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Debt Consolidation - Borrowing More Leads To Owing Less
By essmeier
A growing number of Americans owe too much money, as it is just too convenient these days to use a bank card instead of cash. As credit card companies are now requiring minimum monthly payments of about 4% of the existing balance, many individuals are simply unable to put a dent in the amount that they owe. Paying late can make problem debt even worse, as credit card issuers have no problem attaching late fees or penalties to the amount the consumer owes. Through repeated use and the occasional lack of common sense, the debt piles up and eventually the debtor owes more money than she can reasonably repay. Are there any solutions in this situation?
The answer could be to borrow more money through debt consolidation. Borrowing money when you already owe more than you can take care of may strike you as rather unusual and not especially intuitive, but it can be effective.
Consolidation of your debt involves borrowing more money not to add to the present debt, but to displace it. It's no secret that charge card debt is costly; the average interest rate is roughly nineteen percent a year. There are a number of ways to borrow money at affordable rates, including unsecured personal loans and home equity loans. The savvy consumer will take out a new loan, such as an equity loan, in an amount that is equal to the sum of all of his present debt. If one owes $25,000 on three different credit cards, the solution would be to borrow the same figure and use that money to pay off the credit cards. An equity loan might have an interest rate that is only half of the interest rate charged by credit card companies, making the payment much more affordable. The borrower will have the benefit
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