Isolating your financial needs on different credit-card accounts will help you get the best possible terms on every transaction that you make. For example, you could get the best cash-back credit card for everyday expenses, the best travel rewards card for airfare and hotel reservations, and the best balance-transfer card for reducing the cost of your existing debt.
Debt consolidation, under the right circumstances, for the right consumer, may be a good option. However, for those who are running consistently behind each month and damaged their credit, it most likely going to be a tough road to qualify. Many times, as mentioned, consumers just can’t seem to budget their money effectively to stretch their dollars to make ends meet. This can make debt consolidation a bad option for them.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
What can you use this loan or line of credit for? This is a multipurpose option. You can use it for home improvements, to pay down higher rate balances, educational expenses, or any major purchase. This loan option can be used for credit card and loan debt consolidation. Loan proceeds may not be used to refinance any existing loan with LightStream.
This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
Additionally, the company makes it a bit difficult if you’re trying to pay your loan off early. If you want any extra payments to go toward the principal (and not interest), you’ll have to schedule your extra payment to occur on the same day as your normal monthly payment. There’s no other way to specify that you want extra payments to go toward your principal balance.
Just under 30 percent of respondents obtained a debt consolidation loan to lose wer their interest rate and manage the challenge of accumulating interest charges. But consolidating into a single monthly payment was the most popular motivation for getting a debt consolidation loan, with 35 percent of respondents indicating that was why they chose to get their loan. Thirty-two percent of respondents obtained a debt consolidation loan for a lower monthly payment.