Consolidating unsecured credit line debt Freesexwebcam nothing needed
Individuals who receive a personal line of credit (LOC) quickly discover that it resembles credit cards.
It can be used for almost anything, but therein lies a warning: Be careful that you don’t spend more than you can repay.
Myth: Debt consolidation saves interest, and there’s one smaller payment.
Truth: Debt consolidation is dangerous because it only treats the symptom.
So I applaud your desire to attack this debt more aggressively, especially since it could well be that you have a higher interest rate than the one I used in this example.
An unsecured personal loan, which enables consumers to replace their minimum and variable card payments with fixed loan installments, might be a good option for you – if you can qualify for a low rate.
Getting out of debt isn’t quick or easy, but it’s the first step to achieving lasting financial health. It simply means you’re taking out one loan to pay off a bunch of loans—or consolidating the debt to one payment.
At that rate, you are looking at 355 months – almost 30 years – to pay off this debt.
In that time, interest payments will be about ,948.70 – as much as 125 percent of your debt today.
She currently serves on Bank of America's National Consumer Advisory Council and is a board member of the Council on Accreditation.
Assuming the average interest rate of 15.5 percent and the industry-standard minimum payment (all monthly interst plus 1 percent of the balance), today you are paying about 0 a month.
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They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.