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Debt Consolidation Loan - Manage Your Finances Better!
By Alice Smith
Before you decide on filing for bankruptcy, you should try a debt consolidation loan. It often happens that we get so stressed-out just by the number of debts we have to clear, that we simply aren't able to concentrate in working out on ways to get rid of them more effectively! And one of the most difficult debt-burdens to clear off is perhaps the payday loan debt!
Instant cash advances against paychecks come with a heavy price-tag, due to their paperless and hassle-free nature. With a bi-weekly interest rate of 15%-30%, these paycheck can very soon become a "monster", if repeated extensions are taken against them, or if you take another larger payday loan to clear off a previously pending one.
How Does Consolidation Help?
Companies that offer payday debt consolidation services combine all your outstanding paycheck loans into a single lump sum amount. They negotiate with your cash lenders to get you lower rates of interest and more relaxed monthly payment plans. They even try to do away with the penalties. And most importantly, you no longer have to deal with your lenders on an individual basis. So no more harassing collection-calls to face everyday!
You just have to make a single monthly payment, of a smaller amount than before, and at a lower interest-rate than what you were paying previously. And eventually, you are able to get rid of that enormous debt burden, which otherwise would have been next-to-impossible to manage, because of the high rate at which such loans kept growing!
Kinds Of Consolidated Loans
There are two ways in which you can consolidate all your paycheck loan debts - secured and unsecured.
In a secured, you agree to pledge some collateral against the loan, such as your house or some other tangible asset that you may own. It can help reduce your interest rates even further, and can also eliminate any penalties.
In an unsecured debt consolidation loan however, no collateral is placed against the loan. So there is no risk of losing your house in case of any default. But the interest rates are slightly higher than a secured loan.
While these debt management services provide you an option of rectifying your earlier mistakes, you should always remember that "prevention is better than cure!" Paycheck advances are meant to be taken only for emergencies, and are supposed to be repaid right on time! A consolidation loan can simply provide a cure after the damage is done, but you should learn to prevent such situations from cropping up in the first place!
Debt consolidation loan can be taken in the event of your payday loan debt becoming totally unmanageable! A payday loan debt consolidation aims to consolidate all your payday loan advances into a single low-interest loan.
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