March 23, 2018

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Related Articles

Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

Debt Relief vs Bankruptcy

Pitfalls of Declaring Bankruptcy

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 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.

Americans Look for Relief as Consumer Debt Levels Continue to Break Records

Consolidated Credit sees a 30% increase in calls as more Americans look for solutions to record-high debt levels FORT LAUDERDALE, Fla., March 22, 2018 /PRNewswire/ -- The beginning of each year is usually a busy time for consumer credit counselors as ...

Published:  Thu, 22 Mar 2018 05:09:00 GMT

5 Reasons Debt Relief Programs Cause More Pain Than Relief

You've seen the ads. "Hounded by creditors More than $10,000 in debt Call us to reduce your debt, lower your monthly payments and be debt free in 24 months." Gosh that sounds great, where do I sign up Obviously, per the article title, debt relief ...

Published:  Mon, 19 Mar 2018 13:12:00 GMT

Inexpensive And Enjoyable Hobbies Listed Down By National Debt Relief

There are a number of cheap yet enjoyable hobbies consumers can take up during their spare time and National Debt Relief shares a great list to choose from. The article titled "8 Fun Hobbies You Can Do on the Cheap" released March 21, 2018, helps ...

Published:  Thu, 22 Mar 2018 09:44:00 GMT

Lawsuit calls for Education Department to end partial student debt relief

March 19 (UPI) --A legal services clinic called on a federal judge to block the U.S. Education Department from using Social Security data to deny loan discharges to defrauded students. Harvard University's Project on Predatory Student Lending filed motion ...

Published:  Mon, 19 Mar 2018 21:09:00 GMT

Former Corinthian College students continue to be denied full debt relief

Amy Martyn is a writer and investigative reporter now based in San Diego by way of Tijuana, BC, Dallas, TX and Los Angeles, CA. She primarily writes about how consumers, taxpayers and businesses are affected by corporate and government policies. Read Full ...

Published:  Tue, 20 Mar 2018 11:42:00 GMT

LePage supports bill to provide debt relief for students to retain young Mainers

AUGUSTA, Maine. (WABI) - Maine ranks as the eighth highest state in the country in terms of student debt, that according to a national report. The LePage administration has brought forward a bill to provide debt relief for students in an attempt to keep ...

Published:  Thu, 15 Mar 2018 15:00:00 GMT

Caribbean Religious Leaders Call for Debt Relief in Face of Disasters

From Grenada to Saint Lucia, religious leaders are calling for processes to provide debt relief in the face of natural disasters. From Grenada to Saint Lucia, religious leaders are calling for processes to provide debt relief in the face of natural disasters.

Published:  Fri, 16 Mar 2018 07:44:00 GMT

Debt Consolidation Credit Card Debt Relief An Option For Many Today

As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...

Published:  Mon, 05 Mar 2018 00:07:52 GMT

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