Newyorkconsolidatingdebts com

Keep reading to learn more about debt consolidation, or skip ahead to find reviews of our top companies for best debt consolidation loans.How it Works | Company Reviews | Bad Credit Approval Tips — several loans with different terms into one loan, hopefully with more favorable terms.Her straining pocketbook held the financial equivalent of a Baskin Robbins — it looked like she had an entire 31-flavor buffet of credit cards.Though this woman may be an extreme example, most of us do tend to have a variety of credit lines at any given time — usually a combination of installment loans (mortgages, student loans, auto loans, etc.) and credit cards.A large number of credit cards can carry interest rates in the high double-digits; rates of 20% to 25% (or even more) are especially common in the subprime markets.Those high interest rates come with high monthly payments, and it can be easy to get caught in the “minimum payment” cycle — which only leads to an ever-growing balance.Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.

Our friend Pete has a total of ,000 of debt, spread across four accounts, like so: Not only does each of Pete’s debts have a different lender, but they all have different interest rates — some of them quite high.Student loan consolidation can be a big help to recent graduates struggling to pay multiple student loans after leaving school.It can be a good way to simplify the payments — a new student loan for every year or semester can mean a number of different hands in your pocketbook — as well as potentially trade a variable interest rate for a fixed one.When you’re already struggling with poor credit, trying to manage a variety of high-interest loans can make matters even worse.Not only are you forking over your hard-earned cash to pay on those interest rates, but juggling multiple payments each month can lead to forgotten or missed payments.

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