The phone calls are not going to stop, and they won't. You've had enough and decided it's time to do something about it. Here are some tips on how to get a low-interest consolidation loan so you don't have to worry about having too much debt.
Some people might find it hard to get a low-interest debt consolidation loan because you are borrowing money from one place to pay back money from another place. Even though this is technically true, the benefits of this solution should be enough to convince you that it is a great way to get your peace of mind back.
The fact that this loan has low interest is a big reason why it's a good idea. When you pay off your monthly revolving debt, you pay finance charges of at least 11–14% on that debt. For people who haven't always paid their bills on time, that interest rate can go as high as 24 or 25%, if not higher. At that rate, it's very unlikely that you'll ever be able to pay down your bills to a level that you can handle. If you only pay the minimum each month, you don't do anything to the amount you owe in the first place. This is just with one credit card. Those numbers can double, triple, and so on if there are more.
With a low-interest debt consolidation loan, you can combine all the amounts you owe on your revolving lines of credit into one loan. So, each month, you will only have to pay interest on one amount. With low interest debt consolidation loans, the interest charged each month will be less. This is because the interest rates are lower. This will make your monthly budget less stressful and may even free up some money for other bills.
The phone calls will stop and your credit report will begin the process of repair. Make sure to keep an eye on your credit report, since these agencies can be slow to tell you when your credit has changed. Your credit score won't go down if you get out of debt, and you could be financially free very soon. The low-interest debt consolidation loan is no longer an option. Instead, it is a solution to the problem of having too much debt, which has been going on for a long time.
