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| *Loan,banking and credit>>>credit line |
Consolidated debt loan or line of credit, which is better? |
Consolidated debt loan or line of credit, which is better? The answer is, it all depends, of course you hate that answer. Generally consoldated debt loans require you to put forth something as collateral if I remember correctly. Homes, Cars, and Boats are all perfect good examples of this. Because you have to put some form of collateral, you generally can "borrow" more money at a lower interest rate as you have some form of collateral. Line of Credit takes no additional form of collateral but generally have higher rates. Lines of credit do have good introductory offers that last 6-12 months. If you are willing to do you homework, it is possible to transfer balances from one line of credit to another to keep the interst rate low if you are far in debt/need to borrow a lot of money quickly. They are about the same thing. It's better to pay cash than borrow even more money. The one with a lower interest rate is better. |
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