Voyager program – Canal Voyagers http://canalvoyagers.com/ Thu, 29 Sep 2022 20:45:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://canalvoyagers.com/wp-content/uploads/2021/09/icon-6-83x150.png Voyager program – Canal Voyagers http://canalvoyagers.com/ 32 32 Why should you get a debt consolidation loan now https://canalvoyagers.com/why-should-you-get-a-debt-consolidation-loan-now/ Thu, 29 Sep 2022 20:45:28 +0000 https://canalvoyagers.com/why-should-you-get-a-debt-consolidation-loan-now/ Debt consolidation loans allow borrowers to combine their debts into one loan with a lower interest rate. Getty Images/iStockphoto No one likes to pay more than their fair share. Whether you have a mortgage, student loan, Personal loan or any type of insuranceit is important not to overpay. For borrowers in debt, this is particularly […]]]>
Debt Consolidation Approved Form Shows Agreed Loan Approval - 3d illustration
Debt consolidation loans allow borrowers to combine their debts into one loan with a lower interest rate.

Getty Images/iStockphoto


No one likes to pay more than their fair share. Whether you have a mortgage, student loan, Personal loan or any type of insuranceit is important not to overpay.

For borrowers in debt, this is particularly important. If you end up with a high interest rate, it will be that much more difficult to pay what you owe and the outstanding balance can quickly become prohibitive.

Fortunately, consumers have debt consolidation loan options. Debt consolidation loans allow borrowers to combine their debts into one simple loan with a lower interest rate. The advantages of this unique financial option are multiple and significant.

If you think you could benefit from a debt consolidation loan, act now and start saving money.

Here are three reasons why you should get a debt consolidation loan now.

You want a lower interest rate

This is arguably the best reason to get a debt consolidation loan. By consolidating your debts into one loan with a lower interest rate, you can start saving money right away. But you will also save significant sums in the long run, as the loan will be adjusted into a more manageable sum.

This is especially useful for those with high interest credit cards. The average interest rate on a 24-month personal loan was 8.73%, according to recent data from the Federal Reserve. Compare that to the average credit card interest rate of 16.65% – almost double!

Check the rates you currently have. Then compare the rates to a debt consolidation loan. Getting started today is easy.

You want to improve your credit score

Your credit score affects so many aspects of your financial life. If you’ve put yourself in a hole with credit cards or other debt, you’ve probably damaged your score, making it harder to get better rates in the future.

A debt consolidation loan helps solve this problem by bringing all your debts together under one roof. After a series of one-time payments on the loan (and assuming you don’t accumulate debt elsewhere), you will begin to improve your credit.

Lenders like to see regular, on-time payments. You may be doing this now with one or two of your debts, but are you doing this with all of them? However, if you combine them into one debt consolidation loan, you will be able to make payments more easily and boost your score In the process.

You want an end date

One of the most frustrating things about being in debt is that you feel like you’ll never get out of it. This is especially true for credit cards where there is no real time limit (except for making a minimum payment). Borrowers can get themselves under water by paying only their minimum monthly card debt – all while the high interest on their cards adds up.

With a debt consolidation loan, however, there is a fixed repayment date so the borrower knows exactly when they can stop paying. So even if the debt you have consolidated is significant, you will at least know when it will be eliminated.

Get a free consultation and see if a debt consolidation loan is right for you.

Other Debt Relief Alternatives

If you are currently in debt, there are options other than debt consolidation loans to consider.

Credit cards with balance transfer work the same way and can also help you save money. Refinancing by collection (and mortgage refinance in general) may also be beneficial. Older homeowners can also get money to pay off their debts with a reverse mortgage.

Do you have other questions about debt consolidation loans? Want to explore all of your debt relief alternatives? Speak with an expert now who can help you.

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4 reasons to take out a personal loan for debt consolidation https://canalvoyagers.com/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Wed, 21 Sep 2022 12:56:13 +0000 https://canalvoyagers.com/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you’re juggling high-interest credit card debt, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you’re juggling high-interest credit card debt, taking out a debt consolidation loan to pay off those balances offers 4 major benefits. (Shutterstock)

You can consolidate high interest credit card debt many ways, including home equity products (if you own a home), balance transfer credit cards, and personal loans.

Here are four reasons why you might want to consider a debt consolidation loan to settle your high-interest debts.

If you want to consolidate your debt, Credible makes it easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation?

Before we dive into why a debt consolidation loan makes sense, let’s define what it is. Debt consolidation consolidates multiple debts into one account with one easy-to-manage payment. It’s a strategy you can use to simplify the debt repayment process and potentially save money on interest. If you are overwhelmed with debt, debt consolidation can be a smart move.

Although you can consolidate your debts in several ways, the personal debt consolidation loan is one of the most popular. With a debt consolidation loan, you take out a new loan to repay one or more unsecured debts that you already have. It gives you a manageable monthly payment so you don’t have to worry about juggling multiple debts, interest rates, and payment due dates.

It’s important to understand that while a debt consolidation loan can treat the symptoms of your financial problems, it won’t treat the root cause. Think of it as a tool to give yourself some breathing room so you can get back on your feet and devise a long-term plan for a better financial future.

ADVANTAGES AND DISADVANTAGES OF DEBT CONSOLIDATION

1. Reduce the overall cost of your debt

A Personal loan can help you reduce the cost of your debt in two ways. If you’re able to lock in a lower interest rate than you currently have on all of your debt, you can save hundreds or even thousands of dollars in interest.

Plus, a personal loan gives you a specific end date for paying off your debt. It can help you stay focused on your goals and pay off your debt faster.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

2. Refinance your debt without risking your home or other assets

Although home equity products – such as home equity loans and home equity lines of credit (HELOCs) – may come with lower interest rates than personal loans, they have some disadvantages you should consider:

  • Deplete your home equity — Because a home equity loan relies on the value you have built up in your home, you can find yourself underwater on your mortgage and owing more than your property is worth if the value of your home decrease. This could be a serious problem if you are planning to move soon.
  • Put your home at risk — A home equity loan puts your home as collateral. If you fail to make your payments, you could lose your home through the foreclosure process.
  • May not qualify — Most lenders will not give you home equity loan or HELOC unless you have some equity in your home. Your equity is the difference between what you owe on your mortgage and the current value of your home. Although each lender has their own criteria, most will be looking for at least 15% equity.

