|
|
| *SportsComet>>>Handball |
What kind of loan should I ask for if I combine my home,car and other debt in one ? |
What kind of loan should I ask for if I combine my home,car and other debt in one ? Consolidation loan is correct, however - make sure you know how much you will end up paying for everything (when it is all paid off) - AND the term - or how long it will take you to pay it off - If I were you, I'd see if I could get a simple interest loan and make biweekly payments - worse case scenario, it will pay off 5-7 years sooner - Also, if you free up money, put it in a good savings vehicle and DON'T spend it - otherwise you'll end up worse off in about 3 years and won't have any equity in your house - Consolidation loan. Be careful of the interest rate on your loan. In order to combine them all into just ONE payment, you'd need to re-finance. A debt consolidation loan is usually only for 'non-mortgage' debt (car, credit cards, etc.). You could take out a home equity loan just for the car and other debt, but that will leave you with two payments. The BEST advice I can offer you is to cut-up any credit cards BEFORE you consolidate or re-fi. You'll be in a REALLY bad spot if you keep using credit cards and now have no way to consolidate. Why do you want to consolidate? To take the income tax deduction for the mortgage interest? Not a bad idea, as long as you don't get back into debt. To just have one payment? Still not a bad idea, as long as you realize it will probably take longer to pay everything off this way (that means you pay more interest). To have some available credit so you can get that big screen TV? Bad idea - really bad idea. You will have just leveraged your biggest APPRECIATING asset for a depreciating asset. If it's at all possible, the best solution is to keep paying each of the bills individually, paying the minimums on everything except the smallest debt (pay 'til it hurts on this one). When it's paid off, send the money you were sending them to the next smallest debt (your total debt reduction payment stays the same) until it's paid off. Keep going until you're debt free. Then, put all the debt reduction money into retirement. Just make sure you have an emergency fund set-up (NOW) because they will happen, but it's easier to handle if you have some money set aside. http://www.CarLoanAdvisor.info DO U KNOW WHAT HANDBALL IS?? IT IS A SPORT !!! WRONG SECTION!!!!!!!!!!!!!!!!!!!!!!!... _ Hi, I used "CuraDebt" to consolidate my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here: http://tinyurl.com/yt5fb5 |
| Tags |
| Horse Racing Hockey Handball Golf 2006 FIFA World Cup(TM) Argentinian Football (Soccer) |
Sports Categories--Copyright/IP Policy--Contact Webmaster |