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The key element to getting out of debt is to understand debt management (aka having a plan).
While it is generally true that there can be “good” debt and “bad” debt, Carpe’s approach to debt management is to first achieve the lowest possible interest rate before deciding which falls into which category.
The challenge is that when you need a consolidation loan it can be hard to get one. Because lenders will take into account your current debt, which is, of course, the reason you need one of these loans!
Lenders may consider your debt in a couple of ways: Debt to Available Credit: A prospective lender will no doubt request a credit score and the debt you carry is one of the main factors used in calculating credit scores.
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And remember, loans for lowering debt payments are not just bad credit loans as many people might relate them to be – but rather are personal unsecured loans to help all credit types consolidate debt and simplify their financial situation.
Her straining pocketbook held the financial equivalent of a Baskin Robbins — it looked like she had an entire 31-flavor buffet of credit cards.
Though this woman may be an extreme example, most of us do tend to have a variety of credit lines at any given time — usually a combination of installment loans (mortgages, student loans, auto loans, etc.) and credit cards.
Loan applicants will need a credit score in the mid-600s or higher for easy approval and low rates.
With a credit score below that, it will take some work to find loans for which you qualify.
The new loan is a chance to lower monthly payments or find a cheaper interest rate.