bailey and Arthur Wittenberg and their entities, Marcia Bailey Inc. trading as Signature Accounting and the Wittenberg Family Trust, for violating the Consumer Protection Act when they collected hundreds of thousands of dollars from consumers to help them consolidate and pay off outstanding consumer debt, but failed to deliver the promised services.

From their offices in Baltimore, Bailey and Wittenberg targeted victims who resided in Maryland and other states. In June 2021, Attorney General Frosh obtained a preliminary injunction from the Baltimore County Circuit Court restraining Bailey, Wittenberg and their entities from offering or selling debt consolidation services from Maryland. The final order issued this week by the Consumer Protection Division includes a permanent injunction that restrains Bailey, Wittenberg and their entities from further harming consumers, as well as an order requiring them to pay a fine of $1,246,000. $ and return any funds they have collected from consumers who have not received promised services. Together, the total payments are expected to exceed $2 million.

“Marcia Bailey and Arthur Wittenberg deceived and defrauded consumers by promising that the Wittenberg Family Trust’s ‘private bank debt liquidation program’ would save consumers hundreds of thousands of dollars, pay off unpaid consumer debts in a shorter time frame than the original loan terms, and improve consumer credit scores,” Attorney General Frosh said. “Instead, they took the money for themselves while consumers repossessed their cars and homes threatened with seizure.”

Bailey, Wittenberg and their entities charged consumers an upfront fee of between $11,000 and $118,000 for the services, followed by charging additional amounts that were supposed to be used to pay off consumers’ outstanding debts. Rather than providing the services purchased by consumers, Bailey and Wittenberg wrongly converted most consumer payments for their own personal uses. The Division found that the eight consumers who testified at the hearing owed at least $772,939 for payments made to Bailey, Wittenberg and their entities for services that were not provided. Rather than helping consumers consolidate and eliminate their debts, Bailey and Wittenberg only helped themselves.

In Maryland, individuals who provide certain types of debt consolidation services must be licensed by the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor.

Before entering into contracts for such services, consumers should check a provider’s licensing status with https://www.dllr.state.md.us/finance/industry/licsearch.shtml.

In addition, persons who provide mortgage assistance services, credit services, funds transfer services and debt management services are generally prohibited from collecting upfront fees from consumers and, in addition to other requirements, must obtain a bond and provide consumers with specific information, notices and other information regarding consumer rights.

For more information, consumers can call the Consumer Protection Helpline at 410-528-8662 or toll-free at 888-743-0023.


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Personal loan for debt consolidation: a guide https://scapa-lv.org/personal-loan-for-debt-consolidation-a-guide/ Tue, 23 Aug 2022 14:54:14 +0000 https://scapa-lv.org/personal-loan-for-debt-consolidation-a-guide/ Using Personal Loans to Consolidate Debt: The Benefits Every financial decision has pros and cons. A personal loan used to consolidate debt is no exception. Here is an overview of the benefits that come with using a personal loan to consolidate debt. Loan term flexibility When shopping for a personal loan, you can usually choose […]]]>

Using Personal Loans to Consolidate Debt: The Benefits

Every financial decision has pros and cons. A personal loan used to consolidate debt is no exception.

Here is an overview of the benefits that come with using a personal loan to consolidate debt.

Loan term flexibility

When shopping for a personal loan, you can usually choose the repayment term. With the ability to choose, you can find a monthly payment option that fits your budget.

If you are able to lock in a shorter repayment term, you will reduce the overall cost of the loan. Indeed, a shorter repayment term means fewer monthly payments.

Lower interest rate

The exact interest rate you can lock in for a personal loan varies depending on the borrower’s credit score and debt-to-income ratio (DTI). But in general, you will be able to find a lower interest rate for personal loans than those attached to your credit card.

A lower fixed interest rate can help you save thousands of dollars while paying off your debt. But not all borrowers will find lower interest rates. Generally, a debt matching loan only makes sense if you can find a lower interest rate.

Single monthly payment

Consolidating your outstanding debt payments into one monthly payment can help you get a clear understanding of your financial situation. Without the stress of juggling multiple payments, you can set a simple budget that works for your finances.

Additionally, most lenders will allow you to set up an automatic payment option. With this, you can begin to eliminate stress from your life while paying off your debts.

Lower monthly payment

When looking for a personal loan, you have a choice. It is possible to lock in a lower monthly payment by finding a personal loan with a lower interest rate or a longer loan term.

If you’re struggling to meet the combined total of your monthly payments, the ability to stretch your payment obligations can give you some of the wiggle room you need in your budget.

Although a longer loan term means you’ll pay more interest over the life of your loan, this strategy gives you the ability to prioritize the cash flow you need to make ends meet.

