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You consult a company that promises to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the two loans together into one. Who wouldn’t want to pay 0 less per month in payments?But here’s the downside: It will now take you 58 months to pay off the loan.
Get the facts before you consolidate your debt or work with a settlement company.You’re in deep with credit cards, student loan payments and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!
The debt includes a two-year loan for $10,000 at 12% and a four-year loan for $20,000 at 10%.