Debt Consolidation Loans to Get Rid of Credit Card Debt - Should I Consider Bank of America?

If you are in the market scouting for the ideal debt consolidation loan for yourself to combine all your debt accounts into one, then you should probably look at what Bank of America (BOA) has to offer in this sense. Bank of America is undoubtedly one of the biggest names out there when we speak of banks and financial institutions in the United States. With a rich history and an ever-evolving set of programs deemed fit to help consumers in terms of finance and credit, BOA has always helped consumers deal with debts effectively, especially those that have no fears of losing their homes and possess good cash flows. BOA's latest in the field of debt consolidation is called the 'Clean Sweep'.

Due to the fact that you are seeking for assistance from probably the biggest financial institution in the country, expect to pay quite a bit in terms of processing and other fees and charges. The plan allows you to gain approval for the loan without the need for collaterals, and there is no annual fee involved as well. Usually you can get a verdict from the bank almost immediately when you get in touch with them for approval on your debt consolidation efforts. There is also no prepayment penalty involved, making it a fairly attractive deal for those seeking debt consolidation loans.

Now let us get to where the bank makes money out of you. As long as you stay cautious, you would be aware of what the bank charges for, and try to avoid them as much as possible. Details of most of these payments are written in fine prints, making them hard to read, though you would definitely know about them when the monthly statements reach your postal box! Some of the hidden clauses within Bank of America's 'Clean Sweep' debt consolidation plan include:

1) 3% transaction fees is charged every time you ask for an advance

2) A credit based on the variable interest rate based on your credit is given to you, thus the harder you push for a mortgage deal, the more you would have to pay in terms of interest! You could be charged interest rates in excess of 25% in some cases!

3) Every time you ask for a cash advance, your payment terms would restart from scratch again, thus you would have to pay processing fees as well as other relevant fees again every time you request for a cash advance from BOA.

Although it was advertised that you could obtain interest rates as low as 9.49% with variable APR when you apply for the 'Clean Sweep' plan, now you know that your interest rates would depend on your credit amount, and that could go much higher than 9.49% (as this figure is the minimum). Thus do take all these facts into account before you consider BOA as your debt consolidation solution!

For more information about unsecured debt consolidation loans, visit http://TopDebtConsolidationLoansTips.com

Article Source: http://EzineArticles.com/?expert=Vignes_Chandran

Understanding and Obtaining a Government Debt Consolidation Loan

Struggling with debts and desperate to find a solution to all your woes? Many of today's population are entangled in debts, especially credit card debts, and struggle to find the appropriate solution for their problems as they are not educated in this aspect of financial management. For those who are aware of it, there are government debt consolidation loans available out there today to help those in financial trouble to sort out their finances in a more secure way.

Finding a good debt consolidation company is not always easy, not to mention the market is filled with hoaxes and scams that out you under risk of losing more money! Thus the best way is to opt for government-backed debt consolidation solution, something that would allow you to consolidate your debt efficiently, reduce interest rates immediately and get rid of your debts in the shortest time possible!

These government-backed debt consolidation loans rate amongst the top debt consolidation loans out there due to the security that is attached to them. Having the government's backing is the ultimate security that one could look for when we speak of debt management. A government debt consolidation loan is usually offered to you by the government itself, or bodies under the government, to help you eliminate your debts that you currently owe to many different institutions.

Once you combine your debts, you only have to worry about one single payment, and having the government's loan to help you, you can also expect this assistance to come with low interest rates. This would undoubtedly help you get rid of your debts faster! When we speak of government-backed consolidation loan, they are secure, in contrary to those offered by private institutions and bodies that are unsecured loans.

So how do you obtain these attractive debt consolidation loans? Students are offered more options as the government understands that students tend to have a number of student loans to pay for before they start working. There are also options for young working adults, and you can find these options online where there are programs such as the Federal Family Education Loan, deemed appropriate to help young adults that just started working pay off their debts through consolidation. You could also find other plans such as these on the internet, where the government tends to advertize its services through the state governments as well as numerous bodies and institutions that are endorsed by the government.

All the best in finding the best debt management loan for yourself, and may you end up debt-free as soon as possible!

For more information about government debt consolidation loans, visit http://TopDebtConsolidationLoansTips.com

Article Source: http://EzineArticles.com/?expert=Vignes_Chandran

Can You Obtain a Government Debt Consolidation Loan?

Many people do not know what a government debt consolidation loan is. This loan is actually designed under a government program with the main purpose of assisting the citizens to pay off their debts owed to multiple institutions. The debtors consolidate all their loans and make them into one single payment with a lower interest rate.

