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debt Debt Consolidation For Dummies
By Zulika van Heerden
 

Debt consolidation is basically what the term indicates – it is a process wherein your debts from various institutions are consolidated into one loan. In other words, this is the process of combining all of your debts and loans into one debt or loan.

Same Balance, One Loan
It is obvious, therefore, that the main objective of debt consolidation is to make financial and debt management easier to do. The amount of debt or is generally not reduced upon consolidation. Only the number of debts and loans is reduced. In other words, after you start debt consolidation, you will end up having only one debt instead of several. Your balance on this single debt is, simply speaking, all of your various debts combined.

Thus, debt consolidation is not really a debt reduction instrument although some debt management professionals typically package debt consolidation with debt reduction – i.e. negotiation with the banks and financial institutions to which you owe money. Through debt consolidation, you take the balances from all the loans to be consolidated then you add them all together to come up with your new loan amount.

How Is Debt Consolidation Initiated?

First, you have to talk to a bank or your mortgage broker. Speak to the loan consultants and explain that you need to get a loan for debt consolidation purposes. That’s right. You need to apply for a new loan. Of course, if you already have a loan with that bank, it may be possible to request that they extend your credit so that you can transfer your other loans with other banks to the loan you already have with them. In that case, you will only need to transfer other loans to an existing loan and no new loan will have to be procured.

Once the bank agrees, it will release funds which you can use to pay off your existing loans. The bank can also mail the check or do electronic transfers to the other banks and thus pay off your other loans for you. All the funds they have released for your loans’ payment will be added up and the sum – plus service charges if there are any – will become your new consolidated loan balance.

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

20 Second Application


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