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Debt Consolidation USA Counsels Readers About What to Do When Their Debt Consolidation Loan Is Declined
  • USA - English


News provided by

Debt Consolidation USA

Aug 04, 2013, 03:00 ET

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DebtConsolidationUSA.com
DebtConsolidationUSA.com

Miami, FL (PRWEB) August 04, 2013 -- The leading online resource for debt relief information published an article entitled "What To Do When Your Debt Consolidation Loan Is Denied." It provides consumers with instructions and tips to help them recover from this obstacle in their quest for debt relief.

Sometimes the loan disapproval is caused by a wrong information on the consumer’s credit report.

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Debt Consolidation USA encourages consumers keep panic at bay and just ask the lender why they were declined. According to the article, sometimes the loan disapproval is caused by a wrong information on the consumer’s credit report. There are also other factors that could have led to the decline of the loan application.

1. Low income. This is important for lenders because they want borrowers to have enough funds to pay off their debts. The consumer is advised to try and negotiate with the lender for the loan amount that their income can afford borrow. Then the consumer must do the math to see if it is enough to help them with their debts.
2. High debt amount. If the borrower has a lot of debt amount, this can also be a problem. But if the consumer informs the lender that they will use the loan to pay off their other debts, this might make them change their mind.
3. Low credit score. Lenders like a high credit score because it implies that the borrower is good with their debt payments. Debt Consolidation USA advises that if the problem is the credit score, the consumer might want to fix it.

The article also explains that there are two other options to get out of debt without using a loan and that is through debt management and balance transfer.

The article explains that debt management involves getting a credit counselor to help the consumer with their debts. The latter will reveal their financial difficulties and divulge information like their income, expenses and debts. All of these will be analyzed by the counselor to help determine if debt management is the right option. If it is, both of them will create a debt management plan that will contain the proposal of the consumer for a low monthly contribution. The article further discusses that this is possible because the counselor will calculate the current balance over a longer payment period. This will be sent to the creditors for approval. When they agree, the consumer will make a single monthly payment to the counselor. The latter, in turn, will send it to the various creditors. This service requires the consumer to pay a maximum of $50 every month.

The other option involves balance transfer that involves a new credit card account that offers a zero interest promo period. This usually run between 6 and 18 months. The consumer will have to pay a transfer fee - usually 3% of the amount shifted from the old accounts. The article advises consumers to take advantage of the promo period because any payment made within this timeframe will be deducted from the principal debt. Once this promo is over, the remaining balance will be imposed with the usual high interest rate of credit cards. This is why the article wants the consumer to pay significant amounts on the debt while the promo is still in effect.

To read the whole article, visit Debt Consolidation USA or call 1(877) 610-6990 for more debt relief information.

Adam Tijerina, Debt Consolidation USA, http://www.debtconsolidationusa.com, 1-877-610-6990, [email protected]

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