Consolidating debt with a

However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.

There are several ways consumers can lump debts into a single payment.“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D'Amore Mc Kim School of Business at Northeastern University."But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If you’re turned down by your bank or credit union, Gagnon suggests exploring private mortgage companies or lenders.Debt consolidation loan interest payments are most often tax deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.This works out to ,371.84 being paid in interest.

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