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5 tips about Debt consolidation
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The Truth About Debt Consolidation Loans (Avoiding Potential Pitfalls)
Submitted by: John Lee
WorldWideReviews
http://moneyemployment.worldwidereviews.com/DebtConsolidationRefinance.htm
Online Debt Consolidation Loans Companies.
You've probably heard the advertisements on the radio or seen them on...
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Consider A Program To Consolidate Your Debt
In the present climate of easy credit it is easy to get in over
your head with credit card debt. Many people do not realize how
many Americans are living payday to payday getting deeper and
deeper into the drowning pool of high interest revolving debt.
With recent laws mandating higher minimum monthly payments and
stricter bankruptcy laws there are those who may feel they have
no options. A program tconsolidate debtmay be the answer for
these people. If you are one of those who is struggling with a
staggering load of debt you may want to think about a program
such as this.
There are two steps which will start you on the road to a debt
consolidation program. First, gather all of your bills and make
a list of the monthly payments you are making and the interest
rates you are being charged. Second, access your credit report
online. If you have not received a credit report during this
calendar year you are entitled by law to a free report from each
of the three credit reporting agencies. Your credit report will
tell you how many times your payments have been late or missed.
It will also give you contact information for all of the
companies to whom you are making payments if you do not already
have it. Combine the research from your bills and from your
credit report to ascertain exactly how much you pay monthly, how
much you owe and what your payment record is.
When you obtain your credit report, you should also purchase
your credit (FICO) score which should be available from the same
sources for a nominal fee.
Armed with this information contact several debt consolidation
programs. Sources for such programs can be your banking
institution, the yellow pages, the Internet, the Better Business
Bureau and The Chamber of Commerce. If you know others who have
had similar problems you might ask them for personal
recommendations. Churches may also be a valuable resource for
debt consolidation programs. Some religious organizations even
operate such facilities.
Even though debt consolidation programs advertise themselves as
services they are also money making concerns. Therefore, when
deciding upon the one to use you should be wary of them as you
would be when making any financial commitment. The purpose
behind a debt consolidation program is to have the company deal
with your creditors.
Negotiating a reduction in your credit card
interest rates, asking for reduced fees and longer repayment
plans and other debt restructuring is a tedious process. It
often requires a lot of cross mailings and telephone calls. Once
you are in a debt consolidation program the company will take
care of these matters for you. In order for the program to be
successful overall you must make sure you choose a company that
will deal fairly and competently with both you and your
creditors.
Interview the prospective debt consolidation
programrepresentatives just as you would an applicant for a job.
These people will, after all, be working on your behalf. Make
sure the tasks they will do for you and what they hope to
accomplish are clearly defined. It is also imperative to have a
written breakdown of the fees they charge. Ask them to give you
a breakdown of how much of the payment you make to them will go
to the credit card companies and how much they will keep as the
cost of your participation in the program. Once they have
negotiated the reconfiguration of your debts with the various
credit card companies the debt consolidation program should
furnish you with a copy of the negotiation results. It should
stipulate how long it will take for all of your debts to be paid
in full.
Learning to manage credit better in the future is an essential
part of any debt consolidation program http://www
.dixiejournal.com/category/finance-news. Quiz the companies
you are considering about the credit education programs they
offer. At a minimum, courses on budgeting and wise use of credit
should be available.
Many programs may require that you relinquish most if not all of
your charge cards. This step may be hardest of all for you to
complete but it is one of the most important. Once you have
gotten out from under your credit card debt and curbed your
dependence on future charging your debt consolidation program
will be truly successful.
About the author:
If you would like the latest debt
consolidation secrets you may visit my debt
consolidation blog which is updated mutliple times daily!
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