Get the Best Debt Consolidation Plan

Most expenses can be well balanced by just paying off a little extra every month. But for other escalating debts like credit cards with high monthly payments and high balances that are burdensome need a bigger solution.

In this scenario, a Debt Consolidation Loan is the best way to manage your finances so you can place all of your debts in one place for an easy & faster pay off. This can mean lower interest rates, fewer monthly payments, and a plan with a final date to completely pay off your debts.

There are numerous ways to consolidate debt. Choosing the best debt consolidation plan depends on your financial scope including your debt amount, history, income and credit score, and whether you have a property that could be used to secure a loan.

Have a look at 4 different ways to deal with your debt.

1. Home equity loans

2. Personal loans

3. Loans against retirement funds

4. 0% credit card transfers.

1. Home equity loans

If you have a home with equity in it then you may be eligible for a home equity loan or line of credit. In this plan, the interest rates are typically far lower than most other loan types but your home will be used as collateral. Failure to repay the loan could result in foreclosure so it’s important to make sure you are able to pay it back. Also, a home equity loan can take nearly 10 years to repay.

2. Personal loans

One of the best ways to consolidate debt is personal loan. Gold West Financial is the best option for people who opt for debt consolidation. There are two types of personal loans.

• Secured personal loan

• Unsecured personal loan

Secured personal loan

A secured personal loan often comes with security like a car and other assets. The benefits of a secured personal loan are

• Low-interest rate

• Faster money approval

• Low monthly payments

Unsecured personal loan

Unsecured personal loan interest rates, vary based on the credit score and other factors. With secured or unsecured personal loan plans, the debtor will have a fixed payment term of three, five or ten years with a single payment every month. However, in personal loan plan, the debtor will have an idea of the loan end time and makes sure that the original debt and interest are paid back. Going forward, timely payments will also help the debtors to enhance their credit score.

Benefits of a unsecured personal loan are

• Low-interest rate

• Funds deposited into your bank account

• Flexibility with funds

• No collateral attached

3. Loans against Retirement Funds

If you have a retirement fund & need a loan, you can get it with 401(k)-retirement plan. The loan term for these funds can last up to five years and don’t show up on your credit report. But, the penalty for inability to repay this loan on time is huge. And if your retirement plan is employer-based, then you must quickly repay it in case you quit or lose your job.

4. 0% Credit Card Transfers

When it comes to credit cards, new customers are always often loaded with offers like 0% interest on balance transfers from other cards. Customers with higher credit scores can be eligible to advantage of this offer. This plan is also helpful to the clients with relatively low debt because it often takes just 12 to 18 months to pay it all back before the interest rate increases substantially. However, when you make the transfer, there can be a one-time fee added to your balance and a limit on the amount allowed to transfer.

Conclusion

Gold West Financial is a Financial Service Company located in California and offering its personal loans & debt consolidation services in the US.

Take control of your debts with low-interest rates and flexible repayment options. With no pre-payment penalties and low monthly payments, our clients are saving tons of money in interest. If you are looking for that one firm that is best to consolidate all your debts, then Gold West Financial is the right choice for you.

Manage your debts smartly with Gold West Financial