What is refinance loan debt consolidation?

Refinance loan debt consolidation is a debt management plan that helps you bundle your debts into one, low monthly payment. Debt consolidation companies usually have preset agreements on interest rates with most major creditors. These negotiated rates are much lower than what the creditors offer to the general public. When you sign up for refinance loan debt consolidation, the consolidation company passes these low rates onto you to reduce your monthly payments.

How do I apply for refinance loan debt consolidation?

You can apply for refinance loan debt consolidation by filling out our free online application. The application is very brief and will take you only a few minutes to fill out. In return, we will supply you with a free quote on refinance loan debt consolidation. If you would like to sign up for refinance loan debt consolidation after seeing our quote, you may do so online.

How much does refinance loan debt consolidation cost?

Refinance loan debt consolidation companies usually charge a one-time commission in addition to a monthly service or administrative fee. The one-time commission is usually the amount of your new monthly payment. For example, if the company reduced your monthly payment from $350 to $200, your first monthly payment would be $400 ($200 in payments, $200 in commission). After the first month, you would pay only pay $200 per month. The monthly administrative fee is usually around $30/month and will be either a flat fee or a percentage of your monthly payment.

Will refinance loan debt consolidation hurt my credit?

No, refinance loan debt consolidation will not have a negative impact on your credit. In fact, because it lowers your debt-to-capacity ratio, it will help your credit score, in most cases. Remember that consolidation can also help protect your credit by preventing late payments. When you sign up for consolidation, you make one low monthly payment to the consolidation service that will then divvy the payment up among your creditors. This ensures your bills are always paid on time.

What if I don't meet the criteria for refinance loan debt consolidation?

If you don't meet the requirements for debt consolidation, that doesn't mean you wouldn't be a good candidate for another one of our programs. For example, if you have over $20,000 in debt and/or are seriously delinquent on your payments, debt negotiation might be a better option for you. You can apply for either service with our free online application. Make sure to check out the various types of debt.

Should I declare bankruptcy?

Always give refinance loan debt consolidation a chance before you declare bankruptcy. Whereas debt consolidation can improve your credit, bankruptcy can destroy it. Bankruptcy will remain on your credit report for ten years.