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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.

How much student-loan debt forgiveness would have a real impact? $10K per borrower, according to new analysis

A new analysis suggests that even a relatively small amount of debt relief would make a difference to a large share of student-loan borrowers. Cancelling $10,000 of every federal student-loan borrower ...

Published:  Mon, 22 Jul 2019 12:10:00 GMT



Consumer agency's $25 million settlement with Freedom Debt Relief shows the risks of such programs

The nation's biggest debt-settlement services provider will pay a steep price after allegedly deceiving borrowers who'd gotten in over their heads. This past week, the Consumer Financial Protection ...

Published:  Fri, 12 Jul 2019 18:38:00 GMT



Freedom Debt Relief reaches $25 million settlement with U.S. regulator

(Reuters) - Freedom Debt Relief LLC, the largest U.S. debt settlement services provider, agreed to pay $25 million in fines and restitution to settle allegations it imposed a variety of improper ...

Published:  Tue, 09 Jul 2019 14:53:00 GMT



Debt-Ceiling and Spending Negotiations Split Republicans

After months of wrangling over a disaster relief funding, Mr. Trump accepted a compromise to ... 87990cbe856818d5eddac44c7b1cdeb8 Appeared in the July 22, 2019, print edition as 'Debt, Spending Talks ...

Published:  Mon, 22 Jul 2019 02:54:00 GMT



Tempe's Freedom Debt Relief fined, ordered to reimburse customers $20 million

Tempe's Freedom Debt Relief fined, ordered to reimburse customers $20 million Freedom Debt Relief, a growing employer in Tempe, has been fined $5 million and ordered to pay $20 million to customers ...

Published:  Tue, 09 Jul 2019 14:38:00 GMT



FreightWaves Oil Report: The Debt Burdens Of The Shale Companies May Throttle Output Growth

All of these companies are carrying debt ratings of CCC+ or less ... "The jury is still out on whether contemporary consolidation initiatives will enhance viability for some of the industry's ...

Published:  Mon, 22 Jul 2019 12:27:00 GMT



Debt relief: Companies experiment with new retention, advertising tools

Student loan debt is at an all-time high of $1.56 trillion, according to Forbes. The only thing that ranks higher is mortgage debt, which is why Forbes also reported that student loan relief was the ...

Published:  Mon, 22 Jul 2019 07:30:00 GMT



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