If you have credit card debt through multiple lenders, and you’re starting to feel overwhelmed with the interest rates and payments, debt consolidation could be right for you. This will give you one payment instead of many, and will often lower your interest rate, as well. Additionally, you’ll have a fixed term for the loan, so you’ll know when your debt will be paid. That can give you an incentive to work on paying it off, because there’s an end point you can focus on.
Consider Your Level of Debt
How much debt you have matters when you’re trying to decide whether to consolidate or not. Higher levels of debt can make consolidation more important but also more difficult. You could be seen as a higher risk if you already carry a high debt load. In a lot of cases, though, people with a lot of high-interest debt are the ones most in need of debt consolidation, because they’re trying to get a handle on that debt and find ways to reduce their costs so they can pay it off.
Look at Your Interest Rates
The interest rate is among the most important aspects of any loan you get from Symple Lending or another debt consolidation lender. You want to get a rate that’s significantly less than the one you have on your current debt, so you can make some progress in paying it off. Otherwise, you’re just moving it from one place to another, with all the fees associated with the loan, and not getting a break on what you’ll actually pay over time.
Think About the Number of Payments
Corporations in the same category as Symple Lending all have set terms and payments, so you’ll be able to see how much your payment will be and how many payments you’ll need to make. That’s very valuable, since it can give you the opportunity to see when you’ll be out of debt. Even if your loan is for several years, it’s still an important ending point to the debt you’re currently carrying. That can give you hope for the future and a chance to be debt free.
Compare Your Loan Options
Comparing loan options matters, since you need to know you’re getting something that’s providing you with enough value. One company may offer you better terms than another one, so there’s nothing wrong with comparison shopping. Just remember that lenders pull your credit, so do all your shopping for a consolidation loan within a short time frame, to reduce the impact on your credit score.