Welcome to Home Mortgage
Home Mortgage Direct Lender Article
This is a selection made from among articles on Home Mortgage Direct Lender. For a permanent link to this article, or to bookmark it for future reading, click here.
Planning To Become Debt Free With A Consolidation Loan
from: Roy ThomsittIf you have multiple debts, and are struggling to meet the monthly payments, then there's a good chance you will want to consider, now or later, a consolidation loan to become debt free.
If you have already studied your monthly expenditure and can see no way to make savings, and find you have no way of earning extra money, then your next option may be a free debt consolidation loan.
By free, I mean no extra charges or arrangement fee for the consolidation loan; your chances of getting an interest free consolidation loan are just about zero, unless you have a rich relative or friend. Should you go down the debt consolidation route, try to avoid any loan arrangement which involves upfront fees, or any extra fees at all for that matter. Whether that is possible will depend on where you live, but in the UK, it is not difficult to get a free debt consolidation loan.
One benefit of a consolidation loan is that it does give you a chance to plan your finances in a way that could, if you're careful, make you debt free by the end of the period of the loan. By debt free, I will be realistic and mean "debt free apart from home mortgage", which most people have little option about, and mortgage debt can be worthwhile financially anyway.
Taking out a debt consolidation loan will not, of course, make you instantly debt free. However, it may be that such a loan will give you a chance to structure your finance plan over a 3, 5 or 7 year period. With the correct attitude and perseverance, this may be an excellent opportunity to improve your finances in the long term, resulting in being debt free by the end of the loan period.
The consolidation loan will reduce your monthly outgoings, thus giving you the opportunity to save. By getting into the saving habit instead of debt habit, you will be able to set aside money to pay cash for the things you need in the future; if you are determined and disciplined, even that next car purchase can be in cash, rather than an expensive loan. The result: you become debt free.
In the financial reality of a consumer, if you cannot to afford to pay cash for something, then you probably cannot really afford it at all. The one exception is the house, where the investment potential and rent saving change the financial aspect.
Can you imagine, waking up at the end of the consolidation loan term and finding yourself debt free? What a nice feeling!
About the Author
This debt consolidation article was written by Roy Thomsitt, the owner and author of http://www.eliminate-credit-card-debt-now.com/Consolidate_Debt.htm
Formerly a finance professional and credit controller, Roy is now a full time online author.
Home Mortgage Direct Lender News
Are You Eligible For The Best Mortgage Deals? - Motley Fool UK
Are You Eligible For The Best Mortgage Deals? Motley Fool UK, UK - And since first-time buyers and home movers usually need to borrow at least 78% of their property’s value, according to the Council of Mortgage Lenders, ... |
Soft market makes estate decisions more difficult these days - MarketWatch
Soft market makes estate decisions more difficult these days MarketWatch - Answer: Sure you can turn the joint back to the lender. Just mail the mortgage company the keys with a letter explaining what you are up to. ... |
Open a Flagstar personal checking account with direct deposit and ... - PR Web (press release)
Open a Flagstar personal checking account with direct deposit and ... PR Web (press release), WA - Flagstar originates home loans nationwide and is one of the leading residential mortgage lenders. For more information, visit www.Flagstar.com. ... |
BUYINS.NET: DIN, FBC, JAH, JEF, NWK, PLA Have Been Removed From ... - Trading Markets (press release)
BUYINS.NET: DIN, FBC, JAH, JEF, NWK, PLA Have Been Removed From ... Trading Markets (press release), CA - The company's loan portfolio comprises single-family mortgage loans, home equity lines-of-credit, consumer loans, commercial real estate loans, ... |
Fed actions to boost liquidity - guardian.co.uk
Fed actions to boost liquidity guardian.co.uk, UK - It says it would lend up to $200 billion to primary dealers, secured for 28 days, and accept federal agency home mortgage-backed securities and highly rated ... |
Mortgage and Home Equity Direct Mail Cut in Half for 2008, Reports ... - MarketWatch
Mortgage and Home Equity Direct Mail Cut in Half for 2008, Reports ... MarketWatch - CHICAGO, Aug 12, 2008 (BUSINESS WIRE) -- New data from Mintel Comperemedia shows mortgage and home equity lenders still plagued by faltering home sales, ... |