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HomeBlog Debt ConsolidationIs A Debt Consolidation Loan Right For Me?
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Is A Debt Consolidation Loan Right For Me?

February 24, 2020 by Chloe Merriam

woman discusing if debt consolidation loan is right

If you’re struggling with debt, you’ve probably heard more than your fair share about debt consolidation loans. The trouble is figuring out exactly what applies to you and how debt consolidation would affect your financial situation. To help you navigate what can quickly become a very confusing situation, we’ve put together a short video that lays out exactly what you can expect from a debt consolidation loan.

This video lays out the top pros and cons of a debt consolidation loan. It will help you determine exactly how debt consolidation could benefit or hurt your current financial situation.

The Pros

As the video mentions, the two biggest pros to this type of debt management program are a consolidated monthly payment and a lower monthly payment.

For many people, one of the biggest difficulties of being in debt is figuring out how much you owe and to whom you owe it. Debt consolidation eliminates the stress that comes with this by allowing you to make one set payment every month for the same amount. Many people have a lower monthly payment as well because they aren’t dealing with multiple interest rates from different creditors.

The Cons

For some people, debt consolidation may not be the best type of debt management. Those stuck in debt with a low credit score may have trouble qualifying for a debt consolidation loan. If you have a low score, you may have to explore other types of debt consolidation loans.

With a better idea of the pros and cons of a debt consolidation loan, you should be able to determine whether this type of debt management is right for you. If the cons still seem like too big of an obstacle, you should explore other debt consolidation options. No matter which option you choose, make sure to pick one that fits your financial situation and gets you on the road to financial independence sooner.

Do you qualify for debt consolidation?

Chloe Merriam National Debt Relief
Chloe Merriam

Chloe Merriam is currently a Content Marketing Specialist at National Debt Relief overseeing our blog content, social content, and much more. Chloe works to better reach and educate consumers through dynamic content that focuses on three key areas: preventing debt in the first place, getting out of debt if you’re in it, and staying out of debt after it’s resolved. She is a graduate of Tulane University.

Follow Chloe Merriam: Linkedin

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"When I called National Debt Relief, I was at a point where I was"

** Audited by: Dianne Ernsting ** Easy National Debt Relief Caller: Nocona Transcribed WE 2/28/2021 Nocona: The call is recorded. Tell me a little bit about how you came across National Debt Relief and why you decided on their program over some of the others that are available. TRACY: I actually did an internet search. National Debt Relief was the first one that came up. I looked at that one, and I kind of looked at a couple others. And it's been so long, I can't remember exactly what it was that made me interested in National Debt Relief over the others. But I ended up calling to just get some more information. And I talked to a woman. I believe her name was [Sierra Myers 0:01:08] or [Sierra Meyer 0:01:10]. I believe that's her name. Again, it's been a long time since we started the program. I can't remember. I mean, when I called, I was at a point where I was crying on the phone with her. And she was so kind and calm and caring and understood where I was coming from. And we had been through a really bad time. Our granddaughter had died at birth. And I just had gone into a complete tailspin. And that's why we ended up where we were. So I got information from her. I talked to my husband. And we decided to go with National Debt Relief. Nocona: Tell me a little bit about the customer service side of things. How did you feel about the way they handled any questions you had along the way or just the communication overall? What was it like? TRACY: I've been very pleased with the communication overall. I sometimes wish that things could go a little bit faster. [chuckles] But that's just because I just want to get through the program a little bit quicker. But just based on where we are and what we had to do and how much money we can put into it every month, we are doing what we can. But when I call and I have questions, they always answer my questions, and they do it very well. Nocona: Is there anything that you think they could improve about the process or anything you'd like to see them do differently? TRACY: No. The only thing that I know just sometimes -- and I don't think this is on National Debt Relief's side of things, but I know that a lot of times I'll get calls from debtors, and they're wanting information, and they claim that they can't talk to National Debt Relief. But I think that a lot is coming from the creditors' side of things, because they want us to settle with them. So just that part of it can be a little frustrating at times. But again, I think that's probably more on the side of the creditors than National Debt Relief. Nocona: Any advice for people that are thinking they might have to go through this kind of program? Anything that you think is helpful to either be aware of or to be ready for when you start it? TRACY: Definitely be ready for the fact that it's not something that is just a one-year program. It takes a while to get through. That was something that I was definitely not ready for. I didn't expect that we would still be looking at being in the program for at least another year, is something that I definitely did not expect. 'Cause I believe we started in 2018. And I had kind of hoped that at this point in time we would be getting ready to graduate from the program. So that's something that someone should be aware of. Not that it's a bad thing. Just being aware that it does take longer than what you think it will. Nocona: Just based on the experience you had going through the program, where would you put National Debt Relief from a one to a five, a five would mean you would definitely recommend signing up to their service, a one means you're very dissatisfied? TRACY: I would say 5. Nocona: Is it okay if we share your comments as a review on our public website to help people that are considering debt relief programs? TRACY: As long as you don't use my last name. Nocona: Yup. We don't publish last names. It just goes out with a first name. So it would just be under 'Tracy' if that's okay. TRACY: Yes, that's fine. Nocona: I have farney7218@gmail.com. Is that the right address for you? TRACY: Yes, it is.

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Tracy Sitko-Farney
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