Consolidating home and car loans


31-Jan-2016 04:08

In the United States, federal student loans are consolidated somewhat differently from in the UK, as federal student loans are guaranteed by the U. Upon consolidation, a fixed interest rate is set based on the then-current interest rate. If the student combines loans of different types and rates into one new consolidation loan, a weighted average calculation will establish the appropriate rate based on the then-current interest rates of the different loans being consolidated together.

The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan.

However, such consolidation loans have costs: fees, interest, and "points" where one point equals to one percent of the amount borrowed.



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