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Sunday, June 26th
The term "debt consolidation" is often thought of as simply receiving a loan, but that's not really the full picture. Debt consolidation can also include combining your current loans into one single payment, sometimes at a reduced rate that can save you money. 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 financial relief.
Stop bill collector calls
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 consolidation. 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 short period of time in a debt consolidation program, the majority of collection calls will stop.
Lower your monthly payments
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 financial help. A more affordable monthly payment is all that many people need to help get them back on track with finances.
Reduce your number of bills
Although a debt consolidation company may not provide a loan themselves, they can and often 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.
Pay off your loans faster
The last, but certainly not least, important reason to consider a debt consolidation program such as National Debt Relief is because it can help you to pay off your loans much faster than if you were to continue paying the minimum monthly payments, high interest rates, and miscellaneous penalty fees. In many cases, creditors will stop charging late and overlimit fees after 1-3 months of consecutive payments through a debt consolidation program. It can take as many as 15 years to pay off one single credit card with the minimum monthly payment. With the help of a debt consolidation program, you may pay off your loans sooner than you ever thought possible.
Select any 2 Debt Consolidation Companies to compare them head to head