Consildating debt

Moreover, your credit may improve if consolidating means you’re better able to pay your debts on time, a factor that makes up 35% of your FICO score.“The short-term hit to your credit may be worth it if it allows you to stay on top of your debt repayment plan,” says Ben Smith, a CFP and founder of Cove Financial Planning.What’s real: Interest rates on debt consolidation loans vary by lender but are lower than average rates on credit cards, starting as low as 6% for borrowers with excellent credit, or a FICO score of 720 to 850.For example, ,000 in credit card debt at an annual percentage rate of 15%, and monthly payments of 0, means your total payments would be ,800, and it would take three and a half years to pay it off.If you consolidate to a personal loan with a seven-year repayment term at 10% APR, your new monthly payment is 2, but your total payment increases to ,890.Either way, consolidation gives you some breathing room.That’s exactly why it can be dangerous, says Doug Bellfy, an accredited financial counselor and certified financial planner at Synergy Financial Planning.

The idea of reducing or eliminating debt often gets promoted with a form of debt relief called debt settlement, which typically involves hiring a debt settlement company to ask your creditors to reduce the amount you owe.But there are misconceptions about using a loan for debt consolidation, including how much it costs and how long it takes.Here are common myths about debt consolidation loans and tips on how they really work.But when she left her budding career to start her own business, she suddenly found herself unable to pay the bills.“As an entrepreneur, you tell yourself, ‘It’s okay to let this payment slide — I’ll double up on payments next month.’ But that doesn’t always happen,” she says.

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