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HomeBlog Debt ConsolidationWhat Is Debt Consolidation And Could It Help Me?
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What Is Debt Consolidation And Could It Help Me?

November 13, 2012 by National Debt Relief

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.

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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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: I am calling because I wanted to ask a few quick questions about your experience with National Debt Relief [unclear 0:00:27]. JOSE: It’s good. Charlotte: Now before I begin, I have to let you know that our call is recorded. Can you tell me what actually made you decide to work with [unclear 0:00:40] National Debt Relief as opposed to other providers? JOSE: Good. Charlotte: What made you decide to work with National Debt Relief, as opposed to other debt relief companies? JOSE: Aside from your reviews, I’m guessing the success of the reviews. Charlotte: Tell me about the service and the program that National Debt Relief signed you up for? JOSE: I was able to collect all my debt into one chunk and then pay it off. Also was able to get settlements lower than what the balance was. Charlotte: How easy or difficult would you say the enrollment process was? JOSE: It was pretty simple. It wasn't difficult at all. Charlotte: Now is there anything about the process that you feel could have been improved? JOSE: Not at all. I think everything went smoothly. Charlotte: Perfect. Can you give me a little feedback on your experience with your negotiator? What did you think about your negotiator? JOSE: Negotiator was really firm and fair. Charlotte: Do you happen to remember the name of your negotiator by chance? JOSE: I do not, actually. Charlotte: Okay. Is there anything about that representative stood out [unclear 0:03:04] at all? JOSE: No, not at all. Charlotte: Perfect. How comfortable did you feel working with the negotiator through this process? JOSE: Very comfortable. Charlotte: Perfect. So if you had any questions or concerns, how did the negotiator work with you to resolve any questions or concerns that may have arisen? JOSE: At this point, I really didn't have any concerns at all. So, I mean, been doing a great job. Charlotte: Awesome. So if you were gonna rate your experience with National Debt Relief so far, on a scale of maybe one to five, and five would be that you would recommend to friends and one is you were pretty dissatisfied, how would you rate them? JOSE: Is 5 the highest? Charlotte: Yes, 5 is the very highest. JOSE: Okay. Then we’ll go with 5. Charlotte: Would it be okay if I posted your comments as a review on our public web site for National Debt Relief? JOSE: Yes. Charlotte: I will also send over a link so that you can have it as a record for yourself as well. And I have you at salvipride673@gmail.com. JOSE: Yes. Charlotte: How did National Debt Relief work with you as far as setting up a payment [unclear 0:04:45]? JOSE: They did pretty good. Like I said, I have no complaints at the moment. Charlotte: How comfortable were you with the amount that you were paying? JOSE: Very comfortable. Charlotte: Perfect. Now as far as your thoughts on the cost in relation to the quality of service you received at National Debt Relief, what would you say about that? JOSE: The service team was all right. Charlotte: Now if you were going to rate your experience on a one to five, five is that you would recommend to friends and one is you're pretty dissatisfied, how would you rate them? JOSE: 5. Charlotte: Perfect. Would it be okay if I posted a few of your comments to our website? JOSE: Yes. Charlotte: Now if a friend or a family member were asking you about National Debt Relief, what would you say? JOSE: Really great people to work with. Very quick and easy, very responsive, no issues. Really makes you feel like they’re there for you. So not a scam at all. Charlotte: Perfect. Now about where are you in the process at this point? JOSE: I've already had two creditors resolved already. Pretty happy about that. Charlotte: And of course, our call is recorded.

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