Consolidating Debt With Installment Loans

College students often have debt long after they have graduated. College loans cover tuition, room and board, books, supplies, and more. But, they can take years to repay. Another type of debt that can last a long time is credit card debt. If you’ve opened too many accounts over the years, or have not been on top of making payments on time, debt can accumulate quickly.

Sometimes, if you have multiple sources of debt in different amounts with varying interest fees, it can be daunting to plan out a repayment schedule that will allow you to chip away at the surface. No matter where debt comes from, it can feel like the finish line is just out of reach.


So, What Can You Do About It?

One thing that can make debt more manageable is debt consolidation. Debt consolidation is a way of combining all of your debts to make them easier to pay down. By taking out a loan large enough to cover the debt from all of your smaller loans, you can refine a tangled mess of interest rates and payment dates into one loan, on one schedule, with one rate.

If you’re considering consolidating your debt, there are a couple of different paths you can take. One extremely popular method for debt consolidation is through an installment loan. Installment loans offer stable interest rates with fixed repayment terms. These loans can be paid back in steady, predictable payments.


Why Choose an Installment Loan?

Sometimes, getting an installment loan approved can be difficult due to the risk being placed on the shoulders of the lender. This is especially true for unsecured installment loans. But, this is not unique to installment loans. In fact, an installment loan is often less risky than other debt repayment strategies such as credit card refinancing  (a solution that requires fast action to avoid paying on the interest after the introductory interest-free period) or taking out a home equity loan (a strategy that can put you at risk for losing your home).

While you may not receive an interest-free period for consolidating your loan, the stability of an installment loan can offer structure and help you stay on track for debt repayment. Additionally, if the interest rate of your consolidation loan is lower than the interest rates of some of your individual loans, you will end up saving money on the total amount in the long run.


How Can Western Shamrock Help?

Western Shamrock is committed to helping clients surmount their debt and find relief on the other side. That’s why we don’t base our acceptance on applicant’s credit scores alone. A total assessment from our loan officers helps paint a full picture of your finances to give us an idea of what you are eligible for. Learn more about consolidating your debts with installment loans by contacting an agent today.