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      December 1, 2020

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What's the Debt Snowball method?

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Loan Savings Calculator

Top 5 Reasons to Consider Loan Consolidation

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What's the Debt Snowball method?

If youíve been looking at ways to pay off your loans, you may have run across the term ďDebt SnowballĒ. But what is it, and how does it work?

Debt Snowball explained

When you start any big project, like paying off your loans, itís easy to become overwhelmed and frustrated. Where do you start? How do you know if youíre making any progress?

Thatís where the Debt Snowball kicks in. With this method of loan repayment, you focus on paying your smallest loans first. Of course, you make the minimum payments on all of your loans Ė but anything extra goes toward paying off the smallest one.

Once your smallest loan is paid off, throw yourself a little celebration! Go out to dinner, or watch a movie youíve always wanted to see. Youíve accomplished something terrific!

Speak to a loan professional now at 1-888-979-9776

Then what?

Then, take the amount that you were paying toward your smallest loan, and add that to the minimum amount youíre paying on your next smallest loan. Once that next loan is paid off, take the amount you were paying toward it, and add it to your minimum payment on your next smallest loan.

Do you see how, with each loan you pay off, the amount you pay toward the next loan increases? Thatís why itís called the Snowball method. Itís like rolling a snowball downhill Ė the snowball keeps getting bigger and bigger, just like the amount youíre paying on your next smallest loan.

The Snowball Method is a great idea. The victories that you get from paying off each loan help keep you motivated toward paying off the next one. Itís fun to see your loans get eliminated, one by one.

Hereís an example

Letís say you have 3 credit cards Ė one with a $200 balance, one with a $700 balance, and one with a $1,200 balance. With the Debt Snowball, you would make minimum payments on the $700 and $1,200 credit cards, and put any extra money you have toward paying off the card with a $200 balance.

Once that first card is paid off, you then take the amount you were paying on it, and add it to the minimum payment for the $700 card. And once that cardís paid off, you take the amount you were paying and add it to the payment on the $1,200 card.

The good thing about this plan is you see your loans dropping off one by one.

Best Loan Consolidation Programs

Another approach

Many people meet with great success using the Snowball method. Itís great to see the progress that you make while paying off your loans. But sometimes the loan amounts are just too high, and the progress you make toward paying them off is just too long. Another successful approach that many people take is with loan consolidation.

The term "loan consolidation" is often thought of as simply receiving a loan, but that's not the full picture. Loan consolidation involves combining your current loans into one single payment, usually at a reduced rate that can save you a lot of money. If you have ever heard of a loan consolidation company, then you may already know how the process works. If not, letís see how loan consolidation can work for you.

Click here to see our top-rated Loan Consolidation company

How much money can I save with loan consolidation?

Thatís a great question. Of course, the amount of money you save will depend on factors such as how much you owe, how many loans you have, and what your credit score is.

However, we discovered some real-world examples that you should find interesting. These are numbers from actual customers whoíve utilized the services of a loan consolidation company.

Loan Consolidation Savings
  • Old Loan Amounts shows how much money they owed
  • Old Interest Rate shows the APR they were paying on their loans
  • New Interest Rate shows the interest rate they paid on their new consolidated loan
  • Money Saved shows how much money in interest they saved over the life of the loan

This proves that the money-saving benefits of loan consolidation are real!

Financial freedom

Whichever method you choose, paying off your loans can give you the keys to financial freedom. Itís certainly worth your time to find the best approach that works for you.

 

Our Top 3 Loan Consolidation Companies

  1. National Debt Relief. This company provides customers a professional and low stress experience as well as loan consolidation options to meet their financial goals. They set the industry standard. You can call to get a free quote at 1-888-979-9776
  2. Credit.org. This is a non-profit credit counseling service with a 45-year plus history of excellence and integrity. They are a strong choice for your loan consolidation needs.
  3. CuraDebt. This company brings a long history of helping customers with loan consolidation and a host of financial solutions to help improve your financial picture. If you live in one of the states they service, they're worth your consideration.
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