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Avoid the Trap When You Consolidate Debt, part iii
Avoid the Trap When You Consolidate Debt
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To consolidate debt is a great idea with a trap built into it. The technique described here helps everyone in debt, but if you have an ongoing credit card debt you desperately need...
Debt Consolidation: BE DEBT FREE--The different ways to consolidate your debts.
A debt consolidation loan is a loan taken to consolidate a number of loans into one manageable loan. A debt consolidation loan can also help you in reducing the cost of your total debt as it usually carries a lower rate of interest than other...
Debt Consolidation - Is Your Future Bright?
Most people have taken out plenty of loans and other forms of
credit, from various sources over the years. These could include
student loans, credit cards, store cards, a bank overdraft, car
loan, goods bought on a buy now pay later basis. All of...
The Ups And Downs Of Online Debt Consolidation
Online debt consolidation has been a hot topic on everybody’s lips nowadays. People are divided in their opinions about online debt consolidation because there are those who swear that they’ve been saved from bankruptcy, thanks to online debt...
What is Debt Consolidation?
Debt consolidation may be the answer for anyone drowning in a sea of unpaid bills. Debt consolidation lumps all of your unsecured debts including credit card bills, doctor, dentist, veterinary, and other service provider bills – any bills that are...
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Debt Consolidation Company Information - Compare Debt Consolidation Companies Online
Not all debt consolidation companies are the same. Some are in
the business of offering you a service to pay off your bills and
clean up your credit history. Others take advantage of your
situation and scam you out of your money. To protect yourself
from such companies, compare programs based on their services
and promises.
Non-profit Versus For-profit
The only difference between non-profit and for-profit debt
consolidation programs is how they file their taxes. Some of the
largest fraudulent companies claimed non-profit status.
However, there are many legitimate non-profits. Some of these
companies are subsidized in part by creditors, reducing fees you
would have to pay. This is especially true for agencies which
cater to those with poor credit.
Legitimate for-profit companies charge comparable rates, but
they usually focus on those who still have a good credit score
but are struggling to pay bills. Like a non-profit, they can
reduce your interest rates for most types of unsecured loans,
making repayment easier.
Monthly Payment Quotes - The Litmus Test
The real litmus test to find a credible debt consolidation
company is to request a monthly payment quote. By providing
information on your account balances, interest rates, and
creditors' names, a debt
consolidation company can give you an
accurate quote. Compare this payment with several other agencies.
Since all companies will get you the same low interest rate with
a creditor, there should be very little difference between
quotes. Anything too low is a sign of a shady deal.
Services Provided
Besides requesting quotes, you should also research the services
they provide. Debt consolidation involves constant communication
with creditors to lower rates, remove late charges, and close
accounts. Companies that fail to mention what they do for you
are probably more interested in taking your money than servicing
your accounts.
Also be suspicious of companies that offer debt settlement or
bankruptcy help. If they are doing their job, there is no reason
to use these credit damaging services.
In the end, take the time to research companies to find one you
are comfortable with. By making the investment of time now, you
can save yourself headaches in the future.
About the author:
See my recommended Debt
Reduction Companies online. Carrie Reeder is the owner of ABC Loan
Guide, an informational website about various types of
loans.
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