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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.

Trump Loses To Obama With Student Debt Relief Ruling On For-Profit Colleges

The for-profit college industry will further challenge an Obama-era rule granting student debt relief despite the mandate going into effect this week. Trump's Department of Education, criticized ...

Published:  Thu, 18 Oct 2018 11:39:00 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:  Wed, 17 Oct 2018 15:04:00 GMT



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



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



Student Loan Debt Relief Rules Reinstated for Fraud Claims

College students who say they were cheated by their school may find it easier to have their loans forgiven, at least for now. A U.S. District court on Tuesday reinstated regulations (PDF) that would a...

Published:  Fri, 19 Oct 2018 12:39:00 GMT



Common Debt Consolidation Terms

We've previously provided concise definitions for various terms related to debt resolution. We also discussed the basic purpose and mechanics of debt consolidation in the earlier post.

Published:  Thu, 18 Oct 2018 08:02:00 GMT



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