Process consolidating financial statements
This works out to 36.88 being paid in interest alone.If the same individual were to consolidate those credit cards into a lower-interest loan at an 11% annual rate compounded monthly, he or she would need to pay 2.16 a month for 24 months to bring the balance to zero.Individuals usually work with a debt-relief organization or credit-counseling service.
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Secured loans are backed by an asset of the borrower’s, such as a house or a car, that works as collateral for the loan.
More traditional, unsecured debt consolidation loans, which are not backed by assets, can be more difficult to obtain.
These loans are usually offered by financial institutions, such as banks and credit unions; there are also specialized debt-consolidation service companies.
There are two broad types of debt consolidation loans: secured and unsecured.
There are also several consolidation options available from the federal government for those with student loans.