Question: Why should I use Crisis
Credit Counseling?
Answer:
Our commitment to you is to renegotiate your unsecured debt using proven, effective techniques that provides not only real financial relief, but real peace of mind. In fact, our professional team of credit specialists can reduce your unsecured debt by up to
70% over other methods! You’ll feel better knowing that Debt Consolidation Service, Inc. is working for you.
Question: If I miss my monthly payment, will I be dropped from the program?
Answer: No. Simply call the customer service department and they
will re-structure your plan to bring you current.
Question: How do I find out about the progress of my debt management program?
Answer: You can customer service at 800-218-0157, Monday through Friday from
8a.m. to 7 p.m. PST to speak with a representative. They are available to answer
your questions or concerns.
Question: Will I still pay my creditors directly while in the debt management program?
Answer: No. Upon enrollment, you will stop paying your creditors, however, you may be asked to make one final payment to them. Your monthly payment will be disbursed to your creditors by the debt management company you are enrolled with.
Question: Can I still participate in the program if I have a flexible monthly income?
Answer: Yes. All fees and payment schedules are on a client-by-client basis. We will set you up a payment plan that is convenient and affordable for your unique situation.
Question: How long will it take me to complete the program and be debt free?
Answer: The length of your Debt Management Program will be determined by you depending on your unique situation. It all depends on what monthly payment amount will be comfortable for you and how soon you are looking to get out of debt. One of the advantages of the debt management program at Crisis
Debt Management is that there are no pre-payment penalties. If you want to pay more than your regularly scheduled payment amount
you can, by doing this you will simply be done with the program sooner and debt-free that much faster.
Question: Does Crisis Credit
Counseling keep my financial information private and confidential?
Answer: Yes.
All your financial information will be kept confidential. Only people authorized by you will have access to your debt reduction account. Creditors will only be informed that we are assisting you with your finances. In addition, we do not report to the Credit Bureau's so you don't have to worry about other creditors learning that you are being assisted with your unsecured debts.
Question: Why will creditors lower my interest rates for you?
Answer: Creditors realize that we are many times the last resort for many people and they would prefer not assigning the account to the collection agency. They also realize that we work with people on debt management and budgeting. Since you have made a commitment to us, they feel that you are a better candidate to make monthly payments to us as opposed to filing bankruptcy. We also eliminate an awful lot of paperwork for the creditors and they appreciate that.
Question: Why shouldn't I file for bankruptcy?
Answer: Most people file bankruptcy to escape bill collectors. At Crisis
Credit Counseling, we offer a safe and sound alternative to bankruptcy
that will result in improving your credit rating. As with most people interviewed, surveys show most people would rather not file bankruptcy. By enrolling in one of our affiliates programs, our satisfied customers are able to avoid the bankruptcy mistake.
Question: Do I have to give up all my credit cards?
Answer: No. In most circumstances you only have to enroll the debts that you want to be reduced.
Question: Can I still use my credit cards?
Answer: Since your creditors know you have a sincere desire to get out of debt, usually the accounts that you have included in your debt management program are either frozen or closed until you are debt free.
Question: Do I have to put all of my creditors on your program?
Answer:
No. Unless one of your creditors specifies otherwise as a pre-requisite for acceptance into the program you may include accounts at your own discretion.
Question: How does your program affect my credit report?
Answer: This really depends on the creditor. While most creditors will waive late fees and re-age your account, it is important to consider this as an extra incentive to work with a debt
management company especially when you are behind in payments. Some creditors will make a notation
on your credit report such as "Managed by Credit Counseling." We do not report to the credit reporting agencies however, it is in the sole discretion of your creditors whether or not they report your credit counseling status, with most credit agencies acknowledging our program is a responsible way of dealing with overextended credit issues.
Question: What exactly is unsecured debt?
Answer: Unsecured debt is when
there isn't any collateral securing the debt. For example, an unsecured debt is usually in the form of: credit cards, department store cards, medical bills, and gas cards. No form of collateral such as a home or car was utilized to secure the "loan" for services rendered or goods received. With a secured loan, and as a precaution against "default" (non payment) what is used as "collateral" for the loan could be liquidated.
Question: When will my first payment be due?