A debt consolidation loan, on the other hand, requires no collateral, which means you won’t have to put your house, car or other assets on the line. You can also lock in an interest rate below the one you could get with a credit card.

Your rate will likely be fixed instead of variable (as it would be with many HELOCs), so you can budget your payments in advance. And if you have good or excellent creditit may be easier to qualify for a debt consolidation loan than a home equity product.

3. Reduce your monthly payments

If you have a lot of high-interest credit card debt and take out a personal loan with a lower interest rate, you may be able to lower your monthly payment amount. This can free up your cash flow and give you more money to spend on your emergency fund and other financial goals, such as saving for a home or for retirement.

Choosing a personal loan with a longer term can also result in lower monthly payments. But keep in mind that if you go this route, you will pay more interest over time.

4. Simplify your debt

When juggling multiple loans and credit cards, it’s easy to miss a bill payment. Missing a single payment can impact your credit.

A debt consolidation loan allows you to combine several monthly payments into a single loan with a fixed interest rate. It can make the debt refund much more manageable process and reduce your risk of missed payments. Many personal lenders also offer discounts for setting up automatic payments, which will ensure that your monthly loan payments are made on time.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan ratess to find the one that best suits your needs.

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ClearOne Advantage Review: Ranked #1 for Debt Consolidation at Crixeo https://canalvoyagers.com/clearone-advantage-review-ranked-1-for-debt-consolidation-at-crixeo/ Wed, 21 Sep 2022 01:36:09 +0000 https://canalvoyagers.com/clearone-advantage-review-ranked-1-for-debt-consolidation-at-crixeo/ What is the ClearOne Advantage? ClearOne Advantage is a Maryland-based debt relief company that has been in business since 2007. It is accredited by the Better Business Bureau, is A+ rated, and offers personalized debt settlement services. If you are struggling with debt, ClearOne Advantage can help. They are a leading debt relief company and […]]]>

What is the ClearOne Advantage?

ClearOne Advantage is a Maryland-based debt relief company that has been in business since 2007. It is accredited by the Better Business Bureau, is A+ rated, and offers personalized debt settlement services.

If you are struggling with debt, ClearOne Advantage can help. They are a leading debt relief company and since 2008 have helped thousands of customers settle their credit card bills and other unsecured debts. They don’t charge any upfront fees. ClearOne Advantage works with you to create a personalized debt relief plan that fits your budget. Their Certified Debt Specialists will negotiate lower final payment amounts with your creditors, so you can pay off a reasonable portion of your bills – to an acceptable level.

Debt resolution — sometimes called debt settlement or debt consolidation — isn’t for everyone, but those who stick with the program typically pay off their listed debts within three to four years. The lower monthly payments of ClearOne’s plans often leave customers with more money to spend when needed.

ClearOne Advantage review: Ranked #1 for debt consolidation at Crixeo 1

How does ClearOne Advantage work?

If you are struggling with debt, ClearOne Advantage may be able to help. The company works with creditors on your behalf to try to reach a settlement agreement. This can make it easier to pay off what you owe and can often save you money in the long run.

There is no upfront cost to use ClearOne Advantage services. ClearOne Advantage requires you to have a minimum debt of $10,000 before working with you. Settlements typically take 24 to 60 months.

How to start?

If you’re looking to get your debt under control, ClearOne Advantage can help. By following a few simple steps on their website, you can view an estimated debt plan designed specifically for you. To get started, visit the ClearOne Advantage website and choose the “Start Now” option. Next, select the amount of unsecured debt you have. After entering your zip code and email address, you will be prompted to enter your full name and phone number.

After providing your information, ClearOne Advantage will review your credit report and current debts to give you an estimate of the term and monthly payment. A customer service representative will then contact you by phone to discuss your debt and provide you with a quote for a settlement plan. The process usually takes less than 20 minutes.

What happens after you register?

ClearOne Advantage understands that opening an account and beginning a debt settlement can be a daunting process. That’s why they guide you every step of the way. Here’s what you can expect:

As soon as you sign up for ClearOne Advantage, they recommend that you stop using your credit cards and avoid opening new accounts. This will help you focus on paying off your debt. You will need to make regular deposits to a designated bank account. If you miss a payment, allow ClearOne Advantage to successfully settle your debts.

How much can you save with ClearOne Advantage?

If you’re struggling with debt, ClearOne Advantage could help you get back on track. They claim that their clients save an average of 50% on their debts before fees. Your savings would depend on the amount of your debt and the willingness of your creditors to negotiate. If you are considering using their services, be sure to do your research first so you can make the best decision based on your financial situation.

Is ClearOne Advantage legit?

Yes, ClearOne Advantage is a legitimate debt settlement company. He is accredited by the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA). Its privacy policy outlines the information it collects and shares with its affiliates, and its website is encrypted to ensure the security of your information.

What are the pros and cons of using ClearOne Advantage?

Advantages

  • Highly rated by customers
  • A+ rating with Better Business Bureau
  • Get rid of harassing debt collectors
  • BBB accredited company
  • Accredited by AFCC and IADPA

The inconvenients

  • You can only settle unsecured loans
  • Not available in all 50 states

Clearone Advantage Debt Relief Review

Editorial Review of ClearOne Advantage

If you are struggling with debt, ClearOne Advantage can help. They are a leading debt relief company and since 2008 have helped thousands of customers settle their credit card bills and other unsecured debts. They don’t charge any upfront fees. ClearOne Advantage works with you to create a personalized debt relief plan that fits your budget. Their Certified Debt Specialists will negotiate lower final payment amounts with your creditors, so you can pay off a reasonable portion of your bills – to an acceptable level.

