Sometimes rates are higher; but do you know why?
When your credit is bad and you have accumulated a great deal of bad debt – you will pay higher rates to borrow money; even money from your own home. The only way of avoiding this is to sell your home and take the equity in cash. What a borrower must understand is that it is better to pay one payment of a higher interest rate than it is to pay several payments of extremely high interest rates. This is the conundrum. Obviously the decision is an easy one to make especially if collection agencies are calling and demanding a resolution to the bad debts immediately.
How to get lower rates?
In order to get the available lower rates; especially when money is cheap to borrow, you must have good credit! That is why it is important to consolidate when you find yourself in this situation and important to make the reduced and simple payments on time! If you do then LM Financial Services will do what no other lender can do for you. Report your good payments and usher you back to good credit standing and taking the first steps to financial health. A client of LM Financial Services is a partner and developing the relationship is first and foremost.