Debt Consolidation

Debt Consolidation

Ever wish you could just combine all your debt and make one monthly payment that would eat away at it? Well, you can if you enroll in a debt consolidation program.

So Many Benefits

Basically, debt consolidation combines all your debts into one, then you make a monthly payment to the debt management that implements the plan for you, which they distribute to your creditors, and you're debt-free in five years! But debt consolidation does so much more than that. Before they do all that combining, they get your creditors to reduce the interest rates and sometimes they can get past fees removed. All of that reduces your balances. Then once a few on-time payments are made, they will ask your creditors to start reporting your accounts as current instead of delinquent. And that can only stand to improve your credit score.

Speaking of delinquent payments, if you've had any, there's a good chance your creditors are calling you about it. But when you enroll in a debt consolidation program, they are required by law to go direct all communication about your account through your debt management company. As a result, you don't have to deal with your creditors anymore.

Some debt consolidation companies also offer debt consolidation loans to those with collateral. A debt consolidation loan is different from a basic debt consolidation program because you don't get the reductions in interest rate from your creditors. However, the interest rate of the debt consolidation loan is so low that you can have the loan paid off in five years. So your creditors are paid off immediately, and the loan is paid off in five years.

Ready, set...get started today!

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