Debt Consolidation Community: 3 Effective ways to fight debt - Already helped 224204 members!
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With proper help you can
- Lower monthly payments
- Reduce interest rates
- Get rid of late fees
- Eliminate collection calls
- Avoid bankruptcy
- Pay debt in 1 monthly payment
- Become debt-free
How much you can save by consolidating debts
Is debt consolidation good?
Debt consolidation is favorable for those who're struggling to manage multiple debts and cannot afford to make several payments each month. Debt consolidation program gives them a way out by which they can replace multiple bills with one low monthly payment and pay off debt with ease. When you consolidate debt, you pay less each month and save thousands of dollars. Check out the 8 benefits of debt consolidation.
5 Ways to pay off debt
There are 5 ways to get rid of debt and lead a stress-free life. But what's important is that you choose the one that works for you.
- Interest rate arbitration: This is where you choose an independent third party to negotiate low interest rates with your creditors. So, you can consolidate multiple bills with one low monthly payment. This is also known as loan consolidation. The benefits are:
- Pay less each month
- One monthly payment instead of many
- Credit score improves
- Debt management: This is where you work with a debt solutions company to help you pay off your debts and create a budget. The benefits are:
- Interest is reduced
- Late fees may be waived off
- Manage multiple bills with ease
- Debt settlement: This is where you have a settlement company/law firm working with your creditors to lower your payoff amount by 40-60%. With settlement, you have 2 major benefits:
- Creditors reduce interest
- They cut your principal balance
- Chapter 13 bankruptcy: Chapter 13 is a court monitored debt repayment plan. The benefits are:
- Creditors reduce interest on your debt
- They trim the principal debt balance
- You don't use your assets to pay off debt
- Chapter 7 bankruptcy: This is where you hand over your assets to a court-appointed trustee who sells them off and uses the sale proceeds to pay off your debts. With Chapter 7 bankruptcy, you get the following benefits:
- Interest on your debt is lowered
- Principal balance is reduced
How our community helps you
With over 200,000 members, our community gives you the strength and support to resolve financial problems on your own. Here are the benefits of being our community member.
- Forums: Discuss your problems and get free debt advice from our community members. The members share their real life experiences on how to deal with creditors and collection agencies. You learn from their experiences and make your financial life easier.
- Debt calculators: These are financial tools that help you calculate your debt and figure out how much you save by debt consolidation or settlement.
- Ranking Chart: While debtors can find the best debt consolidation/settlement company here, companies have the advantage of getting ranked and promoting their services.
- Earn dollars: Our community rewards you for your valuable contribution in the forums and other community activities. There are 6 simple ways to earn dollars in our community.
- Get recognition: Our community appreciates your valuable contribution and gives you the opportunity to earn recognition as "Hall of Fame" member, "Debt Samaritan" and "Moderator".
Top rated articles to help you lead a debt-free life
- 7 Steps to become debt-free: Check out 7 steps on how to pay off debt and achieve financial freedom.
- Debt consolidation loans: Banks and financial institutions often provide you with unsecured personal loans to consolidate debts. However, bad credit debt consolidation loans are hardly available because banks and lenders may consider you as a high risk borrower if they find too many negative items on your credit report.
- Credit card debt consolidation: With this option, you consolidate debt on credit cards and get rid of bills with one monthly payment instead of many. If you're in military service, you may qualify for military debt consolidation program that'll help you pay off credit card debts with a small monthly repayment.
- 6 Types of debt solution: Compare debt consolidation, settlement and other ways to resolve your credit problems.
- Christian debt consolidation: It works similar to any other debt consolidation program. With this option, you consolidate debt into one monthly payment and manage your money using the Christian principles.
- Bill consolidation: Under this program, interest rates on credit card bills, medical bills or utility bills are lowered and any late fees or over-limit charges may be eliminated to help you pay off debt conveniently.
- Credit counseling: This is an option in which you seek debt advice from a credit counseling agency that is a member of the NFCC (National Foundation for Credit Counseling). The credit counselors help you with budgeting and money management advice and offer tips on how to manage multiple bills conveniently.
- Debt consolidation non profit: This is similar to any consolidation program but it is offered by a company that has obtained the non-profit status from the IRS. Debt consolidation non profit programs are not available for free. Either you'll need to pay lower fees or make voluntary contributions to take advantage of these programs.
Latest Related Discussions
- debt consolidation By davedave2 on 27 Jul, 2010
if i get approved for a debt consolidation loan to consolidate credit card debt, will my credit card accounts be closed? i'm looking to pay down some of my credit card debt and to also keep at least one credit card account OPEN so i can continue to u... - debt consolidation By devin valletta on 26 Jul, 2010
how do i consolidate debt without paying more than the original debt in the long run... - Debt Consolidation Loan By Paul Heaslip on 26 Jul, 2010
how do I apply for an unsecured credit card consolidation loan for $50,000?... - Debt Consolidation By performancewave on 24 Jul, 2010
I am in Texas can we consolidate?... - Debt Consolidation By kepil on 24 Jul, 2010
I am in Texas, can we have debt consolidation? I am able to make my payments now, but I am really stretched. Also, how does consolidating affect my credit?...