]]> 5 Best Debt Consolidation Options https://canalvoyagers.com/5-best-debt-consolidation-options/ Tue, 20 Sep 2022 07:00:00 +0000 https://canalvoyagers.com/5-best-debt-consolidation-options/ Getting out of debt is difficult, especially when you have multiple creditors. If you’re juggling different accounts, payment amounts, and deadlines, you might be considering debt consolidation. Debt consolidation is the consolidation of many debts into one payment, and there are several ways to implement this strategy. Plus, it can save you money in interest, […]]]>

Getting out of debt is difficult, especially when you have multiple creditors. If you’re juggling different accounts, payment amounts, and deadlines, you might be considering debt consolidation.

Debt consolidation is the consolidation of many debts into one payment, and there are several ways to implement this strategy. Plus, it can save you money in interest, help you pay off debt faster, simplify your finances, and give you peace of mind.

The best balance transfer cards often come with zero interest or a very low interest rate for an introductory period of up to 18 months. If you get a balance transfer card, you’ll move balances from high-interest credit cards to the new one. The idea is to pay off the entire balance before the end of the promotional APR period or you risk accumulating even more interest than you started.

You’ll need a balance transfer card with a high enough credit limit to accommodate the balances you’re rolling over and a low enough annual percentage rate (APR) to make it worthwhile. Use a credit card balance transfer calculator to see how long it will take to pay off your balances.

Advantages The inconvenients

  • Faster and easier to get than many other loans
  • Possibility to save money if the debt is paid during the introductory period
  • No collateral is required, so there is no risk of losing assets
  • Doesn’t address bad spending habits that caused debt
  • Typical fees of 3-5% of the amount transferred in addition to the balance
  • APR after introductory period is likely higher than other loans
  • Pull hard on your credit report

Using a balance transfer credit card is best for those who are disciplined and will avoid going into debt on their existing credit cards once the balances are transferred to the new card. If you choose to use a balance transfer credit card, have a plan to pay off the debt before the credit card’s introductory rate expires.

Home equity is the difference between the appraised value of your home and the amount you owe on your mortgage. If you own a home with sufficient equity and a good credit history, you can borrow some of that equity at an affordable rate to consolidate your debt. Many home equity borrowers use the money to pay off higher interest debt, such as credit cards.

Your home equity borrowing options include home equity loans, which give you a lump sum at a fixed rate, and HELOCs, which give you a line of credit to draw on at a fixed rate. variable. Both act like second mortgages, meaning you’ll add an extra monthly payment to your plate. Still, they can be good options for debt consolidation if you have enough equity to qualify.

Advantages The inconvenients

  • Fixed rate and fixed monthly interest for home equity loans
  • Larger loan amounts
  • Long repayment periods
  • Lower interest rates than credit cards or personal loans
  • Variable Rates for HELOCs
  • The house is the collateral that secures the debt
  • Loan interest is not tax deductible
  • Longer financing times on average
  • A longer repayment period can mean higher costs overall

HELOCs are often best for those who have significant equity in their home and prefer a long repayment term. Before opening a HELOC, shop around for the most competitive interest rate. It is also important to be disciplined about using a HELOC and paying off debt.

View Home Equity Rates

Leverage the value you have in your home to get the funds you need.

A debt consolidation loan can be a smart way to consolidate your debts if you qualify for a low interest rate, sufficient funds to cover your debts, and a comfortable repayment term. These loans are unsecured, so your rate and borrowing limit depend on your credit profile.

You will use all or part of the loan proceeds to pay off the balance of the debts you want to consolidate. And instead of paying each creditor monthly, you’ll now make one monthly payment on the personal loan to streamline the debt repayment process.

Advantages The inconvenients

  • Warranty is not required
  • Funding and approval can be quick from many lenders
  • Loan amounts range from $1,000 to $100,000
  • Lower interest rates than credit cards in many cases
  • Loans may come with origination, late payment and prepayment fees
  • Low rates require great credit
  • Scams are rampant in the debt consolidation loan market

Debt consolidation loans are generally a good option for those with a credit profile that provides favorable interest rates and a borrowing limit that fits all of your debts. You’ll generally need a credit score of at least the mid-600s and an on-time payment history for the best rates, although there are bad credit personal loans available.

Get pre-qualified

Answer a few questions to see which personal loans you are pre-qualified for. The process is quick and easy, and it won’t affect your credit score.

Peer-to-peer lending platforms match individual borrowers and investors for unsecured loans typically ranging from $25,000 to $50,000. Like personal loans, P2P loans are unsecured, so the borrower’s credit history is the key factor for rates, terms, borrowing limits, and fees. The higher your credit score, the lower the interest rate and the more you can borrow.

Advantages The inconvenients

  • Application, approval and funding are usually fast
  • The initial application uses a soft credit check
  • Lower credit scores may still qualify
  • Fees may apply
  • High interest rates with bad credit
  • Less time to pay off the loan than with credit cards and home equity loans
  • Potentially higher monthly payments due to shorter repayment terms
  • Rates are generally higher than home equity loans

Eligibility conditions for loans between individuals are not always as strict as for other types of loans. Some P2P lenders allow applicants to qualify with a lower credit score. Before using this type of loan, compare fees and interest rates with other options.

P2P loans are ideal for borrowers looking for loans with less stringent eligibility criteria and fast funding times. They might also be suitable if you have a lower credit score or limited credit history.

If you want debt consolidation options that don’t require taking out a loan or applying for a balance transfer credit card, a debt management plan might be right for you, especially as an alternative to bankruptcy.

With a debt management plan, you work with a nonprofit credit counseling agency or debt relief company to negotiate with creditors and write a repayment plan. You close all credit card accounts and make a monthly payment to the agency, which pays creditors. You still receive all account statements from your creditors, so it’s easy to know how quickly your debt is being paid off.

