Debt Consolidation Companies
Do you have bills coming in from every direction? Is this making paying down your debt frustrating? If you can answer yes to these questions debt consolidation may be right for you. When it comes to this service there are some things you should know. Continue reading and learn more about consolidating your debt.
Find out whether or not the counselors at a debt consolidation company work on commission. Those that do often have ulterior motives. You may be advised to get a certain type of service that is not necessarily in your best interest. Someone who is not working on a commission is more likely to look at the whole picture and figure out what is best for your needs.
Try keeping and applying for those introductory 0% interest credit card offers in the mail. Consider the amount of interest that you may save via consolidating all that debt onto your new card. You must use caution, though. Keep to a plan that lets you pay off the transferred debt during your low interest period. Don't miss payments or you will make your interest rates go up drastically. Don't open multiple cards and keep one of your old ones with a small balance on it.
Talk to friends, family and coworkers. You aren't the only one with money problems, and chances are that someone you know already has some experience with debt consolidation. This is a great way for you to find a company you can trust, so that you can avoid using a less than reputable company.
One way to pay off your debt is to borrow money. Get in touch with lenders and ask about possible interest rates. You may be able to use a car or something a collateral for your loan and then use that money to pay off creditors. But always make sure you have a plan to repay this loan.
Debt Consolidation Companies
Do your research on your potential debt consolidation companies. Not every one of these companies is best for your scenario. Some are not even reputable--there are a lot of "fly by night" operations in this market. Don't fall into the trap. Research the companies fully before making any decisions.
Find out whether a debt consolidation company is a "home equity loan" provider in disguise. Some debt consolidation companies really just want you to take out a home equity loan. Don't let this be you. After all, your home is the most important thing you have. If you find out a company wants you to take out a loan on your home, move on.
Understand if your home is in jeopardy with the type of debt consolidation you are considering. Often times, debt consolidation companies put together plans that include a HELOC (home equity line of credit). This essentially ties your home to your debt. If you mess up, your home could be affected. Be aware before making any decisions.
Make sure the money you pay the debt consolidation company gets to your creditors. Follow up every month to make sure that your creditors have gotten a payment. Some Debt Consolidation Companies tend to skim some of your payment to put toward various fees, but you need to make sure you know what is going on.
Beware of Debt Consolidation Companies that ask for any sort of fees upfront. This is typically a tell-tale sign of a scam. If you are placed in this situation, leave the situation immediately. This is not the way a debt consolidation company should be doing business, and chances are that your finances are not in good hands.
Find out where the debt consolidation company is located. Depending on which state they are in, the licensing rules could be different than in your own state. For example, Maryland does not require its Debt Consolidation Companies to receive licensing. In that instance, you may want to choose another company.
Consolidating your debt is a great idea for many people. It can help you pay all your debt off, but avoid having to make a different payment multiple times each month. This article contained several tips that can help you if you decide that debt consolidation is right for your situation.
Next page: Debt Loan Consolidation
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