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Personal Loan Debt Advice

January 3, 2013 by National Debt Relief

loans, calculator and penThe number of banks and lending institutions is increasing steadily. These institutions try to outdo each other in terms of products offered. This has led to widespread debt because many people end up borrowing beyond their means. The “buy now pay later” slogan is partly to blame for the increase in credit card debt. In most cases, people get into unnecessary debt and end up struggling with their payments. Today, thousands of people are turning to professional debt advice for a solution to their debt problems. Before taking out a new credit card or applying for a loan, consider the following factors.

Why are you applying for a personal loan?

Do you really need the loan? Many people take out personal loans to buy a new car, home improvements or for vacations. The big question is do you really need to take out a personal loan to buy a new car or to take a vacation? You should definitely not use a personal loan to fund a vacation. You could take a two-week vacation and end up spending years paying back thousands of dollars. Many people take out personal loans because of the desire to do something rather than because it’s a necessity. This is the main reason why people often end up with too much debt.

Do your homework

Many people approach just one lender and disregard the others. If that lender has a relatively high-interest rate, they end up paying more in interest. Doing a little research and comparing the rates of different lenders can save you a lot of money in the long run.

Debt settlement advice

If you are in debt, you should look at the different ways to get out of debt. One of the most effective ways is through debt settlement. This entails negotiating with your creditors to pay a small percentage of your total debt in return for a lump sum payment. In most cases, debt negotiation is done by a debt counselor who will go through your finances and come up with a debt settlement plan. The debt counselor will also provide valuable advice on how to manage your finances and live a debt free life. Although debt settlement is a common option for people with debt, it does not apply to everyone. Depending on your specific case, you can either choose debt settlement, debt consolidation or bankruptcy. A professional advisor is the best person for advice as to what would be your best option.

Terms and conditions of the loan

Any time you’re presented with a document to sign, you should take the time to read it. That way, you ‘ll know what you’re getting into. The stakes are higher when it comes to loan documents. If you sign without reading the terms and conditions, you might be committing yourself to a very high-interest loan with high monthly payments. Once you have signed a contract, you cannot dispute it because you signed it and in doing so agreed to the terms of the loan. Always read the terms and conditions of the loan to avoid unpleasant surprises.

Sooner is better than later

Finally, if your debts are growing quickly and you are unable to pay on all your loans, you can save a lot of money by getting debt advice sooner rather than later.  There are people who are too ashamed to seek professional debt advice. There is no shame in being unable to repay your debts. The most important thing is to find a solution to your problems before your debts get completely out of hand.

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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"National Debt Relief is like a headhunter. Until you sign up..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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