The 4 Questions To Ask Creditors When Consolidating Your Debt
How to Find a Debt Consolidation Company You Can Trust?
What is Debt Consolidation?
Debt consolidation is a means of getting your overextended debts back in order. This is done by creating one simple payment plan instead of many and varied payments at different times to different people, and accruing added charges.
For more information, read: Debt consolidation explained in a way EVERYONE understands.
Debt Consolidation’s Bad Reputation
Getting your finances in order seems like the responsible and manageable option, so why do so many people avoid debt consolidation companies? There are quite a few myths, and traps, surrounding these debt relief services, preventing people from taking advantage of them.
Some examples of this are:
1. No matter how it is handled, debt consolidation will harm your credit score.
2. Dishonest companies will attempt to take your money without actually helping you get out of debt.
3. Having one more payment to make can’t possibly help you get out of your current position.
Aside from these prevalent fallacies, people who have been burned by the unfortunate weight of debt are naturally wary of companies claiming that they can help them settle their accounts at long last. In fact, these services are here to help.
If you are suffering from unmanageable debts, debt consolidation won’t actually take away your bills, but it can take the suffocating hold that multiple payments and unsurmountable charges has on you right now. It will help you organize your debt and payment in such a way that you might start to see the light at the end of the tunnel.
Before you begin your research into which debt consolidation company may be the best one for you, make sure that this is the right option for your current financial position. Read about when is the right time to move towards debt consolidation.
Finding a Debt Consolidation Service You Can Trust
1. Check their ratings on the BBB. A company that holds a positive rating such as A+ has displayed reliable service and has not warranted any complaints or worries from their customers.
2. Referrals. If someone else has had a good experience, then you are likely to have the same. Businesses that treat their customers well and maintain proper business practices will also extend the same courtesies to you.
3.Make sure they’re listening. Debt is a complicated matter, and no one solution will work for everyone. When speaking to a debt consolidation specialist, notice if they are trying to feed you a standardized solution or if they are actually listening to you and looking to help you find a specialized answer to your specific problem.
The Bottom Line
While debt consolidation is not for everyone, there is a vast range of providers available who can help. They can assist in determining if this is the right avenue for you and give you someone to trust in helping plan your future by getting rid of past debts.
Begin the process of lowering your debt by reading one of our informative, un-biased reviews created by our staff to help you learn more about each provider and how they can help you.
If you're still not sure which debt relief path to take learn more about the options available to you: Debt Management Program, Debt Settlement or Consolidation Loan – Do You Know the Difference?