Answer: When you enroll in our debt management program, you
chose the payment date that will work best for you. You may choose any day from the 1st to the 30th of every month, keeping in mind that your first payment will be due within the first 30 days after enrollment.
Question: Can you help if I am being charged late fees and if I'm past due on my accounts?
Answer: Most creditors will waive late fees, over limit fees and will bring your accounts current. Most creditors will also re-age your account (showing no behind payments are due) once enrolled in the program.
Question: Will I continue to get phone calls and collection letters from my creditors?
Answer: Most creditors will stop collection activity once they receive the first payment.
Question: Must I remain on the program until I am debt free?
Answer: No. You are only enrolled in our affiliates program for as long as you want to be. You may terminate the plan at any time for any reason.
Question: Can I add more accounts after I'm enrolled?
Answer:
Yes. To add an additional account, contact our
customer service department with the account
information. You may also send the account
information by Contact Us
CONSOLIDATE ALL
OF YOUR CREDIT CARD DEBTS INTO ONE LOW FIXED RATE MONTHLY PAYMENT.
Save Thousands of Dollars in Revolving High Interest Rates and get out of
debt sooner than your current credit card payments. You do NOT need good
credit to qualify.
THIS IS NOT A DEBT CONSOLIDATION LOAN. We specialize in debt consolidation and helping you to eliminate your debts in 12 – 36 months. We will work with you, step by step, to simplify your
debt into one low monthly payment (on the date of your choice) and disperse to your creditors on your behalf.
Our debt consolidation experts will make sure the debt management program is right for you, provide you with a detailed budget analysis and assist you every step of the way.
Our debt consolidation management program can reduce your interest rates
as low as 0% PERCENTand get you Debt
Free in less than 36 months, which
will save you thousands of dollars in interest.
Our
Debt Consolidation Plans are for credit cards, medical bills, unsecured loans and/or collections accounts.
(No secured debts can be included).
If your having difficulty meeting your monthly payments and/or
not able to reduce your debt principal balances this program is for you.
Call or complete our FREE Debt Consolidation
Quote Now.
Let us show you how much we can save you.
Our
Debt Consolidation Program can also benefit people who are current on
their debts but struggle to do so.
Our Debt Consolidation Program will reduce and/or eliminate interest rates as well as stop late
charges and over the limit fees.
Our program
will lower your monthly payments drastically. Interest rates will vary depending on
your situation and your creditors, most rates are around 2% to 9% and
with some of our clients we were able to completely eliminate their
interest rate to 0% INTEREST.
Our Debt Consolidation Program can help you improve your credit and FICO
scores, as many creditors will report the account current after they receive three consecutive payments.
They will also reduce the total debt owed since more of your monthly payment will go towards principle
instead of your current high rate interest.
Do you need help with your unsecured debt? Then you've probably noticed the
countless ads saying that your payments can be cut in half or more by working
with a debt consolidation company.
First, you should understand that what is commonly referred to as 'debt
consolidation' is actually 3 different products - debt management plans, debt
settlement and debt consolidation loans.
Understand Your Debt Consolidation Options
The product that will work best for you depends on a number of factors
starting with the amount of debt you have as well as your ability to manage it.
Each product has its own set of terms, eligibility requirements and
repercussions which can affect your credit both positively and negatively.
Make sure you understand the differences between the products and choose the
right product for your situation. Many companies only provide one or two debt
consolidation options and will sell you their product even if it is not right
for you.
Researching your credit counseling agency
Many consumers have apprehensions about using the services of a credit
counseling agency and with good reason. There are companies that call themselves
credit counselors but promise more than they can produce. Reputable credit
counseling agencies help people get out of debt every day by being up front
about their capabilities and following best practices.
As with other service-related industries, you just have to do a little
research to make sure you're working with the right people. The internet is a
great place to start checking out the credentials of credit counseling agencies.
Do research on your credit counseling agency at your local BBB.
Google "'Credit Counseling Company' review" and 'Credit Counseling
Company' feedback" to gauge their customer satisfaction.
Make sure they explain all of your options for getting out of debt.
One-size-fits-all companies are common and can be dangerous.
Debt consolidation entails taking out one loan to pay off many others.
