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The Finance Directory Blog

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Debt Consolidation Loans Directory

With the many lines of finance currently available on the market it can be easy to obtain loans and credit from a range of sources. Because these are taken from different lenders the interest rates from each can be fairly high. These can soon mount up and many people find themselves struggling to pay off the interest and initial capital.

One of the solutions for this is to take out Debt Consolidation loans. A debt consolidation loan is basically a single line of finance which the borrower uses to pay off their multiple lines of credit. By having this single loan from one lender the finance is more manageable – you do not have to track and remember lots of different payments. The main advantage for debt consolidation loans over multiple lines of finance however, is that of the interest rate. The single loan will have a lower rate of interest than separate loans, and so will save you money, making the initial amount easier to pay off.

Here is an example:

Joseph has a credit card balance of one thousand pounds, at an interest rate of fifteen percent. He also has two loans, each for two thousand pounds and charged and eleven percent. In total he pays annual interest of five hundred and ninety pounds or around fifty pounds interest alone per month.

Now Joseph takes out a debt consolidation loan of five thousand pounds. This is charged at eight percent interest and covers all the other finances. Joseph now pays four hundred pounds of interest per annum. He therefore saves one hundred and ninety pounds in interest each year. This makes the debt easier to pay off.

 
Insurance  
This category covers them all buildings & contents, mortgage protection, life, car, travel or even pet. Compare quotes online.


Credit Cards  
With lots of companies offering interest free on balance transfer it makes great sense and it's so easy to apply online.


  Banking  
With so many banks now online have you got the most convenient bank and highest rate of interest. Find out who's offering what at the click of a button.

 

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