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Are You Buried in Debt?
Are you having a problem paying your bills? Are you receiving past due notices from creditors? Are most of your accounts being turned over to debt collectors? Are you worried that you might lose your home or your car? Well, you are not alone. Many...
Deciding To Consolidate Debt?
What is the point of consolidating debt and when should you do
it? What are some of the options for consolidating debt? At some
point in their financial lives, many people ask these questions.
If you have been pondering these thoughts, read...
How to Find Debt Consolidation Solutions
Taking loans has become a way of life because of the convenience
it offers. Within manageable limits loan repayment does not
create any problems. However there is no harm in looking for
better options.
A debt consolidation solution is any...
How to Reduce your Debt in 5 Easy Steps
If you have incurred substantial personal debt, consider these options: budgeting, debt consolidation, credit counselling from a reputable organization and working with your creditors. You will need to choose a debt reduction method that will work...
Leverage - Margin Debt
What is leverage?
Here is a definition of leverage from an online dictionary "leverage - The use of credit or borrowed funds to improve one's speculative capacity and increase the rate of return from an investment, as in buying securities on...
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What Your Mama Never Told You About Debt Consolidation Services
When someone is extremely deep in debt, and he or she has no other options to prevent bankruptcy, debt consolidation can be his or her savior. Debt consolidation can also be a very wise choice for someone who has many debts on high interest credit cards. Debt consolidation, quite simply, is the process of taking loans and debts and bringing them into one low-interest loan that can be paid off over varying periods. This is a very good choice for many people because it saves them from having to file bankruptcy. Debt consolidation merely requires collateral (such as a home or vehicle) for the interest rates to be lowered and the customer to be on his or her way to debt free living.
Most people understand the basics of debt consolidation, however there are several dos and don’ts in the world of consolidating debt. Most importantly, make sure you research the company before you choose to consolidate your debt with it. Some companies will take advantage of unassuming consumers. Here are a few underhanded tricks unfavorable companies will employ when you are trying to consolidate your debt:
1. Some companies will take advantage of high interest loans, and the benefit of consolidating those loans, by charging exceptionally high fees in the debt consolidation loan. These fees can sometimes even be near the state maximum for mortgage fees. Any company with fees that seem unnaturally high should not be your choice for debt consolidation.
2. Watch out for companies that wait until you are “backed into a corner.” Some companies will let a customer get further and further into debt until the customer is forced to refinance. Someone who has put his or her house will be willing to refinance in order to save his or her collateral (again, usually the home). The unscrupulous company will then charge an
excessive refinancing fee.
3. Lastly, be wary of companies that employ “predatory lending.” Predatory lending is when a debt consolidation company allows a customer to be in such debt that they are unable to find another debt consolidator to help them with the debt. The person is forced to stay with their current company and sometimes even file bankruptcy anyway. The company that knowingly led the customer into the dregs of debt comes out on top. Most companies don’t use predatory lending, but it is always a good idea to be extra careful when choosing a debt consolidator.
Good debt consolidation companies naturally don’t do anything underhanded. On the contrary, a worthwhile company offers the customer all the information he or she will ever need about their loans and interest. The company is helpful and concerned for the financial safety of their customers. Companies that realize that the decision to consolidate one’s debt is a weighty one are usually the best companies to opt for. Approaching each case uniquely is the sign of a debt consolidator that understands the importance of every customer.
Debt consolidation can be a weighty decision for many people to make. If you keep in mind the dos and don’ts of choosing a debt consolidation company, you will have no worries. Some companies try underhanded methods to increase their profits, but if you know what to watch out for, those companies cannot swindle you. Debt consolidation is a wise choice for anyone who has high interest credit cards, and substantial loans. Follow my advice, and I’m sure that you’ll be debt free sooner than you can say, “Consolidate!”
About the Author
Mike McDowski is very knowledgeable concerning financial matters and enjoys writing about debt consolidation services.
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