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Typical Debt Consolidation Rates

 

Debt consolidation rates will vary depending on the lender that you use but they can almost always lower your monthly debt repayment. One of the reasons for this is that you can spread the payments over a greater period of time.

If you are dealing with any reputable loan provider then they should be able to lower your interest rates significantly. Sometimes certain credit cards can carry as high an interest rate as 19% so there should be no problem in finding a debt consolidation loan that can save you money.

You could end up spending more than your original debts would have been if your loan were over a much longer period of time. This is because your payments are lower but the length of the loan is longer so the total amount of interest paid over that time is higher.

If you’re getting a debt consolidation loan you still want to pay it off as quickly as you can. It’s never advisable to be paying interest on anything that is not maintaining or increasing its value.

Another pitfall of a debt consolidation loan is that people feel that they can keep spending with their credit cards once the greater sum of the debt has been put on this loan. This is obviously a very unsound financial decision and if this type of thing tempts you, you may need to seek help regarding your spending problem.


Are you eligible for a Debt Consolidation Loan ?

Try our simple debt solution calculator to find out.