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HomeBlog Debt ConsolidationHow To Use A Debt Consolidation Loan To Pay Off Your Creditors
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How To Use A Debt Consolidation Loan To Pay Off Your Creditors

January 24, 2013 by National Debt Relief

The word debt being erasedYou’ve probably heard the old cheer, “What do we want? We want a touchdown. When do we want it? We want it now!” If you’re seriously in debt, you might well be thinking, “What do I want? I want out of debt. And when do I want it? I want it now”.

Unfortunately, there is no way to get out of debt “now.” You can find ads on the Internet promising to get you out of debt immediately or to repair your credit, but don’t believe them. It just can’t be done.

Debts just won’t go away

Debts are like a leech that attaches itself to you and just won’t go away. Once you’ve run up a lot of debt, there are only two solutions. You can either file for bankruptcy or find some way to pay them off. If you would rather not have a bankruptcy on your record, you could get a debt consolidation loan and pay off all your creditors at once but, spoiler alert – that doesn’t eliminate your debts. It just moves them from one set of creditors to a new one.

Get a loan and pay off your creditors

The way this works is simple. If you owe, say, $20,000 in credit card debts, you go to your bank or credit union, borrow $20,000 and pay off all your cards. Of course, this assumes you could borrow the $20,000, which may be easier said than done. Banks and even credit unions are usually not very anxious to loan more money to people who are already having a problem with debt.

A secured debt consolidation loan

If you owe $10,000 or more, you will probably have to get a secured loan. This is where you have to pledge some asset to “secure” it. For most people, the asset will be their houses in the form of a second mortgage or homeowner’s equity line of credit (HELOC). If you don’t have a house you could use as collateral or if you don’t have a sufficient amount of equity in it, another option to consider is consumer credit counseling.

Consumer credit counseling might help

Consumer credit counseling has become a very popular way to handle big debt because it can get all those angry creditors and debt collectors off your back and without having to borrow more money to do it. The way this works is pretty simple. You find a legitimate and reputable consumer credit counseling agency, either online or in your area, and go to it for help. You’ll be assigned a debt counselor who will review all your spending and income and help you create a plan for paying off your debts. He or she will then present your plan to your creditors. If they all approve it, you’ll no longer have to pay them. Instead, you’ll pay the credit counseling agency and it will pay your creditors.

The negatives of credit counseling

The biggest downside of credit counseling is that it will probably take five years for you to complete your plan. Your debt counselor may also help you create a budget so you won’t run up any new revolving debt until you complete your plan. You will probably have to surrender all your credit cards. You will also need to be sure you make all your payments on time because if not, your plan could be canceled and you could end up in even worse shape.

The one way to get debts reduced

Whether you choose a debt consolidation loan or consumer counseling, you’ll still owe whatever you owe. In the words of that old adage, you can’t borrow your way out of debt. The only way to get debts reduced without filing for bankruptcy is through debt settlement. Call us today or fill in the form you’ll find on this page to learn more about debt settlement and what it could do to improve your life.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Easy National Debt Relief Caller: Nocona Transcribed WE 3/28/2021 Nocona: The call is recorded. Tell me a little bit about how you came across National Debt Relief and what made you decide to go through them over some of the other options out there. CRAIG: I did some research. And I liked what I saw and I liked some of the reviews that I saw. Nocona: And can you tell me a little bit about your initial contact with National Debt, how you felt about the customer service, the way they answered any questions you had? CRAIG: It's always been very good. Nocona: Tell me a little bit about what they were able to provide for you. Did they give you a timeframe or kind of layout what to expect? CRAIG: Yeah. They gave me specifics, which I really liked. Time off, proper expectations. Nocona: And about how long did it take to start seeing some debts get settled? CRAIG: Oh, gosh. I'd have to go back. I think maybe four months. Nocona: Okay. So not all that long? CRAIG: No. Three to four months. Nocona: And is there anything that you think National Debt could do to make the experience any easier or better for the customer? Anywhere you'd like to see changes made? CRAIG: No. Nocona: And any advice for people that are considering a program like this? Anything you think is helpful to know before you go in? CRAIG: I just think people have to ask all the questions, not be afraid of asking questions or voicing concerns and not moving forward until they're satisfied that it's a good program for them. Nocona: Based on the experience you've had with National Debt Relief, where would you rate them between a one and a five, a five means you definitely recommend them to others, a one means you're very dissatisfied? CRAIG: I'd do a 5. Nocona: Is it okay if we share your comments as a review on our website to help people that are considering their debt program options? CRAIG: Sure. Nocona: I have thepetersonz@outlook.com. Is that right? CRAIG: That's correct. Nocona: The call was recorded.

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Craig Peterson
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