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      June 21, 2018

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Judge rejects DeVos' interpretation of order about Corinthian student debt relief

Tens of thousands of former Corinthian Colleges students can breathe a sigh of relief after a federal judge said late Tuesday that the U.S. Department of Education must stop all attempts to collect on their federal student loans. The decision clarifies the ...

Published:  Wed, 20 Jun 2018 11:31:00 GMT



Judge rejects DeVos's interpretation of order to halt partial student debt relief plan

Tens of thousands of former Corinthian Colleges students can breathe a sigh of relief after a federal judge said late Tuesday that the U.S. Department of Education must stop all attempts to collect on their federal student loans. The decision clarifies ...

Published:  Wed, 20 Jun 2018 09:02:00 GMT



Greece expects substantive debt relief decisions from Eurogroup

Greece expects euro zone finance ministers to deliver on promised debt relief this week so that it can at last plan its financial future "like any ordinary country", the government spokesman said on Wednesday. Load Error Ministers in the Eurogroup will ...

Published:  Wed, 20 Jun 2018 04:32:29 GMT



The Macedonia effect Deal may boost Greek debt relief hopes

ATHENS (Reuters) - With a brief formulation of words, Greek Prime Minister Alexis Tsipras may have boosted his chances of persuading foreign creditors to free his nation from years of financial humiliation on better terms than a few days ago. Tsipras ...

Published:  Mon, 18 Jun 2018 09:42:00 GMT



Greek Debt Talks: the Main Relief Measures Being Considered

Greek bailout talks are reaching the final stretch and creditors are debating what relief measures they can offer Europe's most-indebted state to ease its financial burden and facilitate its exit from the latest lifeline. Negotiations over the type, size ...

Published:  Sun, 17 Jun 2018 20:00:02 GMT



Increasingly Debt-Laden, Regulated Utility Sector Outlook Veers from "˜Stable' to "˜Negative'

Consolidated ratio of debt to earnings before interest ... One approach is to seek financial relief from regulators-which most companies have done in response to tax reform. The Florida Public Service Commission has allowed several utilities in the ...

Published:  Wed, 20 Jun 2018 04:22:00 GMT



Take a Debt Free Summer Vacation

vice president of Phoenix operations with Freedom Debt Relief. "Instead, plan ahead to ensure you spend smartly." Identify Ways to Reduce Expenses Once you've got a detailed budget outlined, it's time to start searching for ways to cut those costs ...

Published:  Mon, 18 Jun 2018 06:17:00 GMT



Greece says expects decisions from Eurogroup on debt

Government spokesman Dimitris Tzanakopoulos also said there was no truth in speculation that a deal settling a name dispute with neighboring Macedonia was tied in any way to Greek debt relief. "We are optimistic that we are on the verge of a solution ...

Published:  Wed, 20 Jun 2018 04:36:00 GMT



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