{"id":4195,"date":"2019-01-24T22:25:01","date_gmt":"2019-01-24T22:25:01","guid":{"rendered":"https:\/\/www.vfcu.net\/?p=4195"},"modified":"2019-01-24T22:25:01","modified_gmt":"2019-01-24T22:25:01","slug":"three-misconceptions-about-debt-consolidation","status":"publish","type":"post","link":"https:\/\/www.vfcu.net\/es\/three-misconceptions-about-debt-consolidation\/","title":{"rendered":"Three Misconceptions about Debt Consolidation"},"content":{"rendered":"<p>Consolidating Debt is a great idea for those who are struggling with making their payments or need a lower interest rate. For many people, the idea of consolidating your debts can be considered a failure of managing your finances. This assumption just isn\u2019t true, as each person\u2019s situation is different. Here is a list of three more incorrect myths about consolidating debt.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-4198\" src=\"https:\/\/www.vfcu.net\/wp-content\/uploads\/2019\/01\/vfcu-debt-para-1.jpg\" alt=\"\" width=\"1200\" height=\"600\" title=\"\" srcset=\"https:\/\/www.vfcu.net\/wp-content\/uploads\/2019\/01\/vfcu-debt-para-1.jpg 1200w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-1-300x150.jpg.webp 300w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-1-768x384.jpg.webp 768w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-1-1024x512.jpg.webp 1024w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-1-640x320.jpg.webp 640w\" sizes=\"(max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/p>\n<h2>Consolidating Removes Your Debt<\/h2>\n<p>Some people believe consolidating your loans means you are completely forgiven, and no longer have to pay at all. But, consolidating loans means,<\/p>\n<ul>\n<li>You can be offered a new repayment plan that better fits your budget.<\/li>\n<li>You will no longer pay to any of your previous creditors, and will only pay to the one you consolidate with.<\/li>\n<\/ul>\n<h2>It Ruins Your Credit Score<\/h2>\n<p>This misconception depends on a handful of factors, including:<\/p>\n<ul>\n<li>How much will you be paying on each of your loans<\/li>\n<li>How consistent are your payments going to be<\/li>\n<li>What type of loan will you be accept after your request to consolidate your loans.<\/li>\n<\/ul>\n<p>These factors do matter and it is important to ask as many questions before consolidating your loans.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-4197\" src=\"https:\/\/www.vfcu.net\/wp-content\/uploads\/2019\/01\/vfcu-debt-para-3.jpg\" alt=\"\" width=\"1200\" height=\"600\" title=\"\" srcset=\"https:\/\/www.vfcu.net\/wp-content\/uploads\/2019\/01\/vfcu-debt-para-3.jpg 1200w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-3-300x150.jpg.webp 300w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-3-768x384.jpg.webp 768w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-3-1024x512.jpg.webp 1024w, https:\/\/www.vfcu.net\/wp-content\/smush-webp\/2019\/01\/vfcu-debt-para-3-640x320.jpg.webp 640w\" sizes=\"(max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/p>\n<h2>You are Really Getting Into More Debt<\/h2>\n<p>Because every situation is different you must have a clear understanding of:<\/p>\n<ul>\n<li>How many loans you have under your name and at what interest rates are they each set at.<\/li>\n<li>Realistically, how long do you want to be paying off your loans and how much you can realistically afford to pay?<\/li>\n<li>Which type of new loan would you like to have under your consolidation plan?<\/li>\n<\/ul>\n<p>Not every bank or credit union will offer the same loans, it is good to do some research ahead of time. Research government owned websites for trust-worthy information on financial advice. Contact us and get the answers you need today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consolidating Debt is a great idea for those who are struggling with making their payments or need a lower interest rate. For many people, the idea of consolidating your debts can be considered a failure of managing your finances. This assumption just isn\u2019t true, as each person\u2019s situation is different. Here is a list of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4196,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,52],"tags":[],"class_list":["post-4195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-literacy","category-financial-education"],"_links":{"self":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/posts\/4195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/comments?post=4195"}],"version-history":[{"count":0,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/posts\/4195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/media\/4196"}],"wp:attachment":[{"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/media?parent=4195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/categories?post=4195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vfcu.net\/es\/wp-json\/wp\/v2\/tags?post=4195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}