Consolidating all your debt into one monthly bill may seem like a great way to take control of your debt, but at Inland we urge you to be very careful. There is a very high chance that you could end up in even deeper debt!
Like many things in life, Debt Consolidation Loans have a catch. At Inland we have found many clients who have ended up with a larger debt due to the high APR’s (Adjusted Periodic Rate) of Debt Consolidation Loans. If you have found yourself in a similar situation, do not worry; we have helped hundreds of people just like you.
Here are a couple things to take note of if you are thinking of a Debt Consolidation Loan. When a lender loans money to pay off all your credit cards and other debt, you have one monthly bill which is paid to the lender.
Often these loans do not have a lower APR, and can be as high as APR’s of 24%. Even if you do get a decent APR, you are still in debt. The big mistake which we have seen at Inland is people giving up unsecured debt for secured debt.
Most Debt Consolidation Loans are given in the form of home equity loans; which means if you do not pay you lose your home. We understand that Debt can be a stressful time for many people. Do you really need to add the stress of possibly losing your home with unsecured debt?