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      April 24, 2018

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Related Articles

Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

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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

 

Top Consumer Reviews Articles

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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.

Greece Beats Bailout Targets Again as Debt-Relief Talks Loom

The European Commission confirmed on Monday that Greece beat its bailout targets again last year, strengthening the government's case against demands to bring forward additional tax measures originally scheduled to kick in starting 2020. Europe's most ...

Published:  Mon, 23 Apr 2018 05:20:00 GMT



Euro zone to link debt relief to sound future Greek policies

WASHINGTON (Reuters) - Euro zone creditors are working on a debt relief offer for Greece that would be an incentive for Athens not to backtrack on reforms from its three international bailouts and to continue to stick to prudent fiscal policy, senior EU ...

Published:  Sat, 21 Apr 2018 20:43:00 GMT



Greece's Creditors Close to Compromising on Debt

The aim is to have a final agreement in the early summer, but key differences among creditors on the scope and type of debt relief persist. The IMF would like to see wide-scale debt relief on all of Greece's euro-area loans --including those from other c ...

Published:  Sat, 21 Apr 2018 07:13:00 GMT



Behind bloody Gaza clashes, economic misery and piles of debt

He sold his house to cover $90,000 of his own debt and now owes rent to a landlord ... said the demonstrations have provided needed relief. "We are a little bit happier than before," Yousef said. "We can see something with this demonstration ...

Published:  Mon, 23 Apr 2018 12:19:00 GMT



How To Restore A Credit Score Shared By National Debt Relief

The credit score is one of the most important financial factors people need to look into and National Debt Relief helps consumers keep their score up. The article titled "5 Easy Steps To Help You Restore Your Credit Score" released April 16, 2018, shares ...

Published:  Sat, 21 Apr 2018 11:37:00 GMT



Refresco debt to be partially refinanced following acquisition by consortium of PAI and BCI through issue of €445 million of Senior Notes due 2026

Refresco now anticipates total run-rate synergies of €63 million in the first three years following the consolidation. The Group's Pro Forma Synergies Adjusted EBITDA for the year ended December 31, 2017 was €392.1 million and the Group's forma net ...

Published:  Mon, 23 Apr 2018 00:05:00 GMT



The Latest: IMF says trade tensions, debt threaten economy

The International Monetary Fund's policymaking committee says a strong world economy is threatened by increasing tension over trade and a heavy global debt load ... the organization's first ever national relief effort. "(Scott Pierce) was a big deal ...

Published:  Sat, 21 Apr 2018 10:32:00 GMT



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