Bank of America Debt Consolidation

Bank of America Debt Consolidation loan is one of the best assistance programs provided by the bank to help a large number of loan borrowers to consolidate their debts. Being a leading banking institution of the United States, Bank of America offers a wide variety of loan programs to eligible borrowers in the country. However, due to various financial reasons, many of the borrowers face a number of debt problems. To solve the problems of those borrowers facing multiple debts, Bank of America offers "Clean Sweep" debt consolidation loan of up to $50,000.

Bank of America Debt Consolidation Loan

Bank of America offers a debt consolidation loan called the Clean Sweep line of credit. This Bank of America debt consolidation program is specially designed for those borrowers who are eagerly in need of debt consolidation. Clean Sweep line of credit has a variable interest rate that can rise to as high as 25.49% based on the credit rating of the borrowers. The bank charges the borrowers a 3% transaction fee every time they need an advance. One of the most important facts o this debt consolidation loan is that with every request for an advance, the bank restarts the payment term of the borrower. The repayments terms of Clean Sweep can extend to as long as 72 months.

Bank of America Debt Settlement

On the hand, Bank of America also offers a number of debt settlement programs for eligible customers of the bank. In order to settle a debt, you are required to send a debt settlement letter to the Bank of America debt settlement department mentioning the reason for your financial inability. Depending on the worthiness or the reasonability of your letter, the debt consolidation department will consider the approval for your debt settlement application. A debt settlement program can offer you a number of benefits that include reduction in the principal amount, interest rates or an extended repayment program. It is very important for the applicants to prepare their debt settlement letter in a professional way. The letter should be able to express the genuine reason for your financial troubles.

Bank of America also advertises a new debt consolidation program that allows you to borrow up to $25,000 to repay your multiple high interest debts. With this debt consolidation, you can get a low variable interest rate of 9.49% APR. The bank does not require any collateral in order to offer this loan program. Moreover, there are no pre-payment penalties, annual fee and the borrowers can get loan decision within 15 minutes after applying. However, it is important for the borrowers to remember that the interest rates will be greatly determined by their credit score.

Bank of America offers a number of assistance programs including debt consolidation loan for eligible borrowers. Check the Clean Sweep Line of Credit program provided by the bank.

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