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Bill consolidation: Get low rates and save

If you're facing problems to manage your bills properly, then bill consolidation may be your right choice. Attending a no-obligation free counseling session, with a debt relief company, will enable you to understand whether you should consolidate your bills or look for some other options.

What is bill consolidation?

It is a way to consolidate bills into one payment every month. With the help of this option, you can consolidate credit card bills along with your utility bills, payday loans, private student loans, personal loans and other unsecured debts.

How to consolidate bills

1 Bill consolidation program

In this consolidation method, you take help from bill consolidation companies to repay your debts within a definite period. Let's check out how you can pay your bills with the help of a consolidation company.

How bill consolidation programs work

bill consolidation program

2 Bill consolidation loan

You take out a loan from a financial institution and repay your current bills/debts with that amount. Thus, with a single consolidation loan, you consolidate bills into one monthly payment.

3 Balance transfer method

This is a DIY option wherein, with your creditors' approval, you transfer your high-interest debts to a low-interest card if there is available credit limit. Thus, you can consolidate your bills to repay them with ease.

Bill consolidation laws to protect customers

The laws, protecting bill consolidation loans, focus on protecting the regulation of financial institutions, which provide such loans:

  • Nationally chartered banks along with few state banks need to be insured by the Federal Deposit Insurance Corporation. The FDIC is a government corporation created in 1933 which protects consumers from problems created by bank failures in 1929.
  • The Fair Lending Act and the Truth Lending Act protect consumers by ensuring that all the terms and conditions of bill consolidation loans are provided to customers when they take out the loans.
  • The law of the state, where the customer resides, governs the terms of the loan. The amount of interest a financial institution can charge is also governed by the state.

How can bill consolidation help you?

  • Reduction in interest rate
  • Lower monthly payments
  • Stress gets reduced
  • Single monthly payment
  • Don't have to deal with several creditors
  • Do not have to manage multiple bills
  • Positive remark on credit report
  • Credit score may improve

How much
debt consolidation
can save you

Is there any other way to repay a debt?

Apart from opting for bill consolidation, you can also think of settling your debts if your total outstanding debt is too high. Or, settlement can also help you if you cannot repay the debts in full and want to get rid of your debts fast.