Do you want to be debt-free within three months? Would you prefer to have a debt free within 6-12 months? If you’re deep in debt, you’re owed $15k, $20k, or more. There’s no way to pay off the debt within 12 months.
Consolidation of debt
Many families have utilized an approach known as debt consolidation to get rid of their debt. However, debt consolidation won’t help you get free of debt for a short time. It’s merely a method of attempting to “consolidate” or blend all your different debts into one bigger. For instance, you may be able to secure an installment loan for debt consolidation at your local bank or credit union, or an online lending institution. This loan will be enough to pay off all your debts.
There are many advantages of a debt consolidation loan, the most significant being that you’ll receive a lower monthly installment than the total of the minimum monthly payments you’re currently making. This is because the debt consolidation loan is likely to be at a lower interest rate than the one you now pay for the credit cards. The loan will also “stretch out” the debt, so if you need to wait seven years or more to repay the loan.
Debt consolidation companies
The companies that offer debt consolidation work as the debt consolidation loan. They can lend the money you need to pay off all your creditors if you are in debt that is not secured. They are those that did not require you to pledge anything for collateral, such as your car or your house. Medical debts, personal loans, and credit card debt are nearly always loans that are not secured. This is where the debt consolidation firm can be of assistance.
A reliable debt consolidation business can do more than pay your creditors. They will work with you to lower interest rates and eliminate fees and late charges. It will deliver a more significant part of the total towards the credit card with the most considerable balance first. The amount you paid to the card will be divided between all other loans.
What is the best way to select a company for debt consolidation?
There are various ways to identify the most effective debt consolidation firms. You can start by going online and reading reviews about these firms. The most reputable debt consolidation firms will likely have more positive reviews than those with negative thoughts. Remember that even the top of these firms could have some negative reviews because of the nature of their business. If you’re handling the finances of people and the debts they owe, there’s bound to be unhappy clients. It’s a fact that you cannot please all customers all the time.
The second reason is that the best debt consolidation firms will be members of associations like the US Chamber of Commerce and the International Association of Professional Debt Arbitrators. They must also follow the guidelines that the American Fair Credit Council governs. In addition, they will not charge any upfront costs. If you call an organization for debt consolidation and they ask you to pay a significant advance payment and don’t walk off.
Request a recommendation
It may be uncomfortable, but you can ask to consult your relatives and friends for recommendations. If they have worked with a company that deals in debt consolidation, they can tell you what the experience was like and how satisfied they are with the results. It is also recommended to contact the National Foundation for Credit Counseling. They can give you essential information on debt consolidation, and it also provides an extensive list of trusted companies that offer debt consolidation.
Verify the track record of this company.
Before you decide on a company to consolidate debt, contact your local Better Business Bureau, which can inform you if any complaints have been filed about the company’s performance. You may also reach out to the Attorney General of your state to determine if the firm has received complaints from it.
Get a no-obligation quote.
We believe that Paydaydaze meets all of these requirements. We are members of the US Chamber of Commerce and adhere to the rules of AFCC. Debt counselors at our firm have many years of working closely with credit companies to have your debts reduced as far as possible and offer you an affordable payment plan that you’ll be pleased with. We also have a history of helping clients overcome their debts within 24 to 48 months without a payment plan.