This is often done to secure a lower interest rate, secure a fixed interest rate
or for the convenience of servicing only one loan.
Debt consolidation can simply be from a number of unsecured loans into
another unsecured loan, but more often it involves a secured loan against an
asset that serves as collateral, most commonly a house. In this case, a
mortgage is
secured against the house. The collateralization of the loan allows a lower
interest rate than without it, because by collateralizing, the asset owner
agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.
The risk to the lender
is reduced so the interest rate offered is lower.
Sometimes, debt consolidation companies can discount the amount of the loan.
When the debtor
is in danger of
bankruptcy,
the debt consolidator will buy the loan at a discount. A prudent debtor can shop
around for consolidators who will pass along some of the savings. Consolidation
can affect the ability of the debtor to discharge debts in bankruptcy, so the
decision to consolidate must be weighed carefully.
Debt consolidation is often advisable in theory when someone is paying
credit card debt.
Credit
cards can carry a much larger
interest rate than even an
unsecured loan from a bank. Debtors with property such as a home or car may
get a lower rate through a
secured
loan using their property as
collateral. Then the total interest and the total cash flow paid towards the
debt is lower allowing the debt to be paid off sooner, incurring less interest.
Because of the theoretical advantage that debt consolidation offers a
consumer that has high interest debt balances, companies can take advantage of
that benefit of refinancing to charge very high fees in the debt consolidation
loan. Sometimes these fees are near the state maximum for mortgage fees. In
addition, some unscrupulous companies will knowingly wait until a client has
backed themselves into a corner and must
FHA refinance in order to consolidate and pay off bills that they are behind on
the payments. If the client does not refinance they may lose their house, so
they are willing to pay any allowable fee to complete the debt consolidation. In
some cases the situation is that the client does not have enough time to shop
for another lender with lower fees and may not even be fully aware of them. This
practice is known as
predatory lending. Certainly many, if not most, debt consolidation
transactions do not involve predatory lending
Reasons to Consider Getting Professional Debt Consolidation Help
There are many different reasons that can lead to a drop in income or an
increase in debt, and you may be caught completely unprepared. Common causes
include illness or injury, divorce, losing your job, birth of a baby or
retirement.
If cutting your budget hasn't done enough to ease the burden of debt
repayment then you should begin to consider your other options. For those that
have already fallen behind on making payments, the longer you wait the more your
debt will mount as additional expenses like late fees are added on.
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Credit counseling is a straight forward process that is geared toward
educating consumers on how to avoid incurring debts that they cannot pay
back. Professional counselors, certified in credit counseling, are hired by
credit counseling organizations to help consumers find ways to repay their
credit card debt - through careful budgeting, financial education and
management of money.
Credit counseling often involves negotiating with creditors to establish
a
debt management plan (DMP) for a consumer. A DMP may help the debtor
repay his or her debt in a more timely fashion, by working out a repayment
plan with the creditor. DMPs, set up by credit counselors, usually offer
reduced payments (which make the monthly payments more manageable for the
debtor), fees and interest rates to the client. Credit counselors refer to
the terms dictated by the creditors to determine payments or interest
reductions offered to consumers in a debt management plan.
The Benefits of Credit Counseling
In many cases enrolling in a credit counseling program can also benefit
the client because various creditors view it as a move in the right
direction – the debtor is making a serious effort to pay off their bills. As
an added bonus, credit counseling agencies give clients valuable guidance on
the proper way to use credit cards,
generating a budget, paying bills on time, managing their personal
finances to optimize financial health and, as stated earlier, a customized
debt management plan so they can repay their lenders.
Choosing a Credit Counseling Agency
Consolidated Credit Counseling Services is one of many credit counseling
agencies in the United States. Those who are in debt and believe they
require assistance should carefully research the companies before doing
business with them. Check out their website, speak with a counselor (and
make sure that the counselors are certified credit counselors), ask for
references and find out if they are with the Better Business Bureau.
After researching these organizations a client will then speak one-on-one
with a credit counselor and supply them with pertinent information on
earnings, expenses and debts. It is the credit counselor’s responsibility to
then assess the information, discuss it with the client, aid them in
creating a budget, and assist them in producing a comprehensive plan that is
unique to their needs.
