Consolidating credit lines

By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.

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Getting an unsecured personal loan, with no collateral attached, means you’re not putting specific assets such as a car our house at risk..

A personal loan is repaid at a fixed interest rate over a fixed period of time.

This is usually due to lines of credit being of greater risk to the lender than a credit card.

However, the advantages of having a personal line of credit — including flexibility and a relatively easy application process — could prove worth it, depending on your borrowing needs.

A line of credit has built-in flexibility, which is its main advantage.

Borrowers can request a certain amount, but they do not have to use it all.

Personal loans and personal lines of credit can be viable options as well.

A personal loan is a fixed amount that’s distributed in a lump sum, usually to take care of a one-time payment.

For example, they can repay the entire outstanding balance at once or just make the minimum monthly payments. This arrangement allows borrowers to spend the money, repay it and spend it again in a virtually never-ending, revolving cycle.

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