You Bet Your Debt - Debt Consolidation

Debt Consolidation

What Can We Say About Debt Consolidation?

Well, if you don't have a house, collateral or cash, we can say plenty! There's really nothing bad you can say about debt consolidation. Let's see...with debt consolidation, you get:

...out of debt in five years
...your creditors off your back
...an affordable monthly payment
...reductions of up to 57% off what you owe
...improved credit

How is all of this possible? Are debt consolidation loans for real?

We'll start out by saying yes, it is for real. In fact, debt consolidation is such an effective and efficient debt relief program that it's recommended by Congress. It's true! Last year, Congress passed a law that requires anyone filing for bankruptcy to go through some sort of debt management program (like debt consolidation, debt settlement or a get a debt consolidation loan) first.

When you enroll in a debt consolidation program, a debt consolidation company will contact your creditors to get your interest rates reduced. In some cases, they can convince your creditors to remove any past fees too. They also get your creditors to accept lower payments. Then they take the resulting amounts and "consolidate" them (hence the name of the program) and you make one monthly payment to the debt consolidation company that's enough to cover what you owe your creditors on a monthly basis. (The debt consolidation company will make sure your creditors get what they are owed this way.)

If you've had a few late payments or missed payments altogether, you'll benefit even further. Generally, if this has happened to you, your creditors will start calling you. Or maybe they're calling so much you feel like you know them. This can be stressful, not to mention at this point they've probably reported your account as late to the credit reporting agencies. But enrollment in a debt consolidation program will keep your creditors from contacting you. Legally, they can only contact the debt consolidation company from that point on. Then, after you've made a few on-time payments, your debt consolidation company can get your creditors to look at you in a whole new light and report your accounts as current instead of delinquent, which will improve your credit.

So what do you have to lose by enrolling in a debt consolidation program? Nothing but your debt!

About Us | Contact Us | Site Map | What's New | Related Resources