Learn
more about Consolidated Credit Counseling Services
What Happens During a Credit Counseling Session?
During the credit counseling session, the counselor may direct the client
to educational material available on their website; suggest financial
education classes in their area; or even advise them to seek other counsel
if they are having problems with a relationship, which is causing them to go
deeper into debt.
Ultimately, the credit counselor will speak with the client’s creditors
and map out a debt management plan that works for all parties involved. With
that being accomplished, the creditors will then be getting the money they
are owed and the client will be stabilizing their financial future by
ridding themselves of their debt.
Take the first steps to getting out of debt by taking our
Free Budget and Debt Analysis, or call us to
speak with a certified credit counselor at Consolidated Credit Counseling
Services.
Debt Management
What is Debt Management?
Debt Management is the program that consolidates your
unsecured debts into one monthly payment, which is sent directly to your
creditors by the Credit Counseling service.
Credit Counseling is the actual sessions you will have with a professional
counselor regarding debt management, budgeting and personal finances.
Consolidated Credit Counseling customizes a Credit Counseling & Debt
Management Program that fits your financial needs.
Our certified credit counselor’s review your financial information and then
work with your creditors to arrange reduced monthly payments, interest
charges and fees for your unsecured debt. You make a single monthly payment
to Consolidated and those funds are then disbursed to all creditors on a
monthly basis.
Credit Counseling: A process of offering education to
consumers concerning ways to repay existing debts and avoid incurring
additional debts. Credit counselors may negotiate with creditors to
establish a debt management plan (DMP) for a consumer as a means of repaying
existing unsecured debts. A DMP typically offers reduced payments, waived
fees and interest concessions as dictated by the individual creditors.
Need to Consolidate Debt?
Why Debt Consolidation Can Work
For people seeking to consolidate debt, there are many options to choose
from. Determining the right solution for each unique debt level can be
intimidating. Understanding the differences between the various debt
consolidation methods can help consumers choose more effectively for their
situation. Below you will find a brief description of some common debt
consolidation options:
A debt settlement program involves a settlement company negotiating with
creditors to lower the outstanding balance of a person’s debt. Monthly
payments made under a debt settlement program are placed in a settlement
fund or an escrow account in anticipation of reaching a settlement with
creditors. Typically this option is not available if the total debt owed is
less than $10,000. This option also carries a certain amount of risk as
there are some creditors who will not accept the settlement terms and can
pursue legal action against the consumer (See more:
debt
settlement).
Debt consolidation can be available in the form of a loan. The loan is
used to pay off multiple debts by securing a lower interest rate or a fixed
interest rate with the convenience of a single monthly payment. Debt
consolidation loans can be secured against an asset like a house, but
unsecured loans are also available. This solution does have its risks. If
the consumer takes out a loan against their home and are unable to maintain
their loan payments, they risk foreclosure on their property (see more:
debt consolidation loans).
Credit counseling agencies provide debt consolidation without a loan.
This type of debt consolidation is referred to as a debt management plan
(DMP). Consolidating debt on a DMP can give consumers enough room in their
monthly budgets to make progress on paying down their debt. The process
involves consolidating multiple unsecured debts into one monthly payment.
When consumers work with an accredited agency for credit counseling and debt
consolidation, the agency may be able to negotiate better repayment terms
based on their relationships with the creditors. The consolidated monthly
payment is typically lower than what they were previously paying in total
for all of their respective debts. It is important to note that these
benefits vary widely from one creditor to another and some creditors do not
extend any benefits at all.
Debt Relief FAQ's
Learn More About Debt Relief
I keep reading about unsecured versus secured debt, what’s
the difference?
There are two types of debts secured and unsecured. Secured debts are
debts in which your creditor has collateral or property attached too the
type of debt you owe. A common example would be a car loan where your
car serves as the collateral for the loan. If you choose not to pay
these types of debts your creditor has a right to take or repossess the
property. As such, secure debts are almost your highest priority.
Unsecured debts are debts with no collateral. Some examples of
unsecured debts are credit cards, store & gas cards, medical bills and
utility bills. It is usually hard for unsecured creditors to collect
what is owed unless you voluntarily pay the creditor. Unsecured debt is
type of debt that can be managed down and ultimately paid off through a
debt management plan (DMP).
