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Understanding
government help with debt consolidation
Low Interest Debt Consolidation Loans - Getting A Low Rate
Low interest debt consolidation loans can help you pay off your debt sooner. For the lowest rates use your home equity to secure a loan. You can also find personal loans that will reduce your interest payments. Otherwise, transfer your credit balance to a new credit card account that offers 0% interest on transfers.
Home Equity Loans
Home equity loans offer low interest rates because they are secured with your property, reducing the chances of you defaulting. You can opt to cash out your equity by refinancing or applying for a second mortgage or line of credit.
Refinancing can cost thousands in upfront fees, buy they can offer you overall lower payments. Second mortgages and lines of credit usually cost zero to a couple of hundred of dollars to open, but their rates are higher than a traditional mortgage.
Personal Loans
Personal loans offered through banks and other financial lenders can also help you consolidate debt. These types of loans are based on your credit score and cash assets. Since these are unsecured loans, rates are higher. However, when compared to credit card rates, they are significantly lower.
Credit Card Transfers
You can also open a credit card to take advantage of 0% or low interest rates on transfer balances. These types of offers are introductory, so expect rates to jump in six to twelve months. In the meantime, you can start paying down debt while rates are low. At the end of the introductory period, you can open another account or look for a long term loan with low rates.
While transfers are attractive, they do carry risks. You should read the terms to be aware of any fees charged for transfers. Also, guard against racking up more debt by closing old accounts. This will also help your credit score in the long term.
Shopping Loan Rates
No matter what type of loan you choose to use to consolidate your debt, be sure to research rates. By comparing offers, you can save thousands in interest charges. Most lenders post their rates online for easy access. Be sure to read their terms as well to make sure you don't get caught on fees.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Online Debt Consolidation companies.
More Useful Resource and Updates on government help with debt consolidation
- Consolidation charges a factor in Gevity's loss (The Sarasota Herald-Tribune)
Gevity reported a surprise loss of $1.8 million for the third quarter that was driven by charges of $1.3 million for consolidation of branch offices and layoffs and a drop in professional services fees because of fewer client employees.
- Canadian Natural Resources Limited Announces 2008 Third Quarter Results (Marketwire via Yahoo! Finance)
Canadian Natural Resources Limited
- How to Pay for an MBA (BusinessWeek Online via Yahoo! News)
Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.
- Perficient Reports Third Quarter 2008 Results (Centre Daily Times)
Perficient, Inc. (NASDAQ: PRFT) a leading information technology consulting firm serving Global 2000 and other large enterprise customers throughout North America, today reported financial results for the quarter ended September 30, 2008.
- Trinidad Drilling Ltd. reports strong third quarter and year-to-date 2008 results; high utilization and growing fleet ... (CNW Group via Yahoo! Finance)
Trinidad Drilling Ltd. reported strong operating and financial results for the third quarter and first nine months of 2008. The Company maintained its record breaking trend with revenue, net earnings before interest, taxes, depreciation and gain or loss on sale of long-term assets and cash flow from operations before changes in non-cash working capital all reaching record levels in the third ...
- Uniontown Hospital project gets $8.4M boost (Pittsburgh Tribune-Review)
The project is under way and has an expected completion date of April 2010. The state funds are intended to help pay for two aspects of the construction: an addition that will house 56 private rooms, and consolidation of outpatient services.
- ACCO Brands Corporation Reports Third Quarter 2008 Results (Business Wire via Yahoo! Finance)
LINCOLNSHIRE, Ill.----ACCO Brands Corporation : Reported earnings per share of $; adjusted earnings per share of $0.23 Strong third-quarter net cash flow of $55 million; debt reduced by $65 million Intensifies cost-cutting actions to match industry downturn Confirms cash flow guidance
- (AFX UK Focus) 2008-11-06 10:39 TEXT-Hungary's Letter of Intent to the IMF (Interactive Investor)
BUDAPEST, Nov 6 (Reuters) - Following are excerpts from the a Letter of Intent which Hungary's central bank and government sent to the International Monetary Fund and published on the central bank's website www.mnb.hu on Thursday. "Financial market stress in Hungary has intensified in past weeks as a result of events in global financial markets. In response, the government and the central bank ...
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