Consolidating loans pros and cons

Failing that you could maybe borrow from your retirement account.

If you have a 401(k) and borrow from it you will have to pay interest on the money but you will be paying interest to yourself.

How to know if consolidation loans make sense Before you rush off to your bank or credit union for a debt consolidation loan there are some things you need to know in order to understand whether it makes sense.If you were to transfer the balances on those three cards to a new one with an interest rate of 15% or get a debt consolidation bank loan at 10% and use it to pay off your credit cards, you would definitely improve your situation.A second factor is to make sure you would reduce the total amount of money you have to pay on your debt each month.These loans are often called signature loans, as all you need to do is sign for it. Unsecured loans are better in that they don’t put any of your assets at risk but generally come with higher interest rates.Secured loans generally have lower interest rates but if you were to default your lender could literally repossess your house and leave you out on the street.

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