Can everyone apply for this loan?

Basically, this financial assistance is offered to help college students to pay off their student loans. The government's main intention is to help the college students with no credit score to enjoy lower interest rate and reduce their financial burden. For students who obtain the loan successfully, they will be able to get themselves out from debt within a shorter period of time. However, this loan can't be utilized to pay off your credit card debts or other loans. If you are looking for this loan to pay off your debts other than study loan, I would advise you not to waste your time applying for this loan as your application will definitely be rejected.

How can you obtain the loan?

First thing first, you need to compile all your outstanding balances so that you know how much loan amount you are going to apply. At the same time, you need to jot down all the interest rates involved. After knowing your debt details, you can then contact the government agency or the government approved debt consolidation companies. Find out more details about the loan and submit your application. Once your application is approved, the loan provider will issue a new loan with a secured interest rate for you. The consolidator is responsible to pay off your debt in full to all your creditors. As a borrower, your responsibility is to pay back the monthly installment in a prompt manner to your new lender according to a set of pre-determined conditions.

Seriously speaking, this government backed loan is useful for those fresh graduates who have just completed their studies and they haven't got steady income yet to pay back the loans which they have taken up.

For more information about government consolidation loans and debt consolidation loans, visit DebtConsolidationLoansAdvice.com.

Article Source: http://EzineArticles.com/?expert=Jeslyn_Jessy

Debt Advice - Consolidate Your Bills and Taking Control of Your Spending Sprees

A small session of browsing though the internet and optimum use of the search engines will give you innumerable ways to come out of debt pressure. But, you should really understand each process and be very clear with the implications of each. Unless you are confident of the inner methodology, you will never be able to make the best out of it.

However, there are few generic steps and secrets that will really help you to strengthen your proposal and get a handsome rebate. Here are some of the facts that will help you largely:

a) It is very important that you understand the intensity of the situation. Try to analyze and get a clear picture of the amount outstanding with different banks. The cream of the settlement deals is that you will be able to consolidate all your debts and get them eliminated at once.

b) Another important debt advice is that you should stop using the plastic money instantly. Never try to overshoot the stipulated amount and try to manage your expenses within the cash limit. Don't make any more purchases and use the plastic card only if the situation is unavoidable.

c) The customers generally have a very bad habit if spending without even thinking of the consequences. Try to control your nature and bring boundaries to your spending spree. Excessive use of the credit cards can really bring a wrong impression and can reflect badly in your credit report. So, always try to reduce the expenses and maintain a legible bill.

d) Any experienced person would give the debt advice to stop paying the bills and attract the creditors for a possible negotiation. Unless you display your inability to tackle with the situation, the creditors would never consider your plea for a settlement.

So, the above few smart actions can really bring a big difference to your credit profile. To make your proposal even stronger, you can also go for full cooperation with your professional agency. Try to discuss with them and find out the best way. Few right steps here can reflect in very positive way and can make your remaining journey very comfortable.

Finding legitimate debt settlement companies is not that difficult but consumers must know where to look. It would be wise to utilize a debt relief network that will qualify the companies for you and ensure that they are legitimate and have proven themselves. To locate the top performing debt settlement companies in your state check out the following link:

Free Debt Advice

Article Source: http://EzineArticles.com/?expert=Mary_Kuriakose

Is it Possible to Find a Low Interest Rate Debt Consolidation Loan For People With Bad Credit?

Nowadays, due to global financial crisis, most of the non-bank lenders are very lenient in approving their loans to people with poor credit. The same applies to those debtors who are allowed to consolidate their multiple debts into one single loan even though their credit score is poor.

To be frank, getting financial assistance is not really hard. However, the most challenging part is how to get the best deal in order to save your cost. In general, for people whose credit rating is low, the lenders usually set the following conditions:

· The interest rates offered are much higher than the regular loans

· The late fee charges are extremely high

· The term of repayment is less flexible

If you intend to obtain a bad credit debt consolidation loan, there are 3 ways you can take in order to enjoy lower interest rates.

Option No. 1: Get a secured debt

If you own fixed asset, you are advised to get yourself a secured loan by making your fixed asset as collateral. By doing so, you can negotiate with your lender to reduce the interest rate.

Option No. 2: Get a co-signer

Since your credit is bad, it is not possible for the lender to offer you lower interest rate. However, if you manage to get someone with good credit to become your co-signer, you stand a higher chance to enjoy a lower interest rate.

