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| Linda Kigar |
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credit counselors were very friendly and answered all my questions, |
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Get Started with Debt Consolidation Now...
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That Sinking Feeling
When someone begins to realize that he/she is overextended on debt, the first response is usually to begin to worry. Then come attempts to hold off creditors as much as possible, making smaller payments than required, or being late, hoping that a lottery win will soon end all of the troubles. Lucky individuals may be able to borrow from a relative or friend. For the most part, however, the debtor begins to look for some type of relief and a fresh start. This can be difficult, because by this time, the credit score has usually suffered, and getting some kind of loan from a bank or finance company is now out of the question.
Debt Relief Companies to the Rescue
There is no lack of debt relief companies out there who want your business. They exist for people like you, and they make their money by coming to your rescue. Basically, these companies offer two services, as follows:
- They will negotiate with your creditors in an attempt to lower your overall debt and your payments.
- They will find or provide you with a debt consolidation loan, paying off your current creditors and setting up a re-payment plan that you can afford.
Certainly, this option is preferable to bankruptcy which will affect your credit for ten years. With a bill consolidation loan, your credit can be gradually repaired, so long as you make the payments of the new consolidation loan in a timely manner.
Finding the Right Debt Relief Company
This can be a tricky process at best. One simple search on the Internet will reveal thousands of such companies eager for your business and offering you the best program around. It will be your responsibility to thoroughly investigate these companies to be certain that you get the best deal possible:
- When you contact a company, be certain to ask about all services provided, not just the loan amount. A good company will provide not just immediate relief but also with assistance in planning for prevention of the same situation in the future.
- Ask how negotiations with current creditors will occur and what is the average debt reduction they achieve in these negotiations. Some are better than others at this.
- Be certain that you get an exact interest rate figure on any consolidation loan, as well as an exact amount of additional fees you will be charged. These companies are competitive and sometimes you can negotiate smaller fees yourself.
- Ask for everything in writing before you strike a deal. You want the actual offers in front of you so that you can compare the rates and fees. Do not be afraid to call back with questions and clarifications and get those in writing too.
It’s your debt, and it’s your money that will be used to pay it off. Spend it wisely.
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