Debt Consolidation: What Do I Need to Know?

March 3, 2019

Managing debt is a tricky thing. Every now and again, we might find ourselves overwhelmed with the amount of debt that we have accumulated.

This is where debt consolidation might be one of your best options. MaxCash is here today to tell you everything that you need to know regarding debt consolidation.

What is Debt Consolidation and How Does it Work?

Debt consolidation is a special kind of loan that has been designed to help people who currently have multiple debts. Having different loans can make it hard to keep track of how much is due and when it is due.

Debt consolidation works by combining a borrower’s debts into one easy, manageable debt. The consolidating lender pays off all the current debts you may have, after which you will only have one lender to pay back—the company that gave you the debt consolidation.

This makes it easier to manage your debt because you do not have to make sure each individual debt you owe is paid each month. Furthermore, you only have one monthly loan payment to worry about and it may have a much more manageable interest rate. Debt consolidation can make it easier to pay off debt efficiently and quickly.

When Debt Consolidation is a Smart Choice for You

If you are wondering whether or not you should consider consolidating your debt, there are a few different situations in which doing so would be beneficial.

Such situations include (but are not limited to):

  • The amount of money in your cash flow would cover the payments that you would be making toward your debt if the debt was consolidated.
  • The amount of your total debt does not exceed half of your current total income.
  • You have a solid, clear-cut plan to keep yourself from getting into even more debt.
  • Your credit score is considered fair (over 630)

When to Not Consolidate Your Debt

Although there are several good reasons for you to consolidate your debts, consolidation is not the ultimate solution. There are some problems that need to be addressed before going through with debt consolidation.

Overwhelming Debt

If the amount of debt you have is high enough, be prepared to make a slightly higher monthly payment. Debt consolidation makes it so that you only have one loan payment to worry about each month. But if your debt is high, be prepared to make that monthly payment on time by reserving funds each month.

Small Debt

When the amount of debt that you have is small, you may be used to making several smaller loan payments. But with debt consolidation, you may have a slightly higher monthly payment due to the collection of all your debt.

Uncontrolled Spending Habits

If the reason that you happen to be in serious financial trouble presently is that your spending habits have not been kept in check, try to work on your budget. Debt consolidation is great in helping you manage current debt, but if the issue of overspending is not dealt with, you may face trouble financial again in the future.

Consolidate Your Debt with MaxCash!

If it seems like consolidating your debt at the present moment would be the best option for you, look no further than MaxCash!

MaxCash has been in business for decades, and their financial knowledge has helped people take back control of their finances. MaxCash helps people manage their debt through debt consolidation and financial education. We think it is important to provide free financial information, that’s why our blog has several articles on various financial topics.

By using MaxCash for your debt consolidation and financial coaching needs, you could be matched with a compatible financial lender that provides personalized help.

Convenience and satisfaction for all our customers is top priority at MaxCash. We have made it easier and more convenient for you to get in touch with us.

Such convenient and easy methods include:

  • Calling us on our toll-free number at (833) 207-9052
  • Emailing us at info@maxcash.com
  • Coming down to our physical office at 1270 E. Broadway Rd., Suite 208, Tempe, AZ 85282

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

© 2020 Tradition Media Group, LLC MaxCash. All Rights Reserved.