Can you possibly consolidate both secured and unsecured debts?

By: on 2019-07-04
Ask Phil Bradford
Can you possibly consolidate both secured and unsecured debts?
Can you possibly consolidate both secured and unsecured debts?

Debt consolidation was devised to help consumers arrange their debt payments and obligations, in a more systematic, periodic and organized structure.
And, then came thugs and goons, in the disguise of authentic debt consolidation companies.
They started to loot people by giving improper and illegal services, in the promise to pay off their debts!
People started to get afraid of them, and got freaked out, in just a mere utterance of these companies’ names!
Complaints and Letters got piled up at the offices of Consumer Financial Protection Bureaus.
Search Engines started to ban them companies’ websites all over the Internet! Things started to go real bad, I tell you that!
Debt Consolidation Care has always helped the consumers of our nation, in their search for the best debt consolidation and debt settlement companies in the country. Now, for more than a decade!
Our services have always proved to be impeccable and beyond doubt highly resourceful for our clients.

Our ambition has always been to give you what you deserve. That, what is rightfully yours!
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What type of debts can you possibly consolidate?

As debt consolidation is solely designed to tackle debts that are not having a collateral attached, you can easily gobble up all your unsecured consumer debts into debt consolidation.
But, there’s one big problem associated with this unique debt relief option. Debt consolidation can’t readily take care of your secured debts.
By secured debts I obviously state those debts, that have backed up assets ready for a foreclosure if you are not able to pay them off!
We have already explained secured and unsecured debts/loans here, please refer for a detailed explanation.

Still, it doesn’t mean debt consolidation won’t help you with nothing when it comes to secured debts.
You have this loan modification program, which is highly suitable for mortgages and car loans. Here you will be negotiating the loan term and interest rates of your loan, if you are unable to keep up with the scheduled payments.
As you can see, loan modification may seem to be something distant from debt consolidation, but if looked at with the zoom lens on, it does approximately the same thing as debt consolidation!
If you are lucky, then loan modification can result into an overall decreased interest rate, and decreased monthly payments. But loan modification might get your loan term stretched! Keep a look at that!
Now, coming back to the typical and traditional debt consolidation. Here you will be consolidating all types of unsecured debts. These include credit card debt, unsecured personal loan debts, payday loan debts and anything relevant to them.
We recommend that you go for a professional debt consolidation where there is no hassle of taking out another consolidation loan, which can land you into a more worse debt situation!
By connecting with reliable and authentic debt consolidation companies, you will be making the company one single monthly payment for all your debts.
That payment will then be disbursed among all your creditors and lenders.
Also, expect to see some negotiation regarding the interest rates. But that’s not your headache. That will be handled by the consolidation company. Only you will be making the single payment as per the budget and payment schedule provided to you by the company.

**The sweet little thing called Credit Card balance transfer, which you should not neglect**:

When you have only credit card debt to manage, then you should probably be well off with balance transfer itself!
With balance transfer, you will be bringing in all your existing credit card balances to a new card.
So, all you will be needing is one new credit card that has a limit equal to the total of all your old credit card debt amounts.
Moreover, don’t forget to try your hands on a card that offers 0% APR introductory phase. This way you will be able to save a massive amount on interest payments.
For your information, balance transfer is just another type of debt consolidation. Here, instead of running after multiple credit card bills, you will chase one payment for one card only!

Debt consolidation is good for you, as it gives a credit score boost:

After enrolling in a consolidation program, you will be current on your debt payments, and in total will be paying off your debts in full.
This is a big positive aspect of debt consolidation, that probably no other debt relief option can give you.
Over time, you will start to see an increase in your credit score, as the creditors will gradually be satisfied!
Due to this there are many people, who give consolidation a big time try, to improve their credit score and manage their debts in a more orderly way!
Now, that’s all we had to say about Debt Consolidation!
It’s now your choice absolutely, as to whether or not enroll in a program.
It’s better you give us a call at 800-3328-913 (between 9 AM and 6 PM PST)
We are always here for you!

Last Updated on: Thu, 4 Jul 2019

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