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Alternatives To Debt Consolidation Via Personal Methods

Aug 2, 2008
Debt consolidation loans are just a glorified personal loan- nothing else. So when should a borrower go for a debt consolidation loan, and when should they try to cut the process themselves? It's a tough question to answer, but the answer can be derived by checking one's current situation and their needs.

It's not always as easy as obtaining a personal loan to cover multiple other loans, or even to refinance a current loan. To get a new loan it takes good credit, and to get a loan with good rates it takes even better credit. If a borrower is looking to consolidate debts, odds are he or she doesn't have good credit. And thus, they can't benefit from lower interest rates that come via consolidation loans.

Borrowers often make the mistake of thinking that they need a debt consolidation loan lender to help bargain with credit companies. This might be true for the shy types, but for anyone else, getting a more affordable rate each month is as simple as calling creditors up and asking nicely- you'd be amazed at how often this works.

Getting a debt consolidation loan will help one's budget in many ways. But one can help their own budget without having to get debt consoldiation loans in the first place, and the borrower can avoid unnecessary expenses in doing so. This will take proper budgeting software or professional help, however, if the borrower wants to guarantee a success for their situation.

The benefit of not having to deal with all of the strict rules and regulations of the debt consolidation loan, or even have to deal with hidden fees, are all factors to strive for an alternative to debt consolidation. When considering that a home equity loan can function just like a debt consolidation loan would under very similar rates and payback periods, the alternative looks very appealing indeed.

Debt consolidation loans are an option for helping one's debts- not the only solution. Consumer should keep this in mind as they start thinking of new ways to benefit their financial situation. As the saying goes, if someone wants to get something done the right way, they should do it themselves- and only rely on others where it is absolutely needed. This saves money, time, and of course the frustration that goes into obtaining debt consolidation loans in the first place.

Closing Comments

A loan of any sort is going to be costly- so it's recommended to fix loans through paying them off rather than getting more loans to pay them off. If all else fails, there are many lenders to find over the Internet and through local banks and institutions- most of which are just a phone call away.
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