article thumbnail

What is Debt Consolidation and How Does it Work?

Better Credit Blog

Debt consolidation is when you bundle several debts together into one larger sum and then make a single monthly repayment instead of multiple smaller ones. Consolidating debts with different interest rates and repayment schedules can make it easier to manage your finances. Debt Consolidation Guide.

article thumbnail

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly. Don’t apply for multiple accounts at once.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders.

article thumbnail

Seven Ways to Get Out of Debt in 2022

Better Credit Blog

Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans.

article thumbnail

How to Get out of a Debt Spiral–11 Easy Things to Do [TODAY]

Credit Corp

Opt for Debt Consolidation. Debt consolidation is another popular method to get out of a debt spiral. This debt relief method is as popular as settlement and helps to chip away debt over time. There are three types of debt consolidation. The first one is a debt consolidation program.

article thumbnail

How to Repay Debt: 4 Options

Debt Guru

So, you’ve got a bunch of unsecured debt. You’re more than ready to start living debt-free. There are many different approaches for tackling debt repayment. Before you create your plan, try calling your lenders to simply ask if they’re willing to work out a payment schedule that fits in with your plan.

article thumbnail

Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

When you file for bankruptcy whether Chapter 7 or 13, you are required to list all debt, both secured and unsecured. You aren’t allowed to pick and choose which debt you want the bankruptcy to apply to. However, secured debt means the borrower has put up collateral (e.g. When Should I Consider Declaring Bankruptcy?