You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
Debt consolidation can make a lot of sense for people with a high level of debt or paying a lot of bills.
In these tough economic times many Americans are faced with significant credit card debt and are looking for help reducing their monthly payments.
Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.
The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.Check out the official government site for all the details on eligibility.If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.Continue reading below reviews National Debt Relief provides customers a professional and low stress experience as well as debt consolidation options to meet their financial goals.Whether it's debt consolidation or another debt-reducing method, National Debt Relief works hard to determine what will work best for each individual customer.Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.