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Pros cons consolidating your debt

Money Girl explains the pros and cons of using personal loans to consolidate or pay off credit card debt.

The amount you can borrow depends on the lender, your credit, and your income.

Personal unsecured loan amounts usually range from ,000 to ,000 and have a fixed interest rate.

If you want to borrow more, you typically have to apply for a secured loan.

Personal loans come with a choice of repayment terms that may range from 3 to 10 years.

If you want to pay off your personal loan ahead of schedule, most don’t charge you a prepayment penalty.

726 comments

  1. Mar 8, 2017. You can borrow enough money to pay off all of your high-interest student credit card debt, but there are pros and cons to debt consolidation.

  2. Jun 7, 2017. When you consolidate your credit card debt, you are taking out a new loan. You have to repay the new loan just like any other loan. If you get a consolidation loan and keep making more purchases with credit, you probably won't succeed in paying down your debt. If you're having trouble with credit.

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