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      October 18, 2018

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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.

Judge clears way for debt-relief rule to help defrauded students

Students defrauded by for-profit colleges scored an important victory Tuesday, when a court cleared the way for an Obama-era policy that will make it easier for them to get their student loans forgive...

Published:  Tue, 16 Oct 2018 22:35:00 GMT



Delayed Obama-Era Rule on Student Debt Relief Is to Take Effect

A long-delayed federal rule intended to protect student loan borrowers who were defrauded by their schools went into effect on Tuesday, after a judge rejected an industry challenge and the Education D...

Published:  Tue, 16 Oct 2018 15:25:00 GMT



Judge unblocks Obama rule on student debt relief after delays by DeVos

(CNN) - An Obama-era rule designed to help students cheated by for-profit colleges get relief on their education debt finally took effect Tuesday after efforts by the Trump administration to block it. ...

Published:  Wed, 17 Oct 2018 09:14:00 GMT



What To Know About Debt Consolidation During A Period Of Rising Interest Rates

Opinions expressed by Forbes Contributors are their own. Retirement I write about consumer finance with micro and macro perspectives. Debt consolidation is the conversion of high-rate debt into lower- ...

Published:  Fri, 12 Oct 2018 23:12:00 GMT



Students cheated by for-profit colleges to finally get debt relief as judge unblocks Obama-era rule

Students scammed by for-profit colleges whose business model was fraud will finally get the debt relief the Obama administration put into motion and the Trump administration tried to block.

Published:  Tue, 16 Oct 2018 10:42:00 GMT



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