Debt Consolidation for
Vets
In simplest terms a debt consolidation can help you get a hold
of your debt so that you can get debt free. It is a loan that
compiles all of your debt together under one roof so to speak.
Basically you add up all of your debt and that is the amount
that you need to borrow. You go to your bank or a debt
consolidation company and they will let you borrow the amount
that you need in an unsecured or secured debt consolidation
loan. Then you pay off all of your other debts, leaving you with
just the debt consolidation loan. Ideally you will want an
unsecured loan, but depending on your credit this may not be
possible.
An unsecured debt consolidation is one that is not attached to
anything, so that if you don’t pay it they have nothing to
seize. A secured debt consolidation is one that you have put
some kind of collateral against so that if you don’t pay they
can take your car, house, etc. Ideally you won’t want to secure
anything against it as that debt is currently unsecured, but you
may have to if you want the debt consolidation loan. It depends
on your credit and your financial status. An unsecured debt
consolidation will usually have a higher interest rate than a
secured as well.
But the military are a special circumstance. They are fighting
for our country and thus unable to hold down a job here. Does
that mean we harass their spouses? No, yet that is exactly what
is happening. Why they are over there fighting, their spouses
are stressed worrying about how to pay bills. There are a number
of programs that are set up just for military personnel so that
they can get control of their debts. Many of them are run
directly through the government which means they have better
terms and rates than those offered through private lenders.
Check out the Department of Veterans Affairs as they will be
able to help you with your situation.
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