How will a debt management plan help me?
A debt management plan is a proven way to get you out of debt. It
allows you to make a single monthly payment that is distributed to your
creditors. This eliminates the need to make individual payments to each
of your creditors. Many of the creditors who participate in the plan
will allow you to reduce your monthly payment and, after you establish a
payment history, may reduce or eliminate interest and late charges, and
harassing collection calls should stop. That way, more of your payment
goes to reducing your debt, getting you out of debt faster. A debt
management plan also has no impact, positive or negative, on your credit
rating.
How do I know which program is a good fit for my situation?
There are many factors that go into determining the right product for
an individual. Much of this depends on the amount of debt, your ability
to pay those debts, your creditor mix and even your lifestyle. Specific
conditions can favor a one debt product, making it a better fit for an
individual’s situation. For example, many people choose to enroll in a
debt management plan to help them get out of debt. To get the most
benefit out of this particular plan, most consumers should have at least
$2,500 in unsecured debt and a minimum of two active credit accounts.
Conversely, you may be a candidate for debt settlement if the amount of
debt you owe is in excess of $7,500 and you are falling behind and/or
unable to make your minimum monthly payment for your unsecured debt
payments. If you are really unsure, you can get a Debt Consolidation
professional to assist you in evaluating your options.
Debt Relief Program: Debt Settlement
Debt Settlement Overview
Debt Settlement: An aggressive form of debt
relief which may be appropriate for individuals whose debts total in
excess of $10,000. Under a debt settlement program, a settlement
company will negotiate with creditors to lower the outstanding
balance. This differs from debt management where the credit
counseling agency negotiates lower interest rates. What this means
for consumers is that if successful, you can walk away paying less
than you owe to settle your debt. It is important to note that some
creditors will never settle for an amount less than owed and do
reserve the right to take legal action against the debtor.
Monthly payments made under a debt settlement program are placed
in a settlement fund in anticipation of reaching a settlement with
creditors. The funds are not distributed to creditors on a monthly
basis as in debt management. You build up a settlement amount in
monthly increments, which can be more affordable for the average
consumer. One distinction with Debt Settlement is that all of your
unsecured debts are eligible for a program, versus debt management,
which relies on the established creditor relationships.
Debt Consolidation Glossary of Terms
Credit Counseling: A process of offering
education to consumers concerning ways to repay existing debts and
avoid incurring additional debts. Credit counselors may negotiate
with creditors to establish a debt management plan (DMP) for a
consumer as a means of repaying existing unsecured debts. A DMP
typically offers reduced payments, waived fees and interest
concessions as dictated by the individual creditors.
The
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(external link) made credit counseling a prerequisite to filing
bankruptcy. A debtor must complete a program with an approved credit
counseling agency during the 180-day period prior to filing
bankruptcy. Additionally, a post-filing credit counseling session is
further required to complete the bankruptcy process.
Creditor Benefits: When you enroll in debt
consolidation program or a debt management plan (DMP), the
relationship between the credit counselor and your creditors is the
key to how much you can save. Creditor benefits may include reduced
interest rates and the elimination of late and over the limit fees.
These benefits typically result in a significantly lower monthly
payment.
Debt Consolidation: If your debt is spread
across multiple creditors, a way to better manage those bills is to
group them together into one payment through consolidation.
Typically with Debt Consolidation, the company you work with has
established relationships with creditors that allow them to secure
better repayment terms such as lower interest rates and reduced
fees. These benefits can allow the debt consolidation company to
negotiate a lower monthly payment. Debt Consolidation is also be
referred to as a Debt Management Plan (DMP).
How it works: Each month you make one payment
to the credit counseling organization. They in turn use the funds to
pay your unsecured debts, like your credit card bills, student
loans, and medical bills. A successful DMP requires you to make
regular, timely payments, and could take 48 months or more to
complete. You agree not to apply for or use any additional unsecured
credit while you’re participating in the plan. You may still apply
for secured debts such as an auto loan or a mortgage.
