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July 05, 2011

Loan Consolidation

Loan consolidation is a strategy that can be used to eliminate high interest loans. The process involves taking out a new loan to pay off outstanding debts. Therefore, debtors must have sufficient credit scores to obtain financing.

While loan consolidation may seem like a good idea, it's important to calculate the true costs before submitting a loan application. This is especially crucial when taking out a home equity loan which requires using real estate as collateral.

Real Estate Investing article on "Loan Consolidation "

June 05, 2011

Loan Consolidation

Many Americans consider loan consolidation to pay off credit cards and high interest unsecured loans. This strategy requires debtors to transfer outstanding debts into a new loan or credit card account with lower rates of interest.

The problem with loan consolidation is that it is often a temporary fix to a much larger problem. When debts become so excessive that people consider taking out a home equity loan it is smarter to look at the circumstances that caused financial overload.

Financial expert, Dave Ramsey does not recommend entering into loan consolidation. He provides examples of how consolidating debts into lower interest home equity loans actually costs more money in the long run. Not to mention, home equity loans place real estate at risk for foreclosure.

Real Estate Investing article on "Loan Consolidation "