Borrow From Your Peers or your Family
High-interest credit-card balances, crushing mortgage payments, student loans, car payments: if you feel like you're barely holding your nose above water at the end of the month, it may be time to consider debt consolidation.
The idea: take out one low-interest loan to repay all those high-interest debts and breathe easier knowing you've got just one - and more affordable - payment to budget for each month.
That's easier said than done these days, with lenders tightening the belt even for their most creditworthy candidates-but it's certainly not impossible. Here is an options:
Borrow From Your Peers or your Family
When banks started tightening their lending standards during the credit crunch, peer-to-peer lending gained traction with consumers. Borrowers who couldn't find loans elsewhere headed to web sites like One2One Lending to seek loans from, their friends and family.
Not surprisingly, the majority of loans made using the One2One Lending services are consolidation loans. Rates will depend largely on how much the prospective lenders want to get paid. The One2One leaning site provides information regarding market rates and how to determine a rate on a private loan. It is very important to have approach all private loans in a professional manner and charge a market interest rate.
In addition to consolidating high-interest credit-card debt into a lower-interest loan, private lending can be good for your financial health and should give the individual the opportunity to dig their way out of high priced debt.
A word of caution: make sure to get your understanding in writing. This is more than a handshake. Preserve you relationship by putting everyone's understanding in writing and then make sure to keep your loan on track http://WWW.one2onelending.com provides the tools and resource center that are extremely important and cost considerably less than a lawyer of accountant.
Protect the bank of Mom and Dad. They say that friendship and money don't mix, and with good reason: too many a friendship has been ruined by loans gone bad and awkward loan-collections attempts.
If you borrow from a friend and relative - even your parents - make sure you document the loan. This will not only keep the Internal Revenue Service happy, it will give your lender peace of mind, too.
The idea: take out one low-interest loan to repay all those high-interest debts and breathe easier knowing you've got just one - and more affordable - payment to budget for each month.
That's easier said than done these days, with lenders tightening the belt even for their most creditworthy candidates-but it's certainly not impossible. Here is an options:
Borrow From Your Peers or your Family
When banks started tightening their lending standards during the credit crunch, peer-to-peer lending gained traction with consumers. Borrowers who couldn't find loans elsewhere headed to web sites like One2One Lending to seek loans from, their friends and family.
Not surprisingly, the majority of loans made using the One2One Lending services are consolidation loans. Rates will depend largely on how much the prospective lenders want to get paid. The One2One leaning site provides information regarding market rates and how to determine a rate on a private loan. It is very important to have approach all private loans in a professional manner and charge a market interest rate.
In addition to consolidating high-interest credit-card debt into a lower-interest loan, private lending can be good for your financial health and should give the individual the opportunity to dig their way out of high priced debt.
A word of caution: make sure to get your understanding in writing. This is more than a handshake. Preserve you relationship by putting everyone's understanding in writing and then make sure to keep your loan on track http://WWW.one2onelending.com provides the tools and resource center that are extremely important and cost considerably less than a lawyer of accountant.
Protect the bank of Mom and Dad. They say that friendship and money don't mix, and with good reason: too many a friendship has been ruined by loans gone bad and awkward loan-collections attempts.
If you borrow from a friend and relative - even your parents - make sure you document the loan. This will not only keep the Internal Revenue Service happy, it will give your lender peace of mind, too.
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