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What Is Debt Consolidation And Could It Help Me?

Woman depressed over billsOkay, you’ve gotten over your head in debt. You’ve been getting more and more phone calls from your credit card companies and even from a debt collector. And you can’t see any way out. Well, take heart. There is a way to get your debts back under control called debt consolidation. There are three proven ways to do this that could help lift that burden off your back and have you feeling much better about life.

3 ways to consolidate debts

There are three ways you could consolidate your debts. The first is to get a debt consolidation loan. The second is to go to a consumer credit counseling agency for help. And the third is to move all of the balances on your high interest credit cards to one with a lower interest rate called a 0% interest balance transfer credit card.

A debt consolidation loan

If you can get a loan to consolidate your debts, this is a fairly quick and easy way to get your finances back under control. You will need to get a loan large enough to pay off all your debts simultaneously through either a secured or unsecured loan. If you owe $10,000 or more, you will probably have to get a secured loan or one where you provide some asset as collateral. Unsecured loans are often called signature loans because if you qualify, about all you have to do is sign for it. The best thing about a debt consolidation loan is that your monthly payment will be less than the total of the minimum monthly payments you’ve been making. You’ll get all those other creditors off your back and you’ll need to write just one check a month.

Consumer credit counseling

Is there a credit counseling agency in your area? If so, you could go to it for help. It will work with you to develop a DMP (debt management plan) – or a plan to help you get out of debt within a reasonable amount of time. The agency will also work with your creditors to have them accept your plan and reduce your interest rates. Once all your creditors accept your plan, your debts will be consolidated in that you will no longer have to pay them. Instead, you will send one check a month to the agency, which will then pay your creditors. It generally takes five years to complete a debt management plan.

Balance transfer

A third way to consolidate your debts is by transferring all your balances to a new, 0% interest balance transfer credit card. Almost all the credit card companies are now offering these cards. If you qualify, you could transfer your high-interest balances (20% and above) to the new card and then pay no interest for 6 to 18 months. This introductory period of zero interest means that all your payments will go against your balance to help you get out of debt quicker.

They’re not debt relief

All three types of debt consolidation have one thing in common. They do not really offer debt relief. They’re just ways of moving your debts from one set of lenders to another. You could use any one of these strategies to better manage your debts but none will do anything to reduce it.

True debt relief

True debt relief is what we offer. When you contract with us to handle your unsecured debts, we will contact your lenders and negotiate to have both your interest rates and balances reduced. Once all your creditors accept our settlements, you’ll have consolidated your debts as you won’t have to pay your creditors any longer. Instead, you will send us one payment a month, which we will put in an FDIC-insured trust account and ultimately use to pay off your creditors. You will have just one affordable monthly payment and should be debt-free in 24 to 48 months. Choose a better way to consolidate your debts. Call our toll-free number today for more information.

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