Here is a step-by-step sequence for getting a debt consolidation loan: Your new monthly payment and interest rate should be lower than the total you were paying.If not, try negotiating with your lender to lower both rates.It might not be wise to use money from a loan (which will accrue interest) to pay off a debt that does not accrue interest.DMP’s however, can pay the bills for you without having those debts accumulate interest.The success rate for people enrolled in debt management programs is 55%.Make on-time monthly payments and you eliminate your credit card debt in 3-5 years.Certified credit counselors can recommend your next course of action. Enter the proposed interest rate and repayment period under under Consolidated Loan Information. The calculator will show you how much you can save with a debt consolidation loan.
You choose the day of the month that works best for you based on your personal budget and payroll schedule.
Secured debts such as homes, property and automobiles can be refinanced, but are not considered good candidates for debt consolidation.