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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. The post Consolidating Your Debt?

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8 Ways to Consolidate Credit Card Debt 

Credit Corp

Types of credit card consolidation include credit card consolidation loans, balance transfer credit cards, home equity loans, HELOCs, retirement loans, cash-out auto refinance, family loans, and debt management plans. How to Consolidate Credit Card Debt Credit Card Consolidation FAQ What Is Credit Card Consolidation?

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What To Do if You Can’t Pay Your Mortgage

Debt Guru

Because loans are often sold to other lenders, it might not be the servicer that first agreed to grant you the mortgage. It works like this: The lender will create a plan that helps you make up the missed payments. Each lender works differently, so be sure to ask about the details of their proposed plan. Sell Your Home.

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Tools for Addressing COVID-19 Mortgage Forbearance Balances

Debt Free Colorado

In the event that your loan doesn’t offer a plan or you’re not approved, a Chapter 13 Bankruptcy will stop a foreclosure and give you 5 years to get caught up on your mortgage arrears while potentially wiping out other debt like credit cards and medical bills. There are options available to you to prevent foreclosure.

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Peering Over The Edge Of The Financial Cliff

Fico Collections

In the wake of the Global Financial Crisis, lenders in several markets were presented with an almost unprecedented increase in bad debts accompanied by a sharp drop in property prices. Currently, policies in place in Australia are helping to prevent increasing bad debts and the property market has only seen a small drop.

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The Best Debt Consolidation Loans

Better Credit Blog

Other factors to consider include: Fees: Some lenders will charge what is called an Origination Fee, usually as a percentage of the amount owed, often around 1% to 5%. Make sure this is mentioned upfront, as “good lenders will be direct about fees,” Toms notes. Best Debt Consolidation Loans. Lending Tree.

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The Best Debt Consolidation Loans

Better Credit Blog

Other factors to consider include: Fees: Some lenders will charge what is called an Origination Fee, usually as a percentage of the amount owed, often around 1% to 5%. Make sure this is mentioned upfront, as “good lenders will be direct about fees,” Toms notes. Best Debt Consolidation Loans. Lending Tree.