There were also high fees associated with taking out a large loan.
A debt management program consolidates all your credit card bills into one, lower monthly payment at a lower interest rate. The traditional method of consolidating debt is to take out one large loan from a bank or credit union and use that money to pay off several smaller debts.
Ever feel like you are juggling too many payments with too many due dates?
With In Charge’s debt management plan, you can schedule the exact day of the month that your single debit pays all of your debts.
The interest rate on debt consolidation loans depends on your credit score, but if your score was above 640, you could get a loan for as low as 7%. That’s .00 per year for every 0 you carry in debt. Here’s a scenario to help you better understand traditional debt consolidation.
Secured debts such as homes, property and automobiles can be refinanced, but are not considered good candidates for debt consolidation because you are placing a valuable asset at risk. If you have ,000 in debt, you’d be paying 50 each year to hold that debt. If you carry that same debt for 5 years, you’ve paid ,250 to borrow ,000. After you’ve read that, we’ll tell you how In Charge’s non profit debt consolidation alternative can capture all the benefits of traditional debt consolidation without the risks.