Consolidating your bills
It’s important to be transparent about your finances, so you can get what you need from your counselor.If he or she doesn’t understand where you are, financially speaking, then it makes it harder for them to effectively assist you in getting out of debt, and isn’t that your primary goal?Maybe you can’t afford to do more than the minimum payment, so you’re likely not getting anywhere with your debt.The good news is that there are some things you can do to get closer to your financial goals.The counselor then takes that monthly payment and disperses it to your creditors, all the while offering additional money management tools and options.Please see our simple guide to Credit Counseling Services.We cover the details of debt consolidation throughout this site, and in videos about consolidating on our You Tube channel, with this particular page being set up to reference as a resource. I will start with defining what it is we are talking about with debt consolidation (because the term is used so freely to describe multiple different approaches).
Debt consolidation often refers to taking out one large loan, with a lower interest rate, to pay off other, smaller debts – credit cards or other accounts.
It is a call worth making because it’s free to get an exact, to-the-penny consolidation quote.
They aren’t pushy, and you can quickly learn if it’s something that can work for you or not.
If you’re looking into debt consolidation, then you’re probably at the point in the debt cycle where you realize you might be trying to juggle too much debt.
You may still be on time with payments, but your high interest rates are setting you back or you have too many accounts, making it hard to keep up with.
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Before signing any agreement, research the debt consolidation company, including checking for complaints with the Better Business Bureau, and avoid companies with a high interest rate or large fees. If you are unable to manage your debt, you also might consider debt settlement, a debt management plan, or filing bankruptcy.