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      June 17, 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.

Forget these 5 myths you've heard about debt consolidation

If debt is affecting your finances, you may have a share of the $4 trillion in non-housing debt tallied in the first quarter of 2019 by the Federal Reserve Bank of New York. Of all household debt, ...

Published:  Tue, 11 Jun 2019 05:09:00 GMT



Texas AG announces $13M in debt relief for ITT Tech students

AUSTIN, Texas - On Friday, Attorney General Ken Paxton announced a $13 million debt relief agreement for 1,430 former ITT Tech students in Texas. The agreement is part of a 43-state settlement with ...

Published:  Fri, 14 Jun 2019 19:03:00 GMT



Former ITT Tech students in Arizona will get nearly $4M in debt relief

Former ITT Tech students in Arizona will get nearly $4M in debt relief About 400 former ITT Technical Institute students in Arizona will get nearly $4 million in debt relief. Check out this story on ...

Published:  Fri, 14 Jun 2019 17:14:00 GMT



Iowa's former ITT Tech students to share $1.4 million in debt relief

Nearly $1.4 million in debt relief is on its way for 143 former ITT Tech students in Iowa as part of a 44-state settlement, Attorney General Tom Miller announced Friday. The settlement with Student CU ...

Published:  Fri, 14 Jun 2019 13:29:00 GMT



Nearly $1.7M awarded to Coloradans with student loan debt after ITT Tech settlement

Colorado Attorney General Phil Weiser announced Friday that his office secured $1,668,772 in debt relief for the 168 Coloradans impacted, according to a news release. Nationwide, more than $168 ...

Published:  Sun, 16 Jun 2019 14:03:00 GMT



ITT students to receive millions in debt relief in settlement

Former ITT Tech students who owed money in student loans will get a break due to a settlement in Arizona and 42 other states. ...

Published:  Fri, 14 Jun 2019 22:20:00 GMT



4 Ways to Become Debt-Free Faster

Finally, a third solution is a personal loan. While some loans are specifically marketed as debt consolidation loans, any personal loan will do, since you can use the proceeds for anything you'd like. ...

Published:  Sun, 16 Jun 2019 08:29:00 GMT



Ohio AG Dave Yost announces $6.8 million in debt relief for ITT Tech students

A multi-state settlement will provide $6.8 million in debt relief to about 870 former Ohio students of the failed for-profit college ITT Technical Institute, state Attorney General Dave Yost announced ...

Published:  Fri, 14 Jun 2019 00:42:00 GMT



Liberty Debt Relief

Liberty Debt Relief is strongly committed to providing debt relief programs to all our customers by providing you with the right options, regardless of your financial history. Liberty Debt Relief ...

Published:  Fri, 14 Jun 2019 11:11:00 GMT



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