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Fighting Debt With Debt
In the corners of the Internet dedicated to the debt-free lifestyle, people will tell you that you should never borrow money under any circumstances. People who manage to do this are relying in part on good luck. Who can own a house without taking out a mortgage loan? Only people who inherited houses from relatives or have had lucrative jobs since they were young have combined their savings with cash gifts from family members. It is possible to graduate from college without student loan debt, but, except in rare instances, it is only possible if your family or your employer covers the portions of your educational expenses that scholarships from the university do not cover.
The rest of us have debt, and not just for big things like mortgages and student loans. Many of us can barely afford the minimum payments on our debts, even when we work full-time. You know you are in the belly of the beast when you keep receiving offers for loans to pay off your debt. Are debt consolidation loans a realistic solution to your debt problems, or do they just mean more debt? To find out more about whether taking out a debt consolidation loan is a feasible option for you, and whether it is a good idea, contact an Oakland lawsuits, collections, and creditor harassment lawyer.
Borrowing Money to Pay Off Your Current Debts Can Help You Save Money on Interest
At first glance, taking on new debts to pay off old debts sounds like a desperate way to buy time, as though you are only kicking the problem down the road. Debt consolidation loans are specifically designed to help you get out of debt, though. They are personal loans, usually unsecured, with low interest rates. When you use a debt consolidation loan to pay off credit card debt or a car loan, though, you end up with about the same debt balance as before you borrowed the loan, but at a lower interest rate. This means that you will pay less interest by the time the loan is repaid in full, and if you pay the same amount per month as you used to pay on your old debts, you will pay it off sooner.
Getting a Debt Consolidation Loan is Not as Easy as it Looks
The only problem is that you must qualify for a debt consolidation loan; it is another situation where the rich get richer. The better your credit score is, the lower the interest rates you can get, and the bigger the amounts that banks are willing to lend you. If you cannot get a debt consolidation loan that will benefit you, your other options are to just keep paying down your debts, paying more than the minimum payment if possible, or to settle your debts with the creditors or file for bankruptcy protection.
Contact the Law Office of Melanie Tavare About Consolidating Your Debt
A debt relief lawyer can help you if you are considering applying for a debt consolidation loan. Contact the Law Office of Melanie Tavare in Oakland, California, or call (510)255-4646 for a case evaluation.
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
Sandhya.
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
Carrie.
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
Marwin.
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."