Truman Advisors can help you with debt consolidation | Reviewz & Newz

Truman Advisors can help you with debt consolidation

What is debt consolidation?  This is where you get a loan to pay off all your debts, loans, medical bills, and othe bills. like credit cards.  Instaed of making monthly payments to each individual company, you pay them all off with the debt consolidation loan and then pay the lender of the debt consolidation loan one payment. You want to get a loan that has a lower interest rate than you are paying on all your debt.  This lowers your total monthly payment.

More often than not we sometimes overextend ourselves when it comes to our credit.   A debt consolidation may be the answer to help you. Instead of making monthly payments for our car, credit cards, medical bills, we make ONE payment to the debt consolidator.

You can easy find a debt consolidation loan.  The first place to ask is at your bank.  You need to know all of your debts, I mean the exact amount.  If your bank will not do the loan, there are many compnaies that specialize in debt consolidation loans.

How Debt Consolidation Works

For example, say an individual with two credit cards, a personal loan, and medical bills with a total of $20,000 owing at a 22.99% annual rate compounded monthly needs to pay $1,047.37 a month for 24 months to bring the balances to zero. This works out to $5,136.88 being paid in interest alone over time. If the same individual were to consolidate those credit cards into a lower-interest loan at an 11% annual rate compounded monthly, he or she would need to pay $932.16 a month for 24 months to bring the balance to zero. This works out to $2,371.84 being paid in interest. The monthly savings is $115.21, and over the life of the loan the amount of savings is $2,765.04.
Read that again.  You can save $115 a month with a debt consolidation loan. That can help you get back on your feet and not ruin your credit.
Of course, borrowers must have the income and credit worthiness necessary to qualify with a new lender, which can offer them at a lower rate. Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.
Truman Advisors
There are many routes to take when finding a lender who will work with you. Like I said above, start with your bank. There are many lenders who specialize in debt consolidation loans. You must be prepared with all of your documentation whether doing it in person or online. You want the quickest possible solution to your debt crisis and of course, you want the lower monthly payments. I see that Freedom Debt Relief offers laons up to 300K for debt consolidation and a free consultation. On may sites you can find a debt consolidation calculator, so you can input your info to see what your payments might be.
Lower payments
In the end, you want to lower your payments. So, make sure you choose a company or lender that aligns with what you want your outcome to be!

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