Is debt consolidation a good reason to borrow money?

If you are ready to eliminate debt and earn enough to afford the new loan payment, debt consolidation could reduce the time it takes to repay existing balances and save money on interest.

How do I know if I should take out a debt consolidation loan?

Begin by evaluating your current debt and spending levels. For debt consolidation to work, youmust be able to live within your means while repaying the loan. If you do not earn enough and control overspending, a loan could worsen your financial problem.

What are the risks of a debt consolidation loan?

As with any debt, there is the risk of default. You also risk adding new debt to paid-off accounts if spending is not under control. A debt consolidation loan could be an excellent way to eliminate debt if you earn enough to make the new payment and do not add new debt to paid off accounts.

February 2022

25 Feb

When are Debt Consolidation Loans a Good Idea

Posted Under: Blog , Debt Consolidation

Personal debt consolidation loans roll multiple accounts into a single loan. The new loan can simplify and expedite the debt...

20 Feb

What Are the Benefits of Consolidating Debt

Posted Under: Blog , Debt Consolidation

Credit card debt is one of the most problem a tic bills to eliminate. Companies charge exorbitant rates and then...

15 Feb

How to Save Money Through a Debt Consolidation loan?

Posted Under: Blog , Debt Consolidation , Financial Education

Too much debt strains your finances and can impact other areas of your life. You might worry about the size...

10 Feb

How Does Debt Consolidation Impact Your Credit

Posted Under: Blog , Debt Consolidation , Financial Education

The importance of credit can impact decisions as you seek ways to eliminate debt. While high debt balances negatively affect...

05 Feb

How Do Debt Consolidation Loans Work?

Posted Under: Blog , Debt Consolidation

Are you consistently making monthly payments on a mountain of debt, only to realize the balances aren't going down significantly?...

REPRESENTATIVE EXAMPLE OF APR

For example, a $30,000 loan with a 4.99% APR over 5 years (60 months) would result in a monthly payment of $566, with total interest paid amounting to $3,959.97. This could save you thousands in interest compared to higher-rate debt.

ANNUAL PERCENTAGE RATE (APR)

Annual Percentage Rate (APR) represents the annualized interest rate you are charged for borrowing. It is the combination of the nominal interest rate and some additional costs such as fees involved when incurring debt. Our lender offers APRs for personal loans, cash advance loans, installment loans and debt consolidation loans from 4.99% to 35.99%. Since New Start Capital does not directly issue loans, we cannot deliver any specifics or guarantee the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request. For more information regarding the APR contact your lender.