Consolidating personal debt

Posted by / 08-Sep-2017 06:28

Interest rates range from 7.24% to 24.24% Annual Percentage Rate (APR). Representative example of total loan cost: For ,000 borrowed over a 5-year term at 12.99% APR, the total amount payable is ,648.77 including interest.

Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.

Credit card debt is one of the most commonly consolidated items.Consolidating multiple debts means you’ll have a single monthly payment, but it may not reduce or pay your debt off sooner.The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both.By extending the loan term you may pay more in interest over the life of the loan.By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.

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Think of debt consolidation as a useful tool for getting your finances in order.

One thought on “consolidating personal debt”

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