Advantages The inconvenients

  • Credit score can improve over time
  • Free options from some organizations if you need them
  • Some of the best loan rates
  • Credit score will usually go down for a while
  • Many nonprofits have strict requirements on how you use the money while on the plan.

Debt management plans are generally a good choice for those who are heavily in debt and need help structuring repayment. But you will need to find out if your debt qualifies for this type of plan.

How to avoid getting into debt

Consumers who have borrowed and spent so much that they need to borrow more to consolidate their debt need to carefully review their spending habits. “You need to identify where the debt is coming from,” says Celeste Collins, executive director of OnTrack WNC Financial Education & Counseling in North Carolina. “How did this balance come to this? You need a comprehensive cash flow plan and take paying that amount seriously.

Once you are out of the debt hole, you can avoid this predicament again. Here are some rules to follow:

  • Set a budget and stick to it. Live within your means.
  • Avoid impulse purchases.
  • Look for the lowest price before making a big purchase.
  • If you use a credit card, pay the balance monthly to avoid interest charges.
  • Keep your finances organized and monitor your bank balances closely.
  • Stay away from “buy now, pay later” and “interest-free financing” offers, which only defer your debt.
  • To save money. Try to set aside a certain percentage of your income to save it.

Get pre-qualified

Answer a few questions to see which personal loans you are pre-qualified for. The process is quick and easy, and it won’t affect your credit score.

The bottom line

Debt consolidation options abound. When thinking about which strategies might work for you, analyze the interest rates, loan terms and fees of each lender. If possible, avoid subprime lenders that cater to consumers with bad credit – these lenders offer the highest interest rates and unforgiving loan terms. Even if your credit score is lower, it’s worth shopping around with traditional lenders first.

It is equally important to confirm that the lenders you are considering are legitimate. Visit their websites, research lenders to find reviews from past and current clients, check their registration status with the state you live in, and contact your state attorney general’s office for further verification.

Learn more:

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Debt consolidation loan: what you need to know https://canalvoyagers.com/debt-consolidation-loan-what-you-need-to-know/ Mon, 19 Sep 2022 16:14:00 +0000 https://canalvoyagers.com/debt-consolidation-loan-what-you-need-to-know/ Debt consolidation loans combine multiple debts into one loan, which can potentially save you money. Getty Images If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts […]]]>
Debt consolidation loan application form with pen, calculator
Debt consolidation loans combine multiple debts into one loan, which can potentially save you money.

Getty Images


If you’re struggling to manage your debts on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control. When you take out a debt consolidation loan, you pay off multiple debts and replace them with a single loan with a fixed monthly payment. You might even be able to lower your interest charges and monthly payments.

If this sounds like something you could benefit from, consider talking to a lender. You can get a debt consolidation loan offer today.

What is a debt consolidation loan?

A debt consolidation loan can be used to pay off multiple debts, including credit cards, medical bills, and personal loans. Debt consolidation loans are a type of personal loan that you can use to combine multiple high-interest credit cards with one low-interest loan.

You may qualify for a debt consolidation loan of up to $100,000 with flexible repayment terms typically ranging from two to five years.

Why would anyone want a debt consolidation loan?

Taking out a debt consolidation loan may make sense if any of the following circumstances apply to you:

  • You want to pay less interest. If you have multiple high interest credit cards, you might consider debt consolidation into a personal loan with a lower interest rate. According to recent data from the Federal Reservethe average interest rate on a 24 month personal loan is 8.73%, which is well below the average credit card interest rate of 16.65%.
  • You want a specific repayment date. Credit cards offer a convenient way to borrow and pay off debt as you go, but if you only make minimal payments, you could stay in debt indefinitely. For this reason, you may want a debt consolidation loan to follow a repayment plan for a specific duration, with a specific end date when your final payment will bring your balance down to zero.
  • Your credit score is sufficient to qualify. Whereas personal loans are available to borrowers with below average credit, a higher credit score may qualify you for lower rates. Generally, the higher your credit score, the lower the interest rate you can receive. As a rule, you can benefit from advantageous conditions with a good credit scorethat begins with a FICO score of at least 670 or a VantageScore of 661 or higher.
  • You can pay off your consolidation loan in five years or less. Debt consolidation loans are installment loans that usually have a repayment term of two to five years. Of course, the longer you pay off the loan, the more interest you will pay. A debt consolidation loan may be a suitable option if you can minimize interest costs by paying off your loan in less than five years.

The advantages of a debt consolidation loan are manifold. Start saving money and getting out of debt by exploring your loan options now.

How to qualify for a debt consolidation loan?

Qualifications for debt consolidation loans vary by lender, but most lenders strongly consider the following eligibility factors.

  • Proof of income: Almost all lenders require you to meet a minimum income requirement to prove that you have the financial stability to repay your loan. Minimum income amounts vary by lender, and you’ll likely need to prove your income with pay stubs, bank statements, or tax returns.
  • Credit report and credit score: When a lender reviews your debt consolidation loan application, they typically extract your credit report and credit score to assess your credit management history. If your credit is below average, you might be better off taking steps to improve your credit before applying for a new loan.
  • Low debt-to-income ratio (DTI): Your debt-to-equity ratio (DTI) is another important criterion used by lenders to assess your ability to repay your loan. The ratio compares the total amount of your monthly debt repayments with your gross monthly income. For example, if your gross monthly debt payments total $1,000 and your gross monthly income is $5,000, your DTI ratio is 20% (1,000/5,000 = 0.200). Aim for a DTI of 36% or less for your best chance of loan approval.
  • Collateral: Some lenders require collateral for larger debt consolidation loans, often in the form of home equity.

Be aware that some lenders charge processing fees (also known as origination fees) ranging from 1% to 8% of the amount borrowed.

How to apply for a debt consolidation loan?

Taking out debt consolidation is quick and easy, and you can apply by following these five steps.