Option No. 3: Get government backed loan

This type of loan is quite hard to obtain because there are many limitations set by the government. This loan is aimed to help people who are really in need for certain purposes. Hence, before you apply for this type of loan, you are reminded to make sure that you fulfill the requirements.

To sum up, getting low interest debt consolidation loan is still possible even if your credit is poor. You just need to be smart in looking for the right way.

For more information about government consolidation loans and debt consolidation loans, visit DebtConsolidationLoansAdvice.com.

Article Source: http://EzineArticles.com/?expert=Jeslyn_Jessy

Unsecured Consolidation Loan - Is it For You?

Should you use an unsecured consolidation loan for debt relief? It is important to know the difference between an unsecured loan and a secured loan. The difference is simple. A secured loan is secured with collateral and when you are talking about debt that collateral is usually your home or property. An unsecured loan, sometimes called a signature loan, is loan that requires only a signature and no collateral.

An unsecured credit card debt consolidation loans puts the majority of the risk on the lender. Because the loan is not backed with collateral the lender has very little recourse if you do not make your payments. They can take you to court or put a lien on your home, but they cannot foreclose on your home like the lender of a secured loan. You are probably not going to be able to get an unsecured loan from a major lender. In this economy, they are not willing to take the chance of not getting their money back. It is difficult to get a secured loan to pay off debt without a credit score that is above average.

If you are looking for a way to consolidate your credit card debt, you may want to consider consumer credit counseling. This is an option that consolidates almost all of your unsecured debts without a loan. Student loans and tax debt are two types of debt that cannot be placed in a debt management program. You do not have to risk your home or have to worry about the high interest rates that can accompany an unsecured loan. A loan is not really the best way to manage your debt.

A debt management plan offers the following benefits:

• Eliminate collection calls

• Avoid bankruptcy

• Have only one monthly payment

• Lower your monthly payments

• Reduce interest rates

• Waive late fees

• Become debt free

Most debt management companies begin by evaluating your total debt and your capability of making payment. They will give you quote that should be equal to about 2% of the debt that you are going to place in the program. As long as you follow the plan that way it is written, you should be debt free in five years or less.

Are you tired of being in debt? Find out how consolidating credit cards can help you get out of debt. Click here to get more information on a debt management plan.

Article Source: http://EzineArticles.com/?expert=Marjorie_Salada

What is an Installment Loan and What Can it Be Used For?

Due to the financial crisis that not only United States but the world is going in recent years, lenders has had a boom and loan types have been diversified.

There are many types of loans. Whether for business, pleasure, or for personal use, knowing what type of them are available is important in making financial decisions. A common type is the installment loan.

It is a common way to get quick financing.

The main advantage of it is that it's a great way of cash advance for people with bad credit, because you have to pay small amounts of money monthly and you start paying in a long period time from the moment you get your cash.

Many people considers them as personal loans... I do not agree with this concept. It has its own presence and requirements are very different. Besides, installment loans has a whole variety of uses and types themselves.

For instance, a fixed installment loan is paid off with a number of equal periodic payments. You can decide how many payments would you like to do according to the amount you asked. Of course, the more time you need to make the repayment, the more interest you will have to pay.

The Credit card loans are open-end installment loans because they are paid off with variable monthly payments instead of fixed.

Many people think that they are the same as PayDay Loans, well, the main difference is that the installment loan is that loan which is available for repayment over a longer period of time rather than on your next payday as with a payday loan.

The way an installment loan works is fairly simple. The loan is for you, and must be repaid on a certain date. Before that date, payments may be done monthly. On the date of the loan term we will have pay the entire balance of the loan, no matter if we decided to make fixed or variable payments.

Of course, there are short and long term installment loans, but it will depend only on your needs.

The maturity of the loan term is usually three to five years. That makes it a short-term loan. On the other hand, long-term loans have high interest, but are available in the financial market as well.

With multiple definitions available for a loan, it is important to take into account all the different types. Depending on what you need and as long as you need, there may be a series of term loans you want to consider. In addition, full understanding of what is out there in terms of a term loan can help you make a good financial decision.

These loans are available to the borrower on terms in which they are able to pay them back slowly and therefore they can help with a lot of immediate an unexpected bills like hospitals, medical emergencies and car problems or towing.

The requirements to apply to them are not many, which makes installment loan an excellent solution to people with bad credit or even in bankruptcy.

So, if you have a bad credit score or no credit at all, installment loans are a great solution to repair your credit.

Installment loans online.

Article Source: http://EzineArticles.com/?expert=Robert_K._Arckwrite