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Credit card minimum payments are so low that it can take a number of decades to pay off a credit card balance, and that’s only if you stopped using the card while making the payments.
Consolidation loans cannot be paid off over a long period of time unless they are secured by your home (this would be called a second mortgage).
So what if you don’t have anything to offer as collateral?
Many people resort to using a credit card to pay off other debts at 20% interest.
If your income can’t handle that kind of a payment, you could be declined a consolidation loan.
But if you’re trying to reduce debt, odds are these routes won’t get you ahead very quickly since a large portion of your debt payment will go straight to the interest, and barely any to the principle.If the new loan puts you over 40%, then you will have to consider applying for smaller loan or no loan at all.If you have been declined for a debt consolidation loan or if you are wondering what someone would do if they are If you have some questions about your situation or want to know what options might be available for someone with your specific set of circumstances, feel free to give us a call or chat with us online. When someone is declined for a debt consolidation loan, they often look for other options to see what else they can do to get a loan.Follow along to learn more about these factors and find the debt consolidation loan that best meets your financial needs.The personal loan from Marcus by Goldman Sachs is our top choice due to a combination of competitive interest rates and no fees.