  • Shop around and compare lenders. Comparing several loan offers can help you find the best debt consolidation loan to meet your needs. Many online lenders allow you to prequalify for a loan to assess your chances of approval and the interest rate you may receive. When you prequalify, the lender usually does a soft credit check that doesn’t affect your credit score.
  • Choose your loan offer and your lender. Consider loans that offer the best balance of low interest rates and fees, flexible repayment terms, and achievable eligibility requirements. After reviewing several personal loan offers, select the one that best suits your needs.
  • Complete a loan application. Once you have chosen a lender, submit a formal application. You will need to provide information about your job, your income and the amount you want to borrow. Your lender may ask you to provide supporting documentation, including government-issued ID, pay stubs, account statements, and proof of residency.
  • Pay your debt. Once your lender has approved your loan application, you must sign the loan to release the funds. Your lender can disburse your loan funds directly to your competitors to pay off debts on your behalf. Alternatively, your lender deposits the money into your account and uses the funds to pay off each of your debts.
  • Keep making payments. Upon loan approval, you are responsible for making payments on your new loan. However, it may take some time for your old creditors to close your accounts. To avoid damaging your credit, continue to make payments on your old accounts until they are officially closed.

Debt Consolidation Loan Alternatives

If you don’t want to take out a debt consolidation loan, there are other options to consider, such as:

  • 0% APR Balance Transfer Credit Card: These credit cards offer an interest-free period of up to 21 months. You can pay off as much debt as you can during the promotional period at 0% interest, but understand that these cards generally require good credit to qualify.
  • Home Equity Loan: You may be able to tap into the equity in your home to pay off your outstanding debts. Typically, lenders allow you to borrow up to 80% of the value of your home, minus your mortgage balance. Home equity loans involve considerable risk since you have to offer your house as collateral.
  • Credit advice: Instead of borrowing money to pay off your debt, you might consider getting credit counseling from a nonprofit agency. An advisor can help you budget and design a repayment plan. Some agencies will even contact your creditors to lower your interest rates. Online financial advisors can also help point you in the right direction.

Whether you take out a debt consolidation loan or use another method, eliminate credit card debt can dramatically improve your financial health, but only if you can avoid accumulating new debt and repeating the cycle. As a general rule, never charge more than you can afford.

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Debt Consolidation Loan vs Balance Transfer: Which is Right for You? https://canalvoyagers.com/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Wed, 14 Sep 2022 16:03:59 +0000 https://canalvoyagers.com/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. A debt consolidation loan and balance transfer […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

A debt consolidation loan and balance transfer can help you consolidate high-interest debt. Learn how they compare. (Shutterstock)

Debt consolidation consolidates several debts into a single account. It can help you save money, lower your monthly payments, and streamline your payment process. Although you can consolidate your debt in several ways, debt consolidation loans and balance transfers are the most common.

Here’s what you need to know about each of them in order to determine the ideal debt consolidation strategy for your particular situation.

If you need a loan to consolidate high-interest debt, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

Debt Consolidation Loan vs Balance Transfer: What’s the Difference?

Debt consolidation loans and balance transfer credit cards are credit products you can use to consolidate other, higher-interest debt. Here’s an overview of how each works.

What is a debt consolidation loan?

A debt consolidation loan is a type of unsecured personal loan. If you subscribe to one, you will receive a lump sum upfront. Then you will repay what you borrow in fixed monthly payments over a set period of time. Although loan amounts vary, they can range from $1,000 to $100,000.

If you have different types of debt that can take years to pay off, a debt consolidation loan is worth considering.

UNSECURED LOANS: KNOW ALL

What is a balance transfer credit card?

Balance transfer credit cards allow you to transfer balances from your current maps to a new card, usually with a 0% APR introductory period of six to 18 months. If you pay off all your debts before the end of this introductory period, you can save a lot on interest. But keep in mind that once the period is over, you’ll start earning interest on the remaining balance on the card, and credit cards can have high interest rates.

If you have a lot of high interest credit card debt and you can pay it off during the introductory period, a balance transfer credit card might make sense.

Advantages and disadvantages of a debt consolidation loan

Before choosing a debt consolidation loan, consider these pros and cons:

Advantages

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

The inconvenients

  • If you don’t have the best credit, you may find it difficult to get an interest rate lower than what you are currently paying.
  • Some lenders charge origination fees, prepayment penalties, and other fees when you take out a debt consolidation loan.
  • There is no 0% APR introductory period like some credit card offers.
  • If you don’t make your payments on time, every time, your credit can take a hit.

WHERE TO GET A $5,000 LOAN

Advantages and disadvantages of a balance transfer

Here are some pros and cons to think about before deciding on a balance transfer:

Advantages

  • You can benefit from a 0% APR introductory period, which can save you hundreds or even thousands of dollars in interest.
  • Some cards offer rewards, such as cash back and travel points.
  • Opening a new card can lower your credit utilization ratio (the amount of credit you use compared to the amount of available credit you have) and, therefore, improve your credit score.

The inconvenients

  • If you don’t pay off your debt before the end of the 0% APR period, you could face high interest charges.
  • Some cards charge a balance transfer fee of 3% to 5% of the amount you transfer.
  • You may not qualify for a balance transfer credit card unless you have good credit.

What to consider when consolidating debt

When comparing a debt consolidation loan and a balance transfer, consider the following factors:

Where to get a debt consolidation loan

You can get a debt consolidation loan from a bank, credit union, or online lender. While banks and credit unions tend to offer competitive rates, they generally have stricter requirements than online lenders. Also, you must join a credit union before taking out a loan from it.

If your credit score is preventing you from getting approved for a debt consolidation loan, you may want to apply with a co-signer who has good credit or take the time to improve your credit before to make your request.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

Where to get a balance transfer card

Many banks and credit card companies offer balance transfer credit cards. If you’re having trouble qualifying, check your credit reports and dispute any errors. Also focus on making your payments on time and do your best to pay off some of your credit card debt to improve your credit utilization.

