Debt Consolidation Loans to Get Rid of Credit Card Debt – Should I Consider Bank of America?

If you are in the market scouting for the ideal debt consolidation loan for yourself to combine all your debt accounts into one, then you should probably look at what Bank of America (BOA) has to offer in this sense. Bank of America is undoubtedly one of the biggest names out there when we speak of banks and financial institutions in the United States. With a rich history and an ever-evolving set of programs deemed fit to help consumers in terms of finance and credit, BOA has always helped consumers deal with debts effectively, especially those that have no fears of losing their homes and possess good cash flows. BOA’s latest in the field of debt consolidation is called the ‘Clean Sweep’.Due to the fact that you are seeking for assistance from probably the biggest financial institution in the country, expect to pay quite a bit in terms of processing and other fees and charges. The plan allows you to gain approval for the loan without the need for collaterals, and there is no annual fee involved as well. Usually you can get a verdict from the bank almost immediately when you get in touch with them for approval on your debt consolidation efforts. There is also no prepayment penalty involved, making it a fairly attractive deal for those seeking debt consolidation loans.Now let us get to where the bank makes money out of you. As long as you stay cautious, you would be aware of what the bank charges for, and try to avoid them as much as possible. Details of most of these payments are written in fine prints, making them hard to read, though you would definitely know about them when the monthly statements reach your postal box! Some of the hidden clauses within Bank of America’s ‘Clean Sweep’ debt consolidation plan include:1) 3% transaction fees is charged every time you ask for an advance2) A credit based on the variable interest rate based on your credit is given to you, thus the harder you push for a mortgage deal, the more you would have to pay in terms of interest! You could be charged interest rates in excess of 25% in some cases!3) Every time you ask for a cash advance, your payment terms would restart from scratch again, thus you would have to pay processing fees as well as other relevant fees again every time you request for a cash advance from BOA.Although it was advertised that you could obtain interest rates as low as 9.49% with variable APR when you apply for the ‘Clean Sweep’ plan, now you know that your interest rates would depend on your credit amount, and that could go much higher than 9.49% (as this figure is the minimum). Thus do take all these facts into account before you consider BOA as your debt consolidation solution!