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Monday, May 16th
SoFi has some big benefits compared with other options for consolidation loans: the lowest average interest rates, assistance (and forbearance) if you lose your job while repaying a loan, and even occasional sign-up bonus money. But, an increase in the number of complaints from SoFi clients, describing negative experiences specifically with the customer service department, gave us some cause for concern.
American Debt Enders doesn't offer debt consolidation per se. Instead, they work on disputing debts that have been sold by your creditors to third-party collections. Your initial consultation is free, and any fees will depend on the amount of your debt and the strategy put in place to address it. This service doesn't offer as many options as other providers, and they're not as professional either. You'll probably have a more satisfying experience with another debt consolidation program.
Maybe you've gotten overwhelmed by credit card payments and overdue bills, and now you're wondering if there's any light at the end of the tunnel. Or, perhaps you're a financially-savvy consumer who wants to take advantage of lower interest rates, in order to pay off your mounting credit cards bills. Debt consolidation can be a smart strategy either way.
What, exactly, is debt consolidation? It's important to understand that companies offering it may mean different things. For some, debt consolidation is offered as a personal loan: you borrow funds that you use to pay off all of your outstanding debts. Your interest rate should be much lower than your credit cards, and now you've got a simplified, single payment to make each month. This can be a great way to boost your credit score by reducing the likelihood of making late payments (or none at all) and get on your feet again financially. On the other hand, you're in charge of using your loan money responsibly - and not to buy things you don't need!
Other providers of debt consolidation take a more hands-on approach, giving you credit counseling and even going to bat for you with your creditors. The services they provide may include negotiating a lower debt amount or getting your debt forgiven altogether! You might pay a monthly fee for this kind of debt consolidation, or it might be a flat fee based on how much money they saved you overall.
Either route you choose, there are a lot of options out there. How can you decide which one is right for you? Keep these points in mind as you weigh out the possibilities:
TopConsumerReviews.com has evaluated and ranked the best debt consolidation options available today. We're confident that this information will help you choose a strategy to pay down your debts and get your finances in order!
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