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What is debt consolidation and how does it work? https://canalvoyagers.com/what-is-debt-consolidation-and-how-does-it-work-2/ Wed, 07 Sep 2022 17:23:38 +0000 https://canalvoyagers.com/what-is-debt-consolidation-and-how-does-it-work-2/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Debt consolidation can help you take control […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Debt consolidation can help you take control of your high interest credit card debt. Find out how it works and if it’s the right option for you. (Shutterstock)

Whether you owe more or less than average, managing your debt can feel overwhelming, especially if you’re juggling multiple monthly payments.

Debt consolidation can make it easier to pay off your debts and allow you to get out of debt sooner or save on interest charges. Here’s how debt consolidation works and the different methods you can use to consolidate multiple balances.

A personal loan is a tool you can use to consolidate high interest debt. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation and how does it work?

Debt consolidation is the process of combining two or more debts into one account. You can usually do this with a single loan, which you will then use to pay off your current balances. A debt consolidation loan can pay off a handful of selected accounts or even satisfy all of the debts you currently hold.

All paid accounts will be erased or closed, and you will then be responsible for repaying the debt consolidation loan as agreed.

With a debt consolidation loan, you can:

  • Lock in a lower interest rate
  • Reduce the amount of your monthly payments
  • Get out of debt sooner
  • Simplify your repayment schedule

In some cases, you may be able to accomplish all of the above.

Common Debt Consolidation Methods

You can consolidate your debt in several different ways. Here are some of the most common options.

Personal loan

You can find personal loans offered by banks, credit unions and online lenders. They provide a one-time cash lump sum, which you can then use to pay off existing debt (or whatever else you need). Personal loans are installment products, so you repay them over a fixed period with fixed monthly payments.

Advantages

  • Some best personal loans allow you to borrow up to $100,000, making it easy to consolidate multiple debt balances.
  • Funding can be done the same day or the next business day.
  • Interest rates can be competitive for good borrowers.

The inconvenients

  • You are responsible for using the funds to pay off existing balances (although some lenders offer to do this for you).
  • To get the lowest interest rates available, you’ll need good to excellent credit.
  • You may need to meet a lender’s minimum income requirements to qualify.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

Balance transfer credit card

Balance transfer credit cards allow you to transfer balances from one credit account to a new credit card account. If a new card offers a lower interest rate – or even an introductory APR of 0% for a certain period of time – moving balances may save you a lot of money on your credit card debt.

Advantages

  • Introductory or promotional offers can reduce or even eliminate interest charges.
  • If you already have a balance transfer credit card, you can consolidate your debt at any time without having to apply for a new card.
  • Some balance transfer cards may come with additional rewards or benefits for using the card.

The inconvenients

  • Some issuers charge a balance transfer fee, which can often be between 3% and 5% of the amount you transfer.
  • You can only transfer balances up to your card’s credit limit. If your current debts exceed your credit limit, you will not be able to consolidate all of your debts on the card.
  • After the card’s promotional period ends, your remaining balance is subject to the card’s typical interest rate, which may be higher than personal loan interest rates.

401(k) loan

Your retirement account could be the biggest pool of savings you have. Accessing these funds with a 401(k) loan can be a quick way to consolidate and clear some debt. But it’s rarely the best choice, and not all employers allow 401(k) loans.

Advantages

  • Retirement accounts can offer more funds than you can get with a personal loan or credit card.
  • Any interest is paid directly into the account, so you’re essentially paying yourself interest on the loan.
  • You won’t have to undergo a credit check to borrow money.

The inconvenients

  • If you quit your job, you may have to repay the entire loan.
  • You’ll miss out on the potential to grow the amount you withdraw, which can impact your long-term savings goals.
  • If you do not repay the loan as agreed, you will be in default; defaulted loans are considered early withdrawals and will be subject to penalty fees and taxes.

Debt management plan

A debt management plan (DMP) is a strategy put in place by a non-profit credit counseling agency. A credit counselor will negotiate on your behalf with your creditors. You will make a monthly payment to the credit counseling agency, and the agency will pay your creditors for you. A debt management plan is not a loan, but it can make getting out of debt more manageable.

Advantages

  • You will only have one monthly payment to follow.
  • Credit counselors will work with your lenders and creditors to create a debt repayment strategy that’s right for you.
  • Depending on the plan, you may be able to reduce your monthly payment amount and interest charges.

The inconvenients

  • Creditors can report debt management plans to credit bureaus, which can affect your credit score.
  • Plans often charge a monthly fee, which can increase your overall costs.
  • Paying off your debt in full can take up to five years under a debt management plan.

When debt consolidation makes sense

Here are some situations where debt consolidation can make the most sense.

You want to reduce your number of monthly payments

Rather than juggling multiple payments and due dates each month, consolidating your balances can result in a single payment with a single due date.

You have a decent credit score

If you have good credit, you may be eligible for a low interest loan at a competitive rate, which can be much lower than what you pay on other debts, such as credit cards. This can save you a lot of money in interest over time.

You focus on controlling your expenses

Debt consolidation can wipe out your revolving account balances, which could make it tempting to start spending again and accumulate more debt. If you’re committed to getting out of debt and focused on achieving your financial goals, debt consolidation can be a solid strategy.

If you are ready to apply for a debt consolidation loan, Credible allows you to compare personal loan rates so you can find the one that suits your needs.

When debt consolidation doesn’t make sense

As with any financial strategy, debt consolidation doesn’t make sense for everyone. Here are a few times when you might want to reconsider consolidating your debts.

You have a small debt that can be paid off quickly

Debt consolidation is a great strategy for paying off various balances, but it can come at a cost. If you only have a small amount of debt, consider whether another strategy (such as snowballing or debt avalanche) might be better, rather than paying personal loan origination fees or balance transfer credit card fee.

Your credit score may prevent you from qualifying for a lower interest rate

If you are trying to get a credit card or bad credit personal loan, you may not qualify for a lower interest rate than you pay on your existing debt. If you can’t get a lower interest rate or an introductory balance transfer offer, consolidating your debt might not be worth it.

