Government loans consolidating debt
Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission.
This basically means that the rate isn’t going to change unless the borrower fails to make payments or otherwise defaults.
Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.
Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.
Subsidized loans are a sought after product offering by many people especially the middle income earners.
A government debt consolidation loan is a loan given by a government program or agency in order to help a person pay off debts he or she owes to multiple institutions simultaneously.