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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 – Options for Reducing Your Debt
Studies show that Americans are now saving less than ever before. Along with that, Americans are carrying a heavier debt load than ever. It’s easy for a home loan, a car loan and a few credit card bills to get out of hand, and many people are...
Debt Elimination 1
If you have multiple debts, you may well be wishing you had a debt elimination wand to wave and make all the debts disappear. You would probably wish even harder for that magic wand if you were falling behind with, or at least struggling hard to...
Hlw to Double Your Debt Collections
Believe it or not, the success of your attempt to collect a debt is usually decided right at the beginning of your phone call – with the very first thing you say after the other party says hello. Knowing exactly what you are going to say – and...
Tips To Take Control Of Debt Collection
Debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. And most creditors will take steps to settle an...
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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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