Your credit score is one of the most important numbers in your life. It’s the number that tells lenders if you are worthy of credit. In addition, it can determine if you qualify for an apartment or a job. If you have a credit score that is not ideal, it can be very stressful. Bad credit can lead to thousands of dollars in interest charges. Therefore, it is important to improve your credit score. The process may take time, but if you follow some basic tips you will be on your way to a higher credit score. 1. Check Credit […]
Tag: Debt consolidation
Debt Consolidation Guide
What is debt consolidation? Debt consolidation allows you to replace multiple loan and credit card payments with a single monthly payment. The new monthly payment is often lower than the combined value of your previous monthly payments. This is achieved in a number of ways: Lower interest rate applied to the outstanding loans Outstanding loans are repaid over a longer period Some debts may be written off, or a settlement may be made with creditors whereby you pay back less than the original outstanding amount Debt consolidation loans can be secured or unsecured. Unsecured loans tend to attract higher interest […]
Debt consolidation – A Symptomatic Relief or a Total Credit Cure
Research suggests that the Americans have started to use their credit cards again and in a big way. In the third quarter of 2011, credit card debt jumped 155% as compared to the same period a year ago. While the charge-offs and combined debt rose to $16.82 billion in Q3 of 2011, the Federal Reserve’s credit report illustrated a -2% drop in revolving outstanding credit. The Fed says that there’s a spurring increase in the non-revolving debt in the form of student loans and auto loans and that it increased by $7.5 billion. While it is common for the debtors […]