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      November 29, 2020

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Top 5 Reasons to Consider Loan Consolidation

The term "loan consolidation" is often thought of as simply receiving a loan, but that's not really the full picture. Loan consolidation can also include combining your current loans into one single payment, sometimes at a reduced rate that can save you money. If you have ever heard of a loan consolidation company, then you may already know how the process works. If not, this article will explain the process and why it may be beneficial for anyone who is in need of valid financial relief.

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

Stop bill collector calls

Have you ever been late with a credit card bill? If so, how many times has the issuing bank called you before your second payment was even due? If you miss one single payment, the telephone begins to ring and you instantly recognize the importance of loan consolidation. If you miss two consecutive payments, you can forget about having any peace within your household. The collections department that serves most creditors is ruthless and the people on the phones are considerably less than pleasant. After a short period of time in a loan consolidation program, the majority of collection calls will stop.

Lower your monthly payments

A loan consolidation company attempts to work with your creditors in order to get you a lower monthly payment. If you are already behind with your payments, it may be time to consider the real possibility that you are in need of financial help. A more affordable monthly payment is all that many people need to help get them back on track with finances.

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Best Loan Consolidation Programs

Lower your interest rate

One of the greatest drawbacks to credit card bills is the high interest rates that often accompany an account. Some lenders may offer a zero or low introductory APR (Annual Percentage Rate), but the keyword in that sentence is "introductory". Once that period expires, the APR will increase to the preset amount as described in a cardholder's agreement. When interest rates get out of hand, less of your payment is actually being applied to the principal balance. Essentially, you may be paying for little more than interest or, in the worst case scenario, your financial situation may get worse every month. A loan consolidation company attempts to get interest rates lowered or, in some cases, even eliminated throughout the course of their customized loan repayment program.

Reduce your number of bills

Although a loan consolidation company may not provide a loan themselves, they can and often do collect one lump sum payment from you each month that will then be distributed to your creditors according to the agreed upon budget. If you have 5, 10 or even 15 bills due each month, it can be a daunting task to keep up with due dates. By having one lump sum payment due on the same day each month, you will be effectively controlling your own payment schedule and will lessen the likelihood of forgetting to submit payment.

Pay off your loans faster

The last, but certainly not least, important reason to consider a loan consolidation program such as National Debt Relief is because it can help you to pay off your loans much faster than if you were to continue paying the minimum monthly payments, high interest rates, and miscellaneous penalty fees. In many cases, creditors will stop charging late and overlimit fees after 1-3 months of consecutive payments through a loan consolidation program. It can take as many as 15 years to pay off one single credit card with the minimum monthly payment. With the help of a loan consolidation program, you may pay off your loans sooner than you ever thought possible.

 

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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