When you’re out on your own, you start to see how expensive life can be. After you get married, it gets even tougher. You’re paying for a house, a car, a wife, kids, bills, and more. It almost seems like we will always be owing money to someone or to some company. The sad but honest truth is that most of us will always been in debt.
Even though a major financial goal for most of us is to get out of debt, there will be times when we end up way over our heads. Credit card debt or other high interest debt can take over, putting us in a place where we can’t survive. For those of you that are in this situation, there is help. Sometimes a guaranteed personal loan can get your interest payments under control.
Just a few short years ago, it was hard to access the type of loan that can help with high interest debt. After the conception of the internet, guaranteed loans became more available and are being used for debt consolidation and other purposes. There are literally thousands of different loans out there that can help with this.
If you start to look for guaranteed loans or for other types of loans that can help with debt, you will find literally thousands of articles. Before you go too far, you will want to make a list of companies that you can trust. You definitely don’t want to choose a company that no one has heard of. Using a bigger company is usually a good idea. You will also want to shop around for a good interest rate.
Let’s take a look at an example to show the importance of find the lowest rate possible. Let’s say that you take an $80,000 loan to restructure your credit card debt. Over the first year, you would be paying about $6,400 in interest at 8%. At 10%, you would be looking at $8,000 in interest, an increase of about $150 per month. When looking at interest, it’s obviously better to find a lower rate.
Make sure that when you start looking for a loan, you are mentally prepared to stand up to the loan officer. He will probably try to push you towards getting the loan while you’re talking to him.
Tell the officer that you have every intention of using him – if he is the best deal for you. Explain that you are a shopper and that he will have to provide the best loan if he wants your business. Tell him that you are going to look at five or so other lending institutions before you make your final decision. Once you have your loan, you can enjoy a fresh start with lower interest payments. Make sure to control your high interest debt to prevent getting into the same bind again.
Author: Dave DavisThis author has published 8 articles so far.