31 Ways to compare and appraise debt consolidation loan and program

# Questions Consolidation loan Consolidation program
1. Does it offer free counseling?
2. Does it trim down the outstanding balances?
3. Does it reduce your monthly payments?
4. Does it help you negotiate with your creditors?
5. Does it help to slash interest rates? ?

The interest rate on the consolidation loan can be high if you have bad credit.
6. Does it stop collection calls? ?

The creditors/collectors can still call you.
7. Can your creditors register a case against you?
8. Does it require you to pay a fee?
9. Can you repay unsecured debts?
10. Do you need to pledge security? ?

You'll have to pledge security in case of secured debt consolidation loan.
11. Is it an expensive way to repay debt? ?

If the interest rate on the new loan is high or the loan processing fee is high, then it can be an expensive way to repay debt.

12. Are you paying more money in total? ?

If the repayment term is very long, then you may end up paying more.
13. Does it assist you pay back secured loans?
14. Does it make a positive impact on credit score?
15. Is the repayment term short?
16. Is it compulsory to draw up a contract?
17. Is it offered by a bank?
18. Does it require you to pay tax?
19. Is it necessary to have equity in your home? ?

You need to have equity in your home when you are pledging it as security against the consolidation loan.
20. Can you clear your dues with single monthly payments?
21. Does it help you ditch your debts?
22. Is there any credit check?
23. Can you still use your credit cards?
24. Can you buy a property in future?
25. Is bankruptcy a better option?
26. Can you leave it in the midway?
27. Does it help repay cash advance loans?
28. Can you repay student loans?
29. Can your property be foreclosed?
30. Do you need to hire an attorney?
31. Can you repay utility bills?


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* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
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