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      April 25, 2019

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Top 5 Reasons to Consider Debt Consolidation

The term debt consolidation is often thought of as referring to a debt consolidation loan, but that's not actually the case. Debt consolidation refers to the act of consolidating bills into one monthly payment without actually being granted a loan. If you have ever heard of a debt consolidation company, then you may already know how the process works. If not, this article will explain the process and why it may be beneficial for anyone who is in need of valid debt relief.

Have you ever been late with a credit card bill? If so, how many times has the issuing bank called you before your second payment was even due? If you miss one single payment, the telephone begins to ring and you instantly recognize the importance of debt relief. If you miss two consecutive payments, you can forget about having any peace within your household. The collections department that serves most creditors is ruthless and the people on the phones are considerably less than pleasant. After a period of three months in a debt consolidation program, the majority of collection calls will stop.

A debt consolidation company attempts to work with your creditors in order to get you a lower monthly payment. If you are already behind with your payments, it may be time to consider the real possibility that you are in need of debt relief. A more affordable monthly payment is all that many debtors need to help get them back on track with finances.

One of the greatest drawbacks to credit card debt is the high interest rates that often accompany an account. Some lenders may offer a zero or low introductory APR (Annual Percentage Rate), but the keyword in that sentence is "introductory". Once that period expires, the APR will increase to the preset amount as described in a cardholder's agreement. When interest rates get out of hand, less of your payment is actually being applied to the principal balance. Essentially, you may be paying for nothing more than interest or, in the worst case scenario, you may be going deeper into debt every month. A debt consolidation company attempts to get interest rates lowered or, in some cases, even eliminated throughout the course of their customized debt relief repayment program.

Although a debt consolidation company does not provide a loan, they do collect one lump sum payment from you each month that will then be distributed to your creditors according to the agreed upon budget. If you have 5, 10 or even 15 bills due each month, it can be a daunting task to keep up with due dates. By having one lump sum payment due on the same day each month, you will be effectively controlling your own payment schedule and will lessen the likelihood of forgetting to submit payment.

The last, but certainly not least, important reason to consider a debt consolidation program is because it can help you to get out of debt much faster than if you were to continue paying the minimum monthly payments, high interest rates and miscellaneous penalty fees. In most cases, creditors will stop charging late and overlimit fees after 1-3 months of consecutive payments through a debt consolidation program. Generally, it can take as many as 15 years to pay off one single credit card under normal circumstances. With the help of a debt consolidation program, you may be debt free sooner than you ever thought possible.

Four things to look for when seeking a debt relief service

Do you have crippling debt? Are you thinking about declaring bankruptcy? Bankruptcy stays on your credit report for 7 to 10 years and has a detrimental effect on your credit score for even longer. ...

Published:  Wed, 24 Apr 2019 01:59:00 GMT



Warren calls for massive student debt relief and free public college tuition

Senator Elizabeth Warren unveiled a sweeping plan Monday to forgive massive amounts of student loan debt for middle-class Americans as she tries to appeal to the young voters expected to play a major ...

Published:  Mon, 22 Apr 2019 05:01:00 GMT



Elizabeth Warren's student debt relief plan: Could it super-charge the economy?

Student debt stands at $1.46 trillion, with $79 billion in debt added in 2018 alone. College debt is linked to delayed milestones of adulthood, such as buying a first home, and a decline in small ...

Published:  Tue, 23 Apr 2019 11:51:00 GMT



Liz Weston: How debt "solutions' could dig you in deeper

Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief but could leave them ...

Published:  Wed, 24 Apr 2019 08:39:00 GMT



The Passionate Responses to Elizabeth Warren's Polarizing Student Debt Relief Plan

We told you yesterday about Elizabeth Warren's new plan to make two- and four-year public colleges free for students and cancel up to $50,000 in student loan debt for millions of Americans. The ...

Published:  Wed, 24 Apr 2019 00:46:00 GMT



The Six Biggest Questions About Elizabeth Warren's Plan To Cancel Student Debt

This week, Senator Elizabeth Warren announced a major proposal for massive student debt relief. The plan could potentially result in the cancellation of billions of dollars of student loans, and could ...

Published:  Wed, 24 Apr 2019 06:00:00 GMT



9 Reasons You're Still in Debt

"An emergency fund assures that you do not rush for a credit card when an unexpected expense arises," says Sean Fox, co-president of Freedom Debt Relief based in San Mateo, California ...

Published:  Wed, 24 Apr 2019 10:40:00 GMT



Senator Elizabeth Warren called for massive student debt relief. Here's the average student loan debt in every state.

Two angles facing left, which often indicate, "return to the beginning." Two angles facing right, which often indicate, "advance to the end." With American millennials owing more than $1 trillion in ...

Published:  Tue, 23 Apr 2019 07:41:00 GMT



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