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      September 24, 2017

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Top 5 Reasons to Consider Debt Consolidation

The term debt consolidation is often thought of as referring to a debt consolidation loan, but that's not actually the case. Debt consolidation refers to the act of consolidating bills into one monthly payment without actually being granted a loan. If you have ever heard of a debt consolidation company, then you may already know how the process works. If not, this article will explain the process and why it may be beneficial for anyone who is in need of valid debt relief.

Have you ever been late with a credit card bill? If so, how many times has the issuing bank called you before your second payment was even due? If you miss one single payment, the telephone begins to ring and you instantly recognize the importance of debt relief. If you miss two consecutive payments, you can forget about having any peace within your household. The collections department that serves most creditors is ruthless and the people on the phones are considerably less than pleasant. After a period of three months in a debt consolidation program, the majority of collection calls will stop.

A debt consolidation company attempts to work with your creditors in order to get you a lower monthly payment. If you are already behind with your payments, it may be time to consider the real possibility that you are in need of debt relief. A more affordable monthly payment is all that many debtors need to help get them back on track with finances.

One of the greatest drawbacks to credit card debt is the high interest rates that often accompany an account. Some lenders may offer a zero or low introductory APR (Annual Percentage Rate), but the keyword in that sentence is "introductory". Once that period expires, the APR will increase to the preset amount as described in a cardholder's agreement. When interest rates get out of hand, less of your payment is actually being applied to the principal balance. Essentially, you may be paying for nothing more than interest or, in the worst case scenario, you may be going deeper into debt every month. A debt consolidation company attempts to get interest rates lowered or, in some cases, even eliminated throughout the course of their customized debt relief repayment program.

Although a debt consolidation company does not provide a loan, they do collect one lump sum payment from you each month that will then be distributed to your creditors according to the agreed upon budget. If you have 5, 10 or even 15 bills due each month, it can be a daunting task to keep up with due dates. By having one lump sum payment due on the same day each month, you will be effectively controlling your own payment schedule and will lessen the likelihood of forgetting to submit payment.

The last, but certainly not least, important reason to consider a debt consolidation program is because it can help you to get out of debt much faster than if you were to continue paying the minimum monthly payments, high interest rates and miscellaneous penalty fees. In most cases, creditors will stop charging late and overlimit fees after 1-3 months of consecutive payments through a debt consolidation program. Generally, it can take as many as 15 years to pay off one single credit card under normal circumstances. With the help of a debt consolidation program, you may be debt free sooner than you ever thought possible.

The Latest: Antigua pleads for debt relief after Irma

UNITED NATIONS (AP) - The latest on the U.N. General Assembly meeting (all times local): 7:40 p.m. Antigua and Barbuda's prime minister is pleading for debt relief to help rebuild from Hurricane Irma, which decimated the tiny island of Barbuda and forced ...

Published:  Thu, 21 Sep 2017 15:51:00 GMT



Damaged by Hurricanes and "Vulture" Capitalism, Caribbean Islands Plead for Debt Relief

Last week, just days after Hurricane Irma thrashed through the Caribbean with record-high winds, the Catholic bishop of the island nation of Dominica sent a letter to the managing director of the International Monetary Fund (IMF). Bishop Gabriel Malzaire ...

Published:  Wed, 20 Sep 2017 01:00:00 GMT



Three Must-Have Debt Relief Tips

GREENSBORO, N.C. -- It's so easy and fun spending money, but boy is it hard to get out of debt! It takes a lot of hard work! Money expert, Ja'Net Adams wrote the book, Debt Sucks: Everyone's Guide To Winning With Money So They Can Live Their Dreams.

Published:  Wed, 20 Sep 2017 07:16:00 GMT



Thousands of private student loan borrowers will get debt relief

NEW YORK (CNNMoney) - The nightmare is almost over for thousands of people who faced illegal student debt collections lawsuits. The Consumer Financial Protection Bureau took action Monday against National Collegiate Student Loan Trusts, which owns more ...

Published:  Tue, 19 Sep 2017 07:27:00 GMT



Greece's Papadimitriou on Bailout, Debt Relief, NPLs - Presented by: The Aol. On Network

Sep.21 -- Greek Minister of Economy and Development Dimitri Papadimitriou discusses the Greek bailout, the timeline for debt relief, non-performing loans and his outlook for the economy. He speaks on "Bloomberg Daybreak: Europe."

Published:  Thu, 21 Sep 2017 00:36:00 GMT



Letters from Cardinal Daniel DiNardo, USCCB president, on debt relief

amenable to this reasonable request. At this hour of need, we pray that God may inspire generosity in people around the world, that those affected may be aided in their efforts to rebuild their lives. We also pray that our bonds of solidarity as one Church ...

Published:  Fri, 22 Sep 2017 13:29:00 GMT



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