Frugal Tips

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Archive for May, 2013

Professional Debt Management

May-14-2013 By Frugal 101

Free debt consolidation means converting number of unsecured loans into an unsecured loan or secured loan backed by an asset, that acts as collateral. In case of non-payment of loan, the lender can sell the asset and get back the amount given as the loan, and since, the risk of lender is less in case of secured loan, the interest rate of secured loan is lesser than unsecured loan. Many companies act as debt consolidator and discount the amount of loan. One can consolidate all the monthly debts into single reduced monthly payment. Even in case of bankruptcy, the free debt consolidation can be used where the debt consolidator will buy the loan at discount but decision of consolidation should be weighed properly since consolidation can affect the ability of debtor to discharge debt.

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