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      November 20, 2017

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Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

Debt Relief vs Bankruptcy

Pitfalls of Declaring Bankruptcy

Reasons for Debt Consolidation

The Bankruptcy Process Explained

What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

What Is Debt Consolidation?

“Drowning in debt? Give us a call today and we’ll get those creditors off your back for good!”

We’ve all heard the claims from debt-consolidation companies. The catchy television and radio commercials – promising to remove debt and make the endless phone calls from creditors stop – can be enticing for those who truly are drowning in debt. Desperate people can and do fall for these pitches every day, and end up with worse financial troubles than those with which they started.

The Better Business Bureau warns consumers against debt consolidation companies which make the following claims:

  • The ability to remove all debt
  • Warns clients against communicating directly with creditors
  • Offers to pay down debt for an upfront fee from the client
  • Asks client to pay a percentage of the total amount of debt being eliminated
  • The ability to remove negative marks on a client’s credit report
  • The ability to prevent bankruptcy

For every bogus debt consolidation company out there, a legitimate service exists that truly can help consumers who are overwhelmed with debt. But how do consumers tell the difference between a valid company and one that is just out to scam them?

To answer that question, a consumer must first understand what debt consolidation is and what it is not.

The way true debt consolidation is supposed to work is to take multiple sources of debt – such as from credit cards, mortgages, utilities and loans – and combines them into one manageable monthly payment. Properly combining debt can allow the consumer to still meet their financial obligations without draining their bank account each month.

True debt consolidation also should provide certain key benefits to clients who use a debt consolidation service.

One of the biggest benefits to debt consolidation is the reduction of interest rates on loans and credit cards. A big reason consumers get behind on payments and are unable to ever truly pay off debt is because they often are saddled with high interest rates. Even if they make the minimum payment each month, they may never realistically pay off the full amount due to compounding interest rates from month to month.

A quality debt consolidation service will make it a top priority to combine all debt and reduce the overall interest rate being applied to the monthly repayment process. If the company you have chosen does not offer this tactic, then they are not a company with which it is worth doing business.

Debt consolidators also should be able to combine all sources of debt into one monthly payment, and reduce or eliminate all late penalties and fees for their clients.

Saving Somalia Through Debt Relief

Somalia needs humanitarian aid to stem its short-term suffering, but that cash will not break the country's deadly cycles of drought, hunger, and poverty. To do that, the IMF must forgive Somalia's crushing debt, just as it has for nearly every other ...

Published:  Fri, 17 Nov 2017 08:17:00 GMT



China makes no offer of debt relief for Venezuela

China isn't offering debt relief to Venezuela but says it's confident the country can deal with the matter. The statement Thursday from the foreign ministry came a day after Russia and Venezuela signed a deal in Moscow that envisages Venezuela will pay its ...

Published:  Thu, 16 Nov 2017 00:25:00 GMT



Freedom Debt Relief Suggests 8 Steps To Aid Financial Recovery From Disasters

SAN MATEO, Calif., Nov. 17, 2017 /PRNewswire/ -- This year, more Americans than ever are dealing with the aftereffects of fires, floods, hurricanes, accidents and acts of violence. Plus, the season of snowstorms and blizzards is not far away. For people ...

Published:  Fri, 17 Nov 2017 03:00:00 GMT



The Trump Administration Has Yet to Approve a Single Student Debt Relief Claim

For-profit college magnates Corinthian Colleges and ITT Technical Institute shuttered operations in recent years after facing state and federal investigations into fraudulent and predatory practices. After the school chains closed, tens of thousands of ...

Published:  Thu, 16 Nov 2017 01:28:00 GMT



Freedom Debt Relief's Andrew Housser Cautions Consumers to Avoid Holiday Overspending

SAN MATEO, Calif., Nov. 16, 2017 /PRNewswire/ -- Thanksgiving is around the corner, and with it, temptations for holiday shoppers: Black Friday and its sibling, Cyber Monday. As the holidays approach, Andrew Housser, co-founder and CEO of Freedom Debt ...

Published:  Thu, 16 Nov 2017 03:00:00 GMT



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