Tripoint Lending Client Reviews: Bait and Switch Debt Consolidation


Tripoint loan looks like a bait and switch debt consolidation loan scam. Tripoint loan flooded the market with debt consolidation and personal loan offers in the mail. The problem is that the terms and conditions are confusing, if not suspicious, to say the least.

Interest rates are so low that you would need to have near perfect credit to be approved for one of the Tripoint Lending Debt Consolidation Offers. “It’s nothing new,” according to Crixeo’s Ed Miles, “low APR debt consolidation offers through the mail are about as old as the US Postal Service.”

Tripoint loan is the wrong way to consolidate credit card debt

Tripoint loan isn’t the only one either. Many companies use similar tactics. Some names keep popping up that use a similar strategy like Credit 9, American funding, Simple Path Financial, SPF records, Financial Point Break, Recourse Lending Network and addressing debt relief.

Tripoint Lending Debt Consolidation Reviews

If you find yourself deeply in debt on your credit card with Tripoint Lending and want increase your credit score, then you should look for solutions to quickly reduce your debt burden. Credit cards often carry high interest rates, making it difficult to pay interest once debt begins to accumulate.

To pay off your debts, you should look for a way to consolidate your credit card debt.

Here are the best ways to consolidate credit card debt.

Compare the Tripoint loan to other personal loan options

Compare Tripoint Lending to a personal debt consolidation loan. You can use a personal loan to pay off outstanding credit card balances. Top Reviews 2020 has compiled hundreds of personal loans and online lender reviews for you to educate yourself. This method will only work if the interest rate you pay on the personal loan is lower than the overall interest rate on your credit cards.

Besides the possibility of lowering your interest rate, a personal loan is one of the best ways to consolidate your credit card debt because it simplifies payments. You will need to make a single payment rather than several monthly installments.

Before committing to a personal loan, you should first shop around and compare different interest rates, terms and conditions, penalties and fees.

Balance transfer credit card

Compare the Tripoint loan to a balance transfer request through your credit card company. This method is a good way to temporarily reduce your interest charges, as most balance transfer cards do not charge fees on balance transfers. They also have a multi-month introductory period that has a 0% APR.

However, some balance transfer offers charge a balance transfer fee. Such a credit card may be worth it if you don’t qualify for other balance transfer credit cards that have no balance transfer fees. Despite the balance transfer fee, you can still benefit from the zero APR introductory period.

401k loan

Have you compared Tripoint Lending to a 401,000 loan? This is one of the riskiest ways to consolidate credit card debt.

Such a loan should be the last resort if you are stuck with credit card debt and cannot find a way out. You should try exercising other options first before taking out a 401k loan because of the serious risks involved.

The loan amount you can take out of your 401k account depends on the terms and conditions of your retirement plan. You may be able to withdraw the lesser of $50,000 or 50% of your account balance. However, you should discuss borrowing options with your employer first, as each 401k plan has different terms and conditions.

One of the biggest downsides to a 401k loan is that you won’t make any money on the amount you’ve withdrawn. This essentially defeats the purpose of a 401k account as it is meant to be an investment vehicle for you to earn money from your savings. If you are not careful, you risk losing a good part of your investment and accumulating losses that could harm you in retirement.

Home Equity Loan

Compare Tripoint Lending to a home equity loan, you can borrow an amount against the equity in your home. Consumers often take out a home equity loan to improve their home. This is also one of the ways to consolidate credit card debt.

The interest rate on your home loan is likely to be relatively low since you are putting the equity in your home as collateral. A major downside, however, is that if you don’t pay off your home loan, your creditor may put you in debt collection and be legally allowed to sell your home to collect the amount you owe.

Borrow from friends and family

Compare the Tripoint loan to borrowing from friends or family. The product received can be used to pay your credit card balance.

When you take out such a loan, you should make sure to discuss all the terms and conditions, including the interest rate and the monthly amount. If you are on good terms with your friends or family members, you may be able to get a low interest rate or even no interest rate.

One of the biggest pitfalls of getting such a loan is that it can potentially ruin your relationships if you don’t pay on time, but it can be worth avoiding filing for bankruptcy.

Debt relief programs

Compare Tripoint loans to debt relief programs that help their clients negotiate better terms (such as lower interest rates) with their creditors. As a result, this is one of the ways to consolidate credit card debt.

You may be able to get several benefits from debt relief services that can make it easier for you to pay off your credit card debt. The service provider can reduce your total liability and lower your interest rate if they are able to successfully negotiate with your creditors.

Non-profit credit counseling

Compare Tripoint Lending to contacting a non-profit credit counseling entity to design a debt management plan. The organization will help you create a realistic budget, identify the reasons why you are in debt and provide advice on how you can pay off your credit card debt. Non-profit credit counseling is one of the most effective ways to consolidate credit card debt.

One of the reasons this method works well is that the nonprofit credit counseling agency will negotiate on your behalf with the credit card companies to lower the interest rate. They can also negotiate with your creditors to reduce your debt balance, reduce repayment amounts, and waive fees.

Non-profit credit counseling organizations communicate with their customers in person, online or by phone. If you are interested in this form of debt consolidation, you should do your research to find out more about the company you want to work with.

The credit counseling agency will consolidate your credit card debt into one amount so that you only make one monthly payment. You can save time and effort by making one payment instead of multiple monthly payments.

Conclusion

Depending on your situation, you should be able to think things through and decide for yourself which debt consolidation method is right for you. Compare Tripoint Lending to all available options. Surely you should learn the truth about debt consolidation. However, you should only opt for the solutions presented above after carefully considering their pros and cons.

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