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Building credit. Borrowers with bad credit can turn to consumer loans instead of credit cards. The other major benefit of a consumer installment loan is that the lender may report the borrower's payment history to credit reporting agencies.

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country's fiscal approach to corporate debt or Government debt. The process can secure a lower overall interest rate to

Debt consolidation stays on the credit report for the time than individual accounts are reported, i.e. seven years from the date that the account was settled.

In most cases you are not responsible for another persons debt when they die, unless you are a co-signer on the account. If however, that person was your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), debts incurred during the marriage are considered commu

Unlike debt settlement, the fees for debt management are somewhat predictable. Usually you will pay a monthly fee of between $15 and $50 to the debt management company or government approved credit counseling agency that is in charge of your debt management plan.

Simply put, a consolidate loan pays off all or several of your outstanding debts, particularly credit card debt. It means fewer monthly payments and lower interest rates. Consolidated loans are typically in the form of second mortgages or consumer loans.