Debt Consolidation
What does debt consolidation mean to you? Anything?
A Well-Kept Secret
When it comes to being in debt, most people aren't aware of their options. And that's a scary place to be.You may be able to swing your rent, utilities, car payment and car insurance, but then you're tapped. So what will happen if you stop paying your student loan payments and credit card bills? Obviously, you'll trash your credit. But then what? You'll probably start getting phone calls and letters from them, and then collections agents may be in touch. You'll start avoiding phone calls, then avoiding the mailbox. You might not think any of this is so bad until your car gives out and you have to get a new or different one. By then your credit will be so trashed you won't be able to do that unless you get a super-high interest loan. But you've gotta have a car to get to work. And that's just one example of what can go wrong. We could go on and on, or we could just tell you about debt consolidation.
When you enroll in a debt consolidation program, a debt consolidation agent contacts your creditors to get your interest rates and balances reduced. This can result in as much as 57% off your total balance due. Then they put all those new, lower balances together under one umbrella debt consolidation loan and you make one monthly payment to the debt consolidation company, which they distribute among your creditors. The end result? You can be out of debt in five year.
Another bonus is once you enroll in a debt consolidation program, your creditors are required by law to stop harassing you. The debt settlement company acts as sort of a "liaison" between you and your creditors, meaning your creditors will have to contact the debt consolidation company about your accounts instead of contacting you.
The benefits go even further. Not only will your creditors stop harassing you, but they will eventually even "re-age" your accounts (but your debt consolidation company may have to ask them to do this). This means they will actually request that the credit bureaus report your accounts as "current" instead of "delinquent."
Now, aren't you relieved to know that there really is something you can do to regain control of your finances? Use this information as a springboard to finding and securing the debt relief you so desperately need.
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