You can’t change your spending habits

When you are in debt, you may dream of settling your outstanding balances. But once you do, the temptation of that $0 balance can sometimes lead to further spending.

If you think you might be tempted to accumulate those balances again, consider whether or not you should consolidate.

]]> Consumer and Corporate Debt Consolidation 2022 Business Scenario https://canalvoyagers.com/consumer-and-corporate-debt-consolidation-2022-business-scenario/ Wed, 07 Sep 2022 10:10:06 +0000 https://canalvoyagers.com/consumer-and-corporate-debt-consolidation-2022-business-scenario/ A Consumer and Business Debt Consolidation report has been released which provides an overview of the global Consumer and Business Debt Consolidation industry along with a detailed explanation that provides a lot of information. The definition of the product/service as well as the different applications of this product/service in different consumer and business debt consolidation […]]]>

A Consumer and Business Debt Consolidation report has been released which provides an overview of the global Consumer and Business Debt Consolidation industry along with a detailed explanation that provides a lot of information. The definition of the product/service as well as the different applications of this product/service in different consumer and business debt consolidation usage sectors can be found in the overview. There is also ample information that highlights the growth trajectory of the global consumer and corporate debt consolidation market. The information provides a solid basis for Consolidation of consumer and business debt segmentation of the market into different segments. In fact, the information also displays the maximum market share during the forecast period by 2030.

In addition to the above, the information is based on the highly competitive partners, key players along with their market revenue during the forecast years from 2021 to 2030. Emphasis is also on product revenue, sales, product categories, and even which products are seeing the most traction. In this way, the Consumer and Business Debt Consolidation report also speaks about the efficiency of the Consumer and Business Debt Consolidation market along with its growth during the forecast period of 2030 Other major attributes of Consumer and Business Debt Consolidation Market have been researched and analyzed through numerous developments. This paints a picture of a strong market grip for the period ahead.

The main players covered in this Consolidation of consumer and business debt study

Goldman Sachs, OneMain Financial, Discover Personal Loans, Lending Club, Payoff, Freedom Debt Relief, National Debt Relief, Rescue One Financial, ClearOne Advantage, New Era Debt Solutions, Pacific Debt, Accredited Debt Relief, CuraDebt Systems, Guardian Debt Relief, Dette Trading Services, Premier Debt Help, Oak View Law Group

Segment by Type– Credit Card Debt– Student Loan Debt– Medical Bill– Apartment Leases– OthersSegment by Application– Company– Consumer

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Consumer and Business Debt Consolidation Market Segmentation:-

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Research Methodology

The Consumer and Business Debt Consolidation report definitely has its roots in the in-depth strategies provided by the knowledgeable data analysts. The research methodology involves collection of information by analysts only to study and filter it thoroughly with the aim of rendering significant predictions about the Consumer and Business Debt Consolidation market during the relevant period. . The consumer and business debt consolidation research process further includes interviews with key market influencers, making the primary research relevant and practical. The secondary method gives a direct insight into the connection of demand and supply in the Consumer and Business Debt Consolidation market. The Consolidation of consumer and business debt The market methodologies adopted in the report offer pin-point analysis of the data and provide a tour of the overall Consumer and Business Debt Consolidation market. Both primary and secondary data collection approaches were used. In addition to this, publicly available sources such as SEC filings, annual reports, and white papers have been utilized by data analysts for an in-depth understanding of the Consumer and Business Debt Consolidation market. . The research methodology clearly reflects an intention to extract a comprehensive view of the Consumer and Business Debt Consolidation market by analyzing it against numerous metrics. Valued inputs improve consumer and business debt consolidation report and provide an advantage over peers.

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]]> Advice from the Better Business Bureau: Beware of debt consolidation offers https://canalvoyagers.com/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ Sun, 04 Sep 2022 09:28:26 +0000 https://canalvoyagers.com/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt. This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in […]]]>

With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt.

This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in to the temptation to look for a quick fix that could turn out to be a scam.

After a recent action by the Biden administration, federal student loan repayments remain suspended without interest until Dec. 31. receive up to $20,000 in pardons. Consumers should beware of scammers who take advantage of the news by offering bogus ways to apply for loan forgiveness.

Better Business Bureau Scam Tracker received over 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers a reported total of over $283,000, the median consumer losing $600. Most often, these reported scams involved payment by bank account debit.

Upfront fees, including fees to enter a repayment plan, are a common thread among debt relief scams. These upfront charges are illegal. Loan repayment assistance – including loan deferrals, forbearance, repayment, and forgiveness or release programs – is available directly from the Department of Education and Loan Services, and application for these programs is always free.

Some scam companies ask consumers to sign a power of attorney for financial decisions, use it to suspend the consumer’s loans – a way to temporarily stop or reduce payments, during which the loans continue to earn interest – and require the consumer to make payments directly to them rather than to the loan officer. In reality, the company keeps the payments for itself and the forbearance eventually expires without any repayment progress.

Borrowers seeking student loan relief should consider the following tips:

• Do your research on the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. These include customer complaints and how they were handled, customer reviews, and an A+ to F grade.

• Do not pay upfront fees to debt repayment companies. If a rescue company asks for money before helping you, report it to BBB.

• Think twice before signing a power of attorney or giving a company your bank account information or your federal student aid website login information. These actions allow a company to make potentially devastating financial decisions for you.

• Don’t agree to a long-term abstention or adjournment plan without doing your homework. These should only be seen as temporary solutions.

• Don’t be fooled by promises of quick relief. The loan relief and forgiveness options available through the Department of Education still require years of payments, and these loans cannot be canceled by bankruptcy.

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Debt consolidation vs bankruptcy: what’s the difference? https://canalvoyagers.com/debt-consolidation-vs-bankruptcy-whats-the-difference/ Tue, 30 Aug 2022 13:07:37 +0000 https://canalvoyagers.com/debt-consolidation-vs-bankruptcy-whats-the-difference/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Debt consolidation with personal loan or bankruptcy: […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Debt consolidation with personal loan or bankruptcy: Both are debt solutions, but one is better than the other. (Shutterstock)

Debt consolidation and bankruptcy are two options for dealing with overwhelming debt. Both offer a long-term solution to your debt, but they work very differently and have varying consequences for credit.

