You can scour the Internet and read ad nauseum about the benefits of debt consolidation loans but sometimes it is more effective to provide an example
Let’s say you have three credit cards each with a $7,500 balance and a 22.99% annual rate compounded monthly. You would need to pay $1,178 a month for 24 months to bring the balances to zero. This works out to $5,779 in interest alone.
Now let’s say you decide to consolidate those credit card into a lower-interest loan at an 11% annual rate compounded monthly. You would need to pay $1,049 a month for 24 months to bring the balances to zero. In this example a debt consolidation loan could save you $129 each month, or $3,096 over the life of the loan.
2 Year Debt Consolidation Loan
| Loan Details | Credit Cards (3) | Consolidating |
| Interest % | 22.99% | 11% |
| Payments | $1,178 | $1,049 |
| Term | 24 months | 24 months |
| Bills Paid/Month | 3 | 1 |
| Principal | $22,500 | $22,500 |
| Interest | $5,779 | $2,668 |
| Total | $28,279 | $25,168 |
Perhaps paying $1,049 is too high for your liking. Most debt consolidation loans are between 2 and five years. After reading the pros and cons of debt consolidation loans, if your goal is to lower your monthly payment as well consider a 3 year term and lower your monthly payment from $871 to $737, a monthly savings of $134 each month or $4,824 over the life of the loan.
3 Year Debt Consolidation Loan
| Loan Details | Credit Cards (3) | Consolidating |
| Interest % | 22.99% | 11% |
| Payments | $871 | $737 |
| Term | 36 months | 36 months |
| Bills Paid/Month | 3 | 1 |
| Principal | $22,500 | $22,500 |
| Interest | $8,851 | $4,018 |
| Total | $31,351 | $26,518 |
A Small Leader in Business Lending
CapitalFront was launched with a simple premise – create an easy, accessible and rapid process for small and mid-size businesses to fund their growth. CapitalFront strives to bring a wide array of financial products, including merchant cash advance, receivable financing, factoring, SBA lending and fixed rate term solutions, to independent business owners nationwide. Call today or fill out our online application.
40 Comments
16210 483926Im often to blogging and i in actual fact respect your content material. The piece has truly peaks my interest. Im going to bookmark your content material and preserve checking for brand new details. 901910
Skype has established its website-dependent buyer
beta on the world, following establishing it extensively in the U.S.
and U.K. previously this month. Skype for Website also now can handle Chromebook and Linux for immediate messaging communication (no video
and voice but, individuals require a connect-in installing).
The expansion in the beta adds help for a longer list of
languages to aid bolster that worldwide functionality
My relatives always say that I am killing my time herre at web, except I know I am getting familiarity every dayy by reading such
good articles or reviews.
This site was… how do I say it? Relevant!! Finally I have found something which helped me.
Appreciatee it!
سایتتون عالیه به سایت ما هم
سر بزنید too many thanks
ممنون این مطلبون هم عالی بود
If you will select such type of services, many times very less
variety of banks in it. If your loan request gets circulated to a single of those individuals it
could possibly cause damage to you in more compared to a few ways.
Most likely the simplest way is to lean on the Internet think of a
basic guideline to get the interest levels you imagine be perfect for your needs
and situation.
Skype has established its website-centered buyer beta on the entire world, following establishing it generally in the U.S.
and U.K. previously this 30 days. Skype for Website also
now works with Linux and Chromebook for immediate messaging communication (no
video and voice nevertheless, all those need a plug-in installment).
The expansion of your beta provides assist for a longer set of languages
to help you bolster that global functionality
Howdy! This is kind of off topic but I need some advice from an established blog.
Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty quick.
I’m thinking about setting up my own but I’m not sure where to begin. Do you have
any ideas or suggestions? Many thanks
great article
家
点击这里
n2people.nl
fepeuropeanconsultancy.com
Astonishingly individual pleasant website. Astounding details available on couple of clicks on.|
You’ve the most effective web sites.|
Great internet site! It looks very expert! Sustain the excellent work!|
Thanks a ton! It is definitely an astonishing site.|
Fantastic website you’ve gotten going here.|
I love the info on your website. Thank you so much!|
Passion the site– very individual pleasant and lots to see!|
Really informative look forward to coming back again.|
I love this website – its so usefull and helpfull.|
}
The information is quite unique.|
Many thanks, this website is very beneficial.|
You have the best web sites.|
Very good webpage you’ve right here.|
Thanks a lot, A lot of data.
Thanks a lot. Ample posts.
{
Regards, I value it.|
Kudos, I value it!|
You suggested that well!|
Cheers. Fantastic information!|
Thanks a lot. I like it.|
Good data, Thank you.|
Info effectively considered!!|
Wow a lot of good data.|