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Bad Credit Debt Consolidation Loan – The Advantages And Disadvantages

Bogged down by too many loans to clear off? Are you a victim of a bad credit history and finding it hard to get any more loans? Are you looking for a single loan that will consolidate all your high interest debts? Then the solution lies in a bad credit debt consolidation loan. As the name suggests this loan is specifically for those with a bad credit history and it gives the freedom to repay one single consolidated loan every month at a lower rate of interest.There are a few types of loans that can act as a bad credit debt consolidation loan and they are secured loans (e.g. against property), personal loans and credit card balance transfer. The rate of interest in all the three varies quite a bit and it is important to understand each loan and choose the one that suits your needs best.The advantages of a bad credit debt consolidation loan:1. Finances made easy: The debt consolidation loan is one single loan that will take over the other small and usually high interest loans. These consolidated loans are usually at a lower rate of interest as compared to the many small loans you had previously. Since it is one loan that you need to pay off every month, it saves you the hassle of remembering the number of loans to pay off.2. A single defined loan term: Since this is a single loan that consolidates all the other loans there is a defined time frame within which you have to pay it off.3. Stop creditor harassment: Creditor harassment can be daunting. The innumerable phone calls asking to repay the loan can drive anyone up the wall. The bad credit debt consolidation loan can save you from the constant harassment of creditors.4. Chance of getting more money: With a bad credit debt consolidation loan there is always a chance of getting a higher loan than what you have to pay off. This can be a blessing when you are in a bad financial state. Unsecured loans however have a defined limit.The disadvantages of a bad credit debt consolidation loan:1. Fear of losing house/property: If you don’t repay the secured loan on time there is always the fear that you might lose the house/property you have given as security.2. Cumulative interest: If you increase the time span of your loan there is always a chance that your cumulative amount of interest to be repaid will increase.3. Excess borrowing: With a secured loan you can get too much money in your hands that you may overspend. You will be able to afford a car you wanted to buy or a holiday you wanted to go to. This will increase unnecessary expenditure thus causing more problems.4. Extra charges: There are usually extra charges that need to be paid with the bad credit debt consolidation loan and this may increase the total amount that needs to be paid and the financial burden ultimately.Bad credit debt consolidation loans should be taken after due consideration and all the pros and cons must be looked into carefully.

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When Should You Buy A Managed Health Care Insurance Plan?

Health insurance plans today fall into two broad camps – traditional indemnity health insurance (which tends to be expensive) and managed health care insurance (which tends to be more affordable). The best known form of managed care is that provided by the Health Maintenance Organizations (HMOs) which are designed to provide a moderate level of medical care at a relatively low price.For most people the thought of being able to obtain medical care for a relatively low price sounds attractive but, unfortunately, this can be very much a case of you “get what you pay for” and, unless you go into managed care with your eyes wide open, you could be disappointed with the quality of the care you receive.Managed care works by strictly controlling costs and this, in turn, means controlling access to care. A health maintenance organization is essentially a network of healthcare facilities (doctors, hospitals etc.) whose services are contracted for an agreed fee.Although the term managed health care should mean that health care is managed, in reality it is often said to be more a case of policyholders being managed, as they are largely required to seek their healthcare within the HMO’s network and normally access to such healthcare is controlled by one doctor to whom the patient is assigned. This often means that patient choice is severely limited and that a policyholder may have to join a waiting list for treatment.In certain very limited circumstances policyholders will sometimes be permitted to seek treatment outside of the network but, where this occurs, the HMO will often require the policyholder to pay any costs that are considered to be above those which the HMO considers reasonable and customary for the treatment in question.Against this background, why would anybody choose managed health care in preference to indemnity health insurance other than for reasons of simple cost?The major difference between indemnity insurance and the managed care model lies in the cover provided. Indemnity insurance is designed to cover the policyholder against unexpected, and often very high, medical bill arising out of serious accident and illness. Managed care on the other hand focuses its attention on providing preventative care and aims to keep policyholders healthy by assisting with the costs of routine medical care including such things as vaccinations and check-ups.There are clearly many situations in which one form of insurance would be more suitable than another but, for example, if you are married with a young and growing family then you might well feel that a focus on preventative medicine, particularly for your children, would make managed care a good choice.

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