Consolidating debt with bad credit
Ever feel like you are juggling too many payments with too many due dates?
With In Charge’s debt management plan, you can schedule the exact day of the month that your single debit pays all of your debts.
As a new teacher, Anne signed up for 2 more credit cards at her favorite clothing stores to pay for a professional wardrobe, accumulating 00 more in debt.
Over the next few years, Anne experienced a number of financial set-backs.
The interest rate on debt consolidation loans depends on your credit score, but if your score was above 640, you could get a loan for as low as 7%. That’s .00 per year for every 0 you carry in debt. Here’s a scenario to help you better understand traditional debt consolidation.
Secured debts such as homes, property and automobiles can be refinanced, but are not considered good candidates for debt consolidation because you are placing a valuable asset at risk. If you have ,000 in debt, you’d be paying 50 each year to hold that debt. If you carry that same debt for 5 years, you’ve paid ,250 to borrow ,000. After you’ve read that, we’ll tell you how In Charge’s non profit debt consolidation alternative can capture all the benefits of traditional debt consolidation without the risks.
She opened another credit card to help pay for a major car repair (00) and another to cover expenses when her roommate moved out with no notice (00). As a teacher, she thought she had job security, but her state had a budget crisis and teachers with little seniority were the first to go.
She was unemployed for one year and then re-hired the following year.
” When she looked into a traditional debt consolidation program, Anne faced a number of problems.In Charge credit counselors work with your creditors and get you a single, predictable monthly payment that you can afford.You choose the day of the month that works best for you based on your personal budget and payroll schedule.A debt consolidation loan could help you get debt-free faster, save hundreds of pounds on interest, and take control with one simple monthly repayment.Find out if we can help: just choose your loan and check your rates in 3 minutes.