Advice for consolidating debt
The next best thing to getting rid of loan and debt, is loan consolidation.
Remember the compound interest again, the shorter time frame you pay, the less interest rate.They basically tell the lending company, take the 20,000 dollars or never get another dollar.Most of the time, the credit company who have seen delinquencies on your account and missed payment knows when to take a good deal. Also, it takes a lot of effort and energy to continuously harass you to pay up.Most of the consolidation offers that I receive are offering close to the same rate. There is no reason to have 2 BMWs in your garage while paying credit card debt.It was not worth it for me, so I decided not to go ahead with consolidation. You want compound interest to work for you and not against you.