What Debts to Consolidate
I have a question about debt consolidation. Specifically as to what type of debts should you consolidate?
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Toys Anal
Last edited by Louis; 04-06-2011 at 09:14 PM.
Let me try to answer this. When you consolidate debts, it is composed of different types. From credit card to mortgages. Why? Because if your debts are simply due to credit cards, then you can just transfer them to another card that offers lower interest rates.Originally Posted by Louis
Are insurance payments considered as debts?
I don't think they can be considered as debts. It would fall better under bills. Since you have to pay this on a regular basis.
I agree. A debt is usually incurred after you have gotten hold of what you need like money. Insurance is different. You pay for a possible future event. So the services have not yet been obtained.
Its also easier to apply to.
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Last edited by Elaine; 04-19-2011 at 11:16 AM.
It is easier. I know because I did it before. I mean transferring.
yes, you can transfer credit cards to a 0% deal, but what about other forms of expensive debt? Consolidation loans can work out a lot cheaper than some forms of credit, and thus it makes sense to take out a consolidation loan in these circumstances.
Also, 0% credit card deals are for a limited time only, usually 1 year or less, and you have to pay around 3% of a credit card balance every time you transfer. This can work out rather expensive and so it may be better to consolidate credit card debts after all !!
What if I have multiple debts?
- Credit card
- Payday loans
- Mortgage
- Auto loan
Can I put all in 1 and pay back with one monthly payment?
Last edited by mayra_brady; 12-02-2010 at 05:57 AM.
In my opinion a debt is usually incurred after you have gotten hold of what you need like money and many options can be considered.
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