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Companies that offer Debt Consolidation
What are the companies that offer debt consolidation really selling to consumers? Companies that offer debt consolidation programs are usually able to negotiate with creditors and obtain lower interest rates and perhaps even lower monthly payments for debtors. But before jumping into a debt consolidation program, it is important to understand at what cost these debt relief benefits come.
It is imperative that you are a savvy consumer when it comes to choosing a debt consolidation company. Although the industry has been around for years, it grew immensely as America’s dependence on credit grew. The laws regulating the debt industry have not kept up with the industry’s rapid growth, resulting in a sector that is fairly unregulated. This lack of federal mandates makes it easy for debtors to be taken advantage of. You will be trusting this institution with valuable financial information, so thoroughly verify their legitimacy before conducting business.
After enrolling in a debt consolidation program, your debt will be reviewed and the amount of money that you can reasonably put towards your debt will be determined. You will then begin paying the company instead of your creditors and the company will disperse your money among your creditors. Although these programs can make debt more manageable, it is important to realize that this help comes at a cost. Even the most legitimate debt consolidation companies may tack on high fees to your monthly payment. Because you are paying money to the company, and because of the lower interest rate, it is likely that a debt consolidation program will actually lengthen the life of your loan.
The most important thing that a debtor should know before electing to enter a debt consolidation program is that debt consolidation does not eliminate debt. If you would like to become completely debt free in a relatively short period of time, you should consider a debt settlement program instead. For more information on credit card debt settlement, please fill out our no obligation debt settlement form.
Debt Settlement Companies Are Better
In debt consolidation, you pay someone to lower your interest rate. You are essentially wasting your money and paying a company for a service that actually does you a disservice. During our debt settlement program, your personal debt settlement coach won’t negotiate a lower interest rate. Rather, our debt industry expert will negotiate with creditors and enable you to pay off your debt for 50% or less than you owe. Why waste your time lowering rates, when you can become debt free and write off thousands of dollars of debt.
Whereas debt consolidation can be a money trap, debt settlement offers real, feasible solutions to debt. Our debt settlement representatives will analyze your debt to income ratio and create a budget for you, so you can start saving for your settlement. The length of the program depends on the debts that you have and the willingness of creditors, but the typical duration is 12 to 36 months. When compared to the 10 to 20 years it could take to eliminate debt with debt consolidation.
If you would like help eliminating debt, you should enroll in our debt settlement program. Debt consolidation companies waste your time and money while debt settlement companies free you from debt. Please take a moment to Fill out our free, no obligation debt settlement form so we can show you how to become debt free in 12 to 36 months.
Offering Professional Debt Settlement Help to 50 US States
List of States where we offer debt settlement
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