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Loan consolidation (debt consolidation) including the hugely popular student loan consolidation services

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Loan consolidation ideas for you

So,your next-door neighbour has proudly informed you about his latest loan consolidation for his home loan and his automobile loan,saving him tens of thousands of dollars and you sheepishly told him that loan consolidation is a great idea, without knowing what the term 'loan consolidation' meant.

Loan consolidation essentially refers to consolidation of a set of loans or credit card debt into a single loan. Specialized loan consolidation companies offer loan consolidation services. The advantages of loan consolidation(sometimes referred to as debt consolidation) are

bulletSimplify your loan payment by having a single loan instead of multiple credit card and student loans  
bulletPossibly pay a lower rate of interest than what you currently pay to credit card companies 

What to watch out for when going in for loan consolidation (also called debt consolidation) 

bulletAn admin fee is usually levied by loan consolidation companies for the loan consolidation services provided.
bulletAlso,it pays to read the fine print when taking up loan consolidation, be especially careful if the loan consolidation companies promise zero percent interest or any such outrageouly marketed  loan consolidation schemes. 
 

 

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Last modified: August 31, 2005