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Securing a Debt Consolidation Loan
by: Kevin Erickson
It's the day you've been waiting for the last two weeks... payday and the only time when your face lights up and you actually go to the office with a lot of wonderful, dreamy thoughts in your head - such as how fast you'll be able to bolt out of the office and get yourself down the to nearest mall and you can already smell the Caffè Verona® you plan on ordering at Starbucks. Either way, you seem compelled to impulsively spend all of that hard-earned cash on something that in all likely-hood you can do without. Like that dress you'll probably wear just once or the Egyptian silk sheets that you've been drooling over ever since you noticed that Jessica Simpson on Newlyweds sleeps on in luxurious comfort. Never mind they are actually worth fourteen hundred dollars... but like you always tell yourself - you deserve it. Besides, what's the harm in rewarding yourself for a job well done? You deserve some pampering too.

You may even find yourself making plans at some luxurious spa, to sample of their relaxing (not to mention, extremely costly) facials, massages or treatments. After all, you work hard and so you've definitely earned it since you've been stressed out all month long from your hectic schedule and tight deadlines.

On the other hand, have you ever even thought of saving... even occasionally putting a portion away for a rainy day? Have you thought about you future? And if it actually involves those Egyptian silk sheets that you just purchased or the designer coffee that you simply cannot seem to get enough of - is it really worth it?

Unfortunately for too many, sooner or later reality sets in and when it does it hits them like a Category 5 hurricane and they wake up they realize (hopefully not too late) how deeply they've buried themselves in an oppressive amount of debt. And they also realize that they have absolutely nothing to fall back on in order to get themselves out. You could simply hand in the towel and declare bankruptcy (many do) however, an alternative, less stressful and smarter way to go, is to at least initially, look into getting a debt consolidation loan.

The thought of a debt consolidation loan may not be all that enticing to most of the debt saddled, but then again what's the alternative - bankruptcy or paying minimums on your credit cards at 20% interest for the next 20 years? Unfortunately for those of you who have nothing in your savings or other assets to tap into, it may be your best option and perhaps the first really smart financial decision you've made in quite awhile.

You are clearly aware that a ton of companies offer debt consolidation loans, just the fact that you are reading this article attests to the fact that you've done some type of internet search related to debt or debt consolidation. You just have to be honest about your finances or whatever it was that you were doing with your money (when you still had some) so that whomever you decide to go with to try and secure that debt consolidation loan will be able to provide you with an accurate scenario of your financial present and future.

The past is... as they say, history. You really have no choice but to simply move on, walk away from your past mistakes and hope that you've learned something useful. And then, incorporate those lessons into your future dealings with money and hope against hope that your debt consolidation loan will be approved so that you can take the overwhelming burden of debt you've saddled yourself with and leave it far behind.

As you search for a debt consolidation loan make sure you do your due diligence by shopping around and asking questions whenever you feel lost by the "financial jargon" or the whole process in general. If you do your part, you'll greatly increase your chances or working with a reputable company that's not out to take advantage of your current poor financial situation.

A final bit of advice, virtually all Loan Officers work on commission and so it's in their best interest to... 1) Make sure you get the loan and 2) Charge you the highest interest rate possible and the highest possible fees and still make the deal. That being said, don't ever take the first quote you get for rate and closing costs as the best deal you can get because it very rarely is. While shopping, make sure the companies you are working with know that your shopping around tell them straight out that you will give your business to whomever can come up with the best deal and who's is upfront and honest from the get-go.

Never forget that you are in charge (regardless of your current financial state) and if you don't feel comfortable with your lender or what's being presented then simply move on until you find someone who treats you with the respect and dignity you deserve.

About the author:
Kevin Erickson is a contributing writer to the following websites: http://www.debtmgmtresources.com/and http://www.debtmergeresources.com/.This article may be reproduced only in its entirety.


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Debt Relief

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 Debt Relief From Debt Consolidation
 by: Jakob Jelling

If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing “relief” from the current debt by shrinking it down to a single manageable debt.

Using home equity to consolidate debts

One of the popular methods of debt consolidation today is the Home Equity Loan. What happens is that the debt is extinguished using the equity from a homeowner’s home. A loan is created outside of the mortgage in order to satisfy the debts. Should the homeowner default on the loan, their house is in jeopardy of being foreclosed upon if that loan is not satisfied with a specified amount of time.

Refinancing loans

People often consume the debt by rolling it into a new mortgage. This way the house costs more money to the borrower, but the debt is extinguished at close and the debt is neatly rolled away into the mortgage securely. Upon settlement of the loan, the debts are paid in full and satisfied. The clock on the mortgage is reset to day one.

Credit card consolidation

A low interest credit card is offered to the borrower to include any outstanding credit and loan balances. The interest rate is a low fixed rate for a period of up to one year, upon the year’s end it will resume at its normal rate. Upon acceptance and terms the account should be closed once paid in full and payments be made directly to the new credit card provider. Some people have been able to master paying off one credit card with another to keep the debt revolving and interest rates low. Some people fail to close out the previous creditors account and run them back up again as well.

All three of these options provide solid relief for the debt and help them reconstruct and manage their debt better.

By Jakob Jelling
http://www.cashbazar.com


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