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      February 15, 2019

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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.

Debt Consolidation Plans in Singapore - What Are They & How Do They Work

In Singapore, we're really helpful. When an accident happens on the road, we always slow down our vehicles to make sure that no one is seriously injured. In fact, so many of us do it that it often cau...

Published:  Wed, 13 Feb 2019 18:29:00 GMT



Tips To Strengthen Finances Before Another Recession Shared By National Debt Relief

The last Recession in 2008 affected a lot of people that is why National Debt Relief shares this article to help people prepare for another recession. The article titled "How To Strengthen Your Financ...

Published:  Thu, 14 Feb 2019 08:40:00 GMT



Karnataka Debt Relief Bill a boon to farmers

BENGALURU: The Legislative Assembly passed the Karnataka Debt Relief Bill-2018 on Wednesday, to ease the burden on the wallets of small farmers, landless agricultural labourers and the economically we...

Published:  Wed, 13 Feb 2019 15:19:00 GMT



Somalia welcomes AU's decision to support debt burden efforts

He said the Horn of Africa nation is working hard to undertake fiscal and economic reforms to achieve debt relief and attain sustainable development. The minister said the debt cancellation for Somali...

Published:  Wed, 13 Feb 2019 23:13:00 GMT



Legislators Take Aim at Student Debt

Thanks to new legislation, those who are struggling under the weight of student debt stand to gain some relief. Bipartisan companion bills introduced in the Senate and House on Wednesday seek to allow ...

Published:  Thu, 14 Feb 2019 07:37:00 GMT



New Benefit Lets Employees Trade PTO for Student Debt Relief

Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel fo...

Published:  Thu, 07 Feb 2019 05:41:00 GMT



Senators introduce bill to help tackle student loan debt

According to a release, this could help employees with much-needed relief and employers with a tool that will ... Today, too many Americans are saddled with tough-to-manage student loan debt, with no ...

Published:  Wed, 13 Feb 2019 13:50:00 GMT



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