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Digital News Report – Interest rates are increasing while the amount of credit available is declining. The trend may make it more difficult for customers looking for a credit card debt consolidation loan.
The Federal Reserve released a statement Wednesday updating their estimate of outstanding debt. The Fed said that the consumer credit interest rate increased 1.75% in October. The amount of revolving credit is declining.
Citibank offers several types of debt consolidation loans. The first is a non-secured debt consolidation loan. This type of financing is available for amounts from $300 to $7,500.
Whether you own a home or not, the bank may require collateral on loans over $5,000. The interest rate may depend on the borrower’s credit history.
Homeowners can borrow money in excess of $15,000. The funds can be used consolidate credit card balances, student loans, or other forms of debt.
There are no pre-payment penalties and flexible terms between 12 and 60 months are available. In other words, the fixed rate payments can be paid-off early without penalty.
By Tina Brown