Debt Consolidation Loan: Debt consolidation can
come in the form of a loan used to pay off multiple debts. Loans
involved in the debt consolidation process are typically taken out
against a secured asset such as house but can also come in the form
of an unsecured personal loan. This method of consolidation is used
to secure a lower and/or fixed interest rate in addition to the ease
and convenience of a single payment. Debt consolidation through home
mortgage refinance carries the risk of foreclosure if the debtor
cannot keep pace with the new payment once the debts have been
consolidated.
Debt Relief: A generic term used to reference a
variety of debt repayment methods such as credit counseling, debt
management plans, consolidation loans, home mortgage refinancing,
etc.
Debt Settlement: An aggressive form of debt
relief which may be appropriate for individuals whose debts total in
excess of $10,000. Debt Settlement is also commonly referred to as
Debt Resolution and Debt Elimination. Under a debt settlement
program, a settlement company will negotiate with creditors to lower
the outstanding balance of their debt. This differs from debt
management plans where the credit counseling agency negotiates lower
interest rates. Monthly payments made under a debt settlement
program are placed in a settlement fund or an escrow account in
anticipation of reaching a settlement with creditors. The funds are
not distributed to creditors on a monthly basis as in debt
management. It is important to note that some creditors will never
settle for an amount less than owed and reserve the right to take
legal action against the debtor.
Debt Solutions: A generic term used to
reference a variety of debt repayment methods such as credit
counseling, debt management plans, consolidation loans, home
mortgage refinancing, etc.
What is Debt Consolidation?
Debt consolidation is the process of taking multiple debts –
unsecured debt -- such as a number of credit card debts, medical
bills or lines of credit, and combining them into one single monthly
payment. There are a number of companies that can do this for
individuals in need, such as a
credit counseling agency.
The usual benefits of debt consolidation are a lower monthly
payment, lower fees, lower finance rates, and sometimes canceled
fees or penalties that have accrued over the months because of tardy
payments or missed payments. It can take from 36 to 60 months to pay
off the unsecured debt but at least the individual is making
progress, and creditors take that into consideration – in other
words, they won’t be as nasty as they could be when making entries
on credit reports.
The process of debt consolidation begins with research. A person
in debt should research credit counseling agencies to make certain
that they are honest and willing to work for them. The credit
counseling agency should be a part of the Better Business Bureau and
have referrals. They should be non-profit agencies with credit
counselors that have been trained and certified. Once a person has
chosen an credit counseling agency they simply make a phone call and
discuss their personal finances with a credit counselor. They will
have to answer a number of questions dealing with their personal
unsecured debt and personal finances. Once that is done, the
counselor contacts the creditors and negotiates a monthly price. The
person then sends the monthly payment to the credit counseling
agency, who in turn pays off the creditors.
The credit counseling agency should also offer educational
resources on debt consolidation, paying bills on time, budgeting,
money management, and other financial issues that will help the
person in debt to learn how to better handle their money. These
resources should be free and they may come in booklet form or could
be available on the agencies website.
In the end, debt consolidation is a tool to assist a person who
can no longer make the minimum payments on their unsecured debt. It
is a method to help those from going bankrupt and completely ruining
their credit. Before enrolling in a debt consolidation program here
are a few questions to consider:
Are your interest rates rising at an alarming rate?
Are bill collectors calling you?
Are minimum monthly payments impossible to make?
Are your debts on your mind day and night?
If the answer is “yes” to any of these questions, a debt
consolidation program should, at the very least, be a consideration.
Individuals should also act fast, once the debt becomes completely
out of control, a debt consolidation program cannot help.
Contact Consolidated Credit Counseling Services at
1-800-320-9929 to find out if a debt consolidation program would
work for you. A certified credit counselor will ask you questions
about your unsecured debt and personal finances and advise you what
the next step is. You don’t have to do
debt consolidation on your own. Consolidated Credit Counseling
Services is here to help.
Debt Consolidation and Consolidating your debts, Credit Card
consolidation
Don't Let Your Debt Become a Disaster!
Deal with Your Debt Before it Gets Out of Control
For many American’s, a debt crisis is imminent and adopting a
stricter budget won’t be enough to lessen the current financial
strain. There is a great need for more decisive and effective
action; a real debt solution to ease some of the pressure from
monthly bills.
