For example, if you initially qualify for a loan at a 15.99% annual percentage rate, adding a co-signer might reduce that rate to 10.99%, Toms says.Direct pay discount: Freedom Plus offers an option to have the money you borrow go directly to pay off creditors, a feature that few other online lenders offer.“This sort of hands-on touch is clearly different from other lenders,” says Joseph Toms, president and chief investment officer at Freedom Plus.Freedom Plus can be a good fit if: To review Freedom Plus, Nerd Wallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar product.Others succeed because debt consolidation is part of a bigger plan to gain control over their finances.So the first step in debt consolidation is simply to consider whether it will actually work for you.learn more Speak Serve, in partnership with Cisco Web Ex technology, offers organisations the power to collaborate face-to-face with colleagues and clients anytime, anywhere.
However, a lower monthly payment can mean a longer repayment term and more interest paid over the life of the loan.
Whether you should consolidate your credit card debt depends on your individual circumstances and the terms of the consolidation.
Read on to learn more about whether credit card debt consolidation is right for you.
When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.
This means that instead of owing money on multiple credit cards, you now have a single obligation.