Consoldating college loans

Pay attention here, because these crafty companies will stick it to you if you’re not careful.

And now the total loan amount would jump to ,103.

So, that means you shelled out ,282 , although often the terms are used interchangeably.

Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.

In other words, they haven’t established good money habits for staying out of debt and building wealth.

Deciding if it makes sense to refinance starts with this question: What are your financial goals?

Whether you want to lower your monthly payment, get a lower interest rate, shorten your term or do a cash-out refinance, our refinance calculator can help you determine if refinancing can help you meet your goals.

Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.

Think about it this way: If you owe ,000, your settlement fees would range from ,500–10,000.

Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.

And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!

The debt includes a two-year loan for ,000 at 12% and a four-year loan for ,000 at 10%.