It is not as easy to as used to be to tighten the family purse
strings and weather the economic downturn. These days, Americans are
feeling the impact of cost increases that pervade every aspect of
their lifestyles. Take note of how much you are spending for just
the simple things like your morning cup of coffee, the daily
commute, or the gallon of milk you picked up on your way home. Our
normal daily spending habits are bearing the brunt of price
increases.
Dealing with price hikes that affect our day to day can really
strain the average family, but families are facing added pressures
like steep declines in retail sales, job growth and a floundering
real estate market. The cumulative affect of these economic declines
also directly impacts consumer finances. Families are being squeezed
all sides.
Finding a way to relieve some of that pressure is a popular
subject. It is now well known that credit card debt services and
related debt solutions can ease the strain of monthly bills.
Consumers are being bombarded with offers for debt settlement,
loans, debt consolidation, credit counseling and more. Navigating
this sea of debt relief is intimidating and confusing for most of
us. Choosing a company that offers reputable debt solutions can
appear impossible to those already overwhelmed by their debt.
Additional Debt Consolidation
Information:
In the form of a loan consolidation, this generally results in a
longer repayment term and thus a lower required monthly payment.
Interest rates in consolidation loans can vary based upon a number of
factors, including your credit history. Also important is if the debt
the type of debt is being changed by the consolidation. For example,
unsecured debt (credit cards and personal loans) being consolidated into
secured debt, such as home equity and
auto
loans would generally (but not always) result in a reduction in
interest rate. When consolidations include a mortgage, they are
frequently included in the refinancing of a first mortgage or the
establishment of a second mortgage or
home equity loan to allow a consumer, such as yourself, to take
advantage of the available equity in your home. Even though the you may
not actually receive any of the loan proceeds, this is commonly referred
to a cash-out loan, because you are paying off debt in addition to the
principal balance of your existing mortgage.
In the case of credit card debt consolidation or balance transfer
offers, they are often accompanied by some sort of promotional offer
with a lower interest rate for a shorter period of time (6 months to a
year... "teaser rate"). However,
credit card issuing banks offering lower interest rates on
balance transfers / debt consolidations that last for the “life of the
balance” are becoming increasingly more common.
One additional advantage of debt consolidation is the your ability
to consolidate smaller payments to many creditors to a single payment to
one creditor in order to make your personal finances easier to manage.
Having multiple credit cards with high balances and different due dates
can simply become overwhelming and very discouraging. Consolidating your
debts can help you get get a handle on the situation and ultimately get
you back on track to a secure financial future. Notice that it is
mentioned that it can help you.....
TIP / WARNING: Consolidating your debt will do absolutely no good
if you think the resulting lower payments are a license to go out and
shop. You will only make your financial situation worse. If you do
decide to consolidate your bills, use your new found breathing room to
create a safety net for yourself. Open a savings account at your local
bank (Find a
local bank
in our banking directory) and place money in it each week. When an
emergency comes up, or you feel that impulse buy coming on, keep the
credit card in your wallet. Use the money you have already saved! As
much as we like you to use the different debt solution companies on our
web site, we would prefer that you only use them once. Instead, come
back to the Debt Consolidation Loan Directory to shop for other
financial services and save even more money.
If cutting your budget hasn't done enough to ease the burden of debt
repayment then you should begin to consider your other options. For those that
have already fallen behind on making payments, the longer you wait the more your
debt will mount as additional expenses like late fees are added on.
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ClearPoint Financial Solutions - National non-profit agency
offering credit counseling, debt management and other financial
services.
Community Credit Counseling Services - Non-profit organization
helping individuals and families become financially independent by
paying off debt and learning financial management strategies.
Credit Counseling
of Western PA - Local non-profit that offers money management
counseling and educational resources for budget, housing and credit
counseling.
Credit
Network - Maryland based non-profit debt counseling
organization.
CreditGuard
of America - Non-profit credit counseling agency based in Boca
Raton, Florida.
If cutting your budget hasn't done enough to ease the burden of debt
repayment then you should begin to consider your other options. For those that
have already fallen behind on making payments, the longer you wait the more your
debt will mount as additional expenses like late fees are added on.
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debt, pay off credit cards, low credit card rates, bad credit, real fucking
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