A personal loan can be a good tool for consolidating high-interest debt. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

Debt consolidation vs bankruptcy

Debt consolidation and bankruptcy can both help you manage your debts, but it’s important to understand how each works before deciding which option is right for you. Here are some key differences between debt consolidation and bankruptcy.

Debt Consolidation

Debt consolidation merges multiple debts into one, usually by taking out a new loan or a balance transfer credit card to pay off your existing debt balances. This option is best suited for those who can pay off their debt but have difficulty managing multiple monthly payments or high interest rates.

Debt consolidation can hurt your credit in the short term since it requires taking on new debt. But it can increase your long-term credit as you pay off your debt. Debt consolidation may have a small associated cost in the form of loan origination fees or balance transfer fees, if you are using a balance transfer credit card to consolidate.

How long it will take to get rid of your debts depends on the debt consolidation route you choose, how much debt you have and how much you can afford to pay each month. But it may be possible to be debt free within five years.

Bankruptcy

Bankruptcy is another solution to debt, but with a very different process and different ramifications. Unlike debt consolidation, bankruptcy is a legal proceeding. And instead of helping you consolidate debt or get lower interest rates, it helps you get rid of debt altogether.

If it sounds too good to be true, know that there are some serious downsides. First, not all types of debt can be discharged in bankruptcy, so you may still find yourself stuck with some debt.

What you need to know about debt consolidation

In most cases, debt consolidation involves take out a personal loan to settle your other debts. You will then have only one debt with only one monthly payment to settle. In some cases, you may qualify for a lower interest rate than you’re paying on your other debts, which can also save you money in the long run.

Debt consolidation can also be done in other ways, including using a balance transfer card to manage credit card debt or a home equity loan or home equity line of credit (HELOC) to pay off your debt.

Advantages of debt consolidation

  • Streamlines debt repayment — Debt consolidation can help you go from multiple monthly payments and interest rates to one. Not only is it easier to track your debts, but you might also end up paying less each month.
  • Can get a lower interest rate — Debt consolidation can lead to lower interest rateespecially if you are consolidating high interest debt like credit cards or using secured debt like a home equity loan to consolidate your debt.
  • Can improve your credit — Although you may see a temporary drop when you open new debt, debt consolidation can improve your credit usage and make it easier to make on-time payments each month.
  • Getting Out of Debt Earlier — With a potentially lower monthly payment and interest rate, debt consolidation could help you pay off your debt faster. Depending on the amount of your debts, it can take up to several years or as little as a few months to become debt free.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

Disadvantages of debt consolidation

  • Can pay fees — Debt consolidation may incur additional costs in the form of origination fees on a Personal loan or a home equity loan, or a balance transfer fee on a credit card. Consider additional fees to ensure that consolidating your debt will make financial sense.
  • The interest rate cannot be lower — There is no guarantee that debt consolidation will result in a lower interest rate. Personal loans can have high interest rates, especially for borrowers with bad credit. If you already have low interest rates on your current debts, debt consolidation might not be beneficial.
  • Assets could be at risk — Depending on the type of debt consolidation you use, you could be putting other assets at risk. For example, a home equity loan is secured by your home, which means your lender could foreclose on your home if you stop making your payments.
  • May not reach root cause of expense — If you haven’t addressed the root cause of your debt, your debt consolidation loan could help you pay off your credit cards, but encourage you to use them for additional purchases. As a result, you can find yourself in an endless cycle of debt.

What you need to know about bankruptcy

If your financial situation is dire and you are considering bankruptcy, here are the two different types:

  • Chapter 7 Bankruptcy — This type of bankruptcy allows you to pay off certain debts. In return, your non-exempt assets will be sold to help provide compensation to your creditors. What is considered exempt property depends on your state, but can include work-related items, a personal vehicle, equity in your personal residence, and household furniture.
  • Chapter 13 Bankruptcy — With Chapter 13 bankruptcy, a court representative will help you create a repayment plan rather than paying off your debts. You will pay installments to your creditors for a number of years and, in exchange, you will be able to keep all your assets. Any outstanding debt at the end of the repayment term will be discharged.

It is important to note that some debts cannot be discharged in a Chapter 7 bankruptcy. Debts that will not be discharged include child support, alimony, taxes, and student loans. Chapter 7 bankruptcy also has an income limit. Those who wish to declare bankruptcy and are not eligible for Chapter 7 can use Chapter 13 instead.

Advantages of bankruptcy

  • Can provide debt relief — Bankruptcy can relieve you of your debt and, in the case of a Chapter 7 bankruptcy, help you pay off some of your debts entirely.
  • Can help you avoid foreclosure — Bankruptcy can help you avoid a legal judgment or foreclosure due to unpaid debts.
  • Some goods will be taken – While some of your personal assets will be liquidated to pay off loans, others will be exempt from liquidation.
  • May not lose all your possessions — In the event of a Chapter 13 bankruptcy, you may be able to keep your assets while having some of your debts discharged.

Disadvantages of bankruptcy

  • Sustainable credit effects — Bankruptcy stays on your credit report for up to 10 years and could prevent you from borrowing money, renting an apartment, getting insurance, or even getting certain jobs.
  • Could lose your property — Depending on the type of bankruptcy, you could end up with a lot of your personal assets seized and liquidated to make payments on your debts.
  • Not all debts are eligible for discharge — Certain debts, including student loans and child support, cannot be discharged in bankruptcy.
  • May have to pay a fee — Bankruptcy can result in additional court, administrative and attorney fees during a time when you are already struggling to pay what you owe.

Bankruptcy should be considered a last resort. Consider a personal debt consolidation loan instead. You can quickly and easily compare personal loan rates with Credible to find the one that meets your needs.

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