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      February 22, 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.

Where the 2020 candidates stand on student debt and college affordability

said in a CNN town hall that she doesn't support free college.) Borrowers can also likely expect some dramatic proposals for student debt relief, Huelsman said. In the past, presidential candidates ha...

Published:  Wed, 20 Feb 2019 09:53:00 GMT



Student debt relief is union work

AFT leaders in Massachusetts know that supporting our members goes beyond what happens in the classroom, or the schoolhouse, or even the Statehouse. That's why, when the AFT started offering student d...

Published:  Fri, 15 Feb 2019 13:38:00 GMT



Michael Torpey Discusses the Student Debt Crisis on One-on-One with Steve Adubato

NEW JERSEY -- A new game show on truTV called "Paid Off with Michael Torpey" offers relief from student debt to its winners. Actor and Host, Michael Torpey, appeared on One-on-One with Steve Adubato t...

Published:  Wed, 20 Feb 2019 17:06:00 GMT



Take It to the Limit: Increase in Chapter 13 Debt Limits

Often, debtors with regular income but high student loan debts fail the Chapter 7 means test requirements while simultaneously exceeding the Chapter 13 debt limits. For such debtors, Chapter 11 may be ...

Published:  Thu, 21 Feb 2019 14:22:00 GMT



Millions of Americans have been carrying credit card debt for years

Before tackling debt, make sure you have a buffer for emergencies ... If a balance transfer isn't for you or you don't qualify, you may also consider consolidation through a personal loan. Personal lo...

Published:  Wed, 20 Feb 2019 21:39:00 GMT



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