No collateral required

A personal loan is a type of unsecured debt. As a borrower, you will not have to provide any asset as security for the loan. Although this means that no specific asset is tied to the loan, it generally means that you will find higher interest rates than with secured debt.

For example, home equity loans generally have lower interest rates than personal loans because this debt is secured by your home. If you default on a home equity loan, the lender can foreclose on your home. But that’s not the result when you default on a personal loan.

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Debt consolidation ideas are getting more appealing – InsuranceNewsNet https://scapa-lv.org/debt-consolidation-ideas-are-getting-more-appealing-insurancenewsnet/ Mon, 22 Aug 2022 11:04:23 +0000 https://scapa-lv.org/debt-consolidation-ideas-are-getting-more-appealing-insurancenewsnet/ There’s never a good time to have a lot of personal debt, but now would be one of the worst times. Americans are increasingly relying on credit cards for everyday purchases and paying bills. Credit card balances jumped 13% last quarter from the same quarter in 2021, the biggest jump in more than 20 years, […]]]>

There’s never a good time to have a lot of personal debt, but now would be one of the worst times.

Americans are increasingly relying on credit cards for everyday purchases and paying bills. Credit card balances jumped 13% last quarter from the same quarter in 2021, the biggest jump in more than 20 years, according to data from the New York Federal Reserve.

Since March, the Federal Reserve raised interest rates by a cumulative 225 basis points, or 2.25%. This helped push average credit card interest rates to nearly 18%, a record high since CreditCards.com began following him in 2007.

A similar trend occurs with personal loans, mortgages and other forms of credit.

High interest rates make credit card and debt consolidation programs attractive avenues for consumers, said Bruce McClarySenior Vice President Membership and Communications National Credit Counseling Foundation.

These programs often advertise lower interest rates for combining all your debts and paying them off in one loan, but there’s more under the surface.

What does debt consolidation mean?

Debt consolidation consists of taking out a new loan to repay several types of debt. It could also be used to pay off debt you have with multiple credit cards, also known as credit consolidation.

If approved, the lender will deposit the money directly into your bank account hoping that you will use it to pay off the debts you are consolidating or the lender will pay the balances for you.

Above all, it does not mean that you are debt free. You will be responsible for making a one-time, usually fixed, monthly payment to the lender.

Does debt consolidation hurt your credit rating?

Debt consolidation does not inherently harm your credit score.

But if you apply for a debt consolidation loan (or any other type of loan), the lender must perform a “hard” credit check, which is recorded on your credit file. If you have a good credit rating, the inquiry should have a negligible impact on your rating. But if you have a bad credit score or have recently had several serious credit applications, your credit score could temporarily drop by up to 10 points.

It is important to research the rates before submitting an application. McClary recommends comparing rates and terms on sites such as NerdWallet Where The bank rate. If you don’t make your minimum payment on time, your credit score will drop.

Is this a good idea? Who is eligible?

The answer largely depends on an individual’s credit score.

McClary said debt consolidation ads will often say, “‘you can get an interest rate as low as x’, but that interest rate may only be available to people with the best credit scores. “.

Typically, you’ll need a FICO credit score that’s in the mid-600s, according to The bank rate. In addition to credit scores, lenders also consider your income and other financial criteria.

Some lenders don’t specify a minimum credit score, but if you have a credit score below 600, you’re less likely to be approved. Or if you are approved, the interest rate the lender offers you will be higher than the advertised rate and they may not offer as large a loan as you need.

On the other hand, if your FICO credit score is 670 or higher, consider applying for a signature loan — an unsecured personal loan that likely has a better interest rate, McClary said.

What are the disadvantages of consolidation?

Many lenders can offer borrowers lower interest rates on debt consolidation loans because they have longer terms. This could end up costing you more than if you didn’t go the debt consolidation route.

Debt consolidation companies may also charge additional fees such as a one-time loan origination fee and require you to pay a higher interest rate if you do not opt ​​for automatic payment.

“This additional cost over time on interest and fees could reduce your ability to build your safety net or save for a secure retirement,” McClary said. “So you don’t want to sacrifice your future for the present.”

Above all, debt consolidation is not “a silver bullet”, said Ismat Mangla, executive director of MagnifyMoney, a site that provides personal finance advice. The site belongs to LendingTree, an online lending marketplace.

While debt consolidation may ease some of your headaches now, if you don’t change any of the financial habits that got you into debt in the first place, you’ll just dig yourself a deeper hole, Mangla said.

She recommends contacting a nonprofit credit counseling agency like NFCC to discuss whether to consolidate your debt. They can also help you set up a debt management plan where you make a monthly lump sum payment to the nonprofit organization that makes payments to your creditors for you. In some cases, they are also able to negotiate lower fees and interest rates.

You can also contact your creditors and ask for a lower interest rate or terms that will make it easier to pay off the debt.

The savings you make can save you from having to take out a debt consolidation loan.

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