To consolidating debt

Even if the monthly payment stays the same, you can still come out ahead by streamlining your loans.Say that you have three credit cards that charge a 28% APR; they are maxed out at ,000 each and you're spending 0 a month on each card's minimum payment.Debt consolidation loan interest payments are often tax-deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.If you were to pay off each credit card separately, you would be spending 0 per month for 28 months and you would end up paying a total of around ,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same 0 a month, you'll pay roughly one-third of the interest (

Even if the monthly payment stays the same, you can still come out ahead by streamlining your loans.Say that you have three credit cards that charge a 28% APR; they are maxed out at $5,000 each and you're spending $250 a month on each card's minimum payment.Debt consolidation loan interest payments are often tax-deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D' Amore Mc Kim School of Business at Northeastern University."But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If not, you should start by paying off your highest-interest debt first.

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Even if the monthly payment stays the same, you can still come out ahead by streamlining your loans.

Say that you have three credit cards that charge a 28% APR; they are maxed out at $5,000 each and you're spending $250 a month on each card's minimum payment.

Debt consolidation loan interest payments are often tax-deductible when home equity is involved.

A consolidation loan may also be kind to your credit score down the road.

If you were to pay off each credit card separately, you would be spending $750 per month for 28 months and you would end up paying a total of around $5,441.73 in interest.

However, if you transfer the balances of those three cards into one consolidated loan at a more reasonable 12% interest rate and you continue to repay the loan with the same $750 a month, you'll pay roughly one-third of the interest ($1,820.22), and you will be able to retire your loan five months earlier.

“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D' Amore Mc Kim School of Business at Northeastern University.

,820.22), and you will be able to retire your loan five months earlier.“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D' Amore Mc Kim School of Business at Northeastern University."But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If not, you should start by paying off your highest-interest debt first.

However, there are specific instruments called debt consolidation loans, offered by creditors as part of a payment plan to borrowers who have difficulty in managing the number or size of their outstanding debts.However, if you have a lower-interest loan that is causing you more emotional and mental stress than the higher-interest ones (such a personal loan that has strained family relations), you may want to start with that one instead.Your monthly payment and interest rate might be lower, thanks to the new loan.Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step.

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