Should You Consolidate Debt?
If you're struggling with your debts and juggling regular household bills with credit, then it might seem like a great idea to take out a debt consolidation loan. But you should definitely beware of this type of loan. Too often unsuspecting borrowers consolidate debt, only to find that they're now in deeper debt than they were before!
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This is why it's make sense to consider all your debt relief options before you take out a debt consolidation loan. These options include debt management plans through credit counseling, debt settlement plans, or possibly even bankruptcy.
With debt management, you essentially are paying back all of the money you owe, but through lower interest rates, you may be able to reduce your overall unsecured debt much faster than you could on your own, if you were to continue paying your for substantially less than you currently owe. With debt settlement, credit card companies, depending on your situation, may be willing to forgive a significant portion of your debt.
In recent years businesses that offer to consolidate debt for you have sprung up everywhere. However, many of these lenders aren't doing anything but preying on the misfortunes of others. The consolidation loans they offer will usually have a high interest rate, sometimes much higher than what you're paying now, and if they don't have those high rates now they can add them in at any time once you sign on the dotted line.
On top of that, you may be subject to hidden fees, penalties, and term extensions that could cost you dearly for years to come. It is important to know that both debt management and debt settlement can impact your credit, so make sure you ask your debt relief specialist how your credit will be impacted as well as how much money you could save and how quickly you could reduce your debt.
Take Advantage of Your Debt Relief Options
If you're interested in what debt relief options could do for you, take a moment to fill out a simple form and we will connect you to a company that will provide you with a free debt relief analysis and savings estimate - at no obligation.