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When debt is bogging you down and it seems like there’s no way out, it’s easy to make poor decisions that will affect your finances for years to come. For example, you may decide to stop making payments to creditors, which kills your credit score and adds a lot of stress to your life. The same holds true should you decide to file for Chapter 7 or Chapter 13 bankruptcy. On the plus side, there are other paths you can take, such as debt consolidation.
Debt Consolidation Frequently Asked Questions
Who Are the Sooner Partners?
Debt consolidation companies—like the Sooner Partners—are in the business of helping people who are bogged down by debt and looking for a way out. Here’s a brief excerpt from their home page:
Sooner Partners knows that today’s world feels more insecure than ever before. Sooner Partners does not feel that you should be insecure about your money or bills. Financial security is easy to achieve with our low interest rate debt consolidation loan.
In other words, they know what you’re going through and are more than happy to help you find a debt consolidation loan (with a competitive interest rate) that will put you back on the right track. While it may be your first time consolidating debt, they’ve worked with many others in a similar position as you.
What is Debt Consolidation?
In an overall sense, there’s not much to debt consolidation. This is the process of consolidating multiple debts into one. For example, your debt load may look something like this:
- $10k personal loan
- $15k home equity loan
- $5k in credit card debt
In total, you have $30k in debt. You could consolidate it via a debt consolidation loan, allowing you to end up with one loan, one payment, and one monthly finance charge.
How Does Debt Consolidation Work?
The debt consolidation process varies based on the approach you want to take. For example, if you consolidate on your own—such as with a personal loan—it’s different from what you get with the Sooner Partners debt consolidation program. The basic steps that you must take include:
- Tallying your total amount of debt (broken down by type and lender)
- Deciding how you want to consolidate the debt
- Deciding which debts to consolidate
- Choosing the right consolidation vehicle, such as a personal loan or home equity loan
When you know the ins and outs of how debt consolidation works, it’s easier to proceed efficiently and effectively.
Is Debt Consolidation a Good Option for Me?
For most people, this can be phrased another way: does debt consolidation work? If you have various debts and want to improve your finances, you need to make decisions that move you closer toward your goals. There’s no question as to whether or not debt consolidation works. It does. What you must do is decide if it’s a good option for you at the present time.
Answer questions such as:
- Are you struggling to manage your debt?
- How much debt are you currently carrying?
- Is there another option that better suits you?
By answering these questions, among others, you can more easily decide if debt consolidation is a good option. As such a big decision, you want to take the right path the first time around.
What Exactly is a Debt Consolidation Loan?
It doesn’t matter if you’re interested in debt consolidation for bad credit or to simply remove some stress from your financial life, you must understand the finer details of the process.
A debt consolidation loan allows you to obtain a lump sum of money that’s used to pay off other debts. In the end, you’re left with one balance.
Here are some of the primary components of a debt consolidation loan:
- The amount of money that you want to borrow
- The term of the loan (also known as the repayment period)
- The interest rate of the loan
No two lenders offer the same terms and conditions, so you should compare three to five options to ensure that you end up with the right loan.
How Can Sooner Partners Help Consolidate My Debt?
The best debt consolidation program for you may not be the best for someone else, and vice versa. However, companies like Sooner Partners are designed to help anyone interested in taking full advantage of debt consolidation. Sooner Partners reviews show that the company helps in many ways, such as:
- Reviewing your financial circumstances to map out a game plan
- Finding the best debt consolidation loan
- Working to secure you the most competitive interest rate
Along with the above, the team at Sooner Partners is willing and able to answer all your questions regarding debt consolidation. With professional help on your side, you’ll feel better about the decisions you’re making.
How to Apply With Sooner Partners?
You’ve read the reviews on Sooner Partners. You’ve inspected every aspect of your finances, and have realized that debt consolidation could help. Now, you need to take the first step toward bettering your finances—completing the Sooner Partners application. The application is simple and straightforward, requiring information that you probably already know.
Once you submit it for review, your job is done. From there, the Sooner Partners team will review the application and get back to you with a final decision (or a request for more information). As long as everything checks out, you can decide if you want to proceed with the Sooner Partners debt consolidation program. There’s no obligation, but it could be just what you’ve been searching for.
