Nonprofit credit consolidation companies provide you with the convenience of making one monthly payment to help you become debt free.
Consolidated credit companies are another name for credit counseling agencies.
Truth: Debt consolidation is dangerous because it only treats the symptom.
Debt consolidation is nothing more than a con because you think you're starting with a clean slate.
Instead of having multiple debt payments each month, you’ll only have one.Getting out of debt isn’t quick or easy, but it’s the first step to achieving lasting financial health. It simply means you’re taking out one loan to pay off a bunch of loans—or consolidating the debt to one payment.It’s typically considered for people who have high consumer debt.They advise consumers on budgeting and discuss options available for eliminating debt.
Consolidated credit companies, like credit counseling agencies, usually point consumers at debt-relief options like a debt management program, debt settlement, a debt consolidation loan and, in extreme situations, bankruptcy.
The following four steps will walk you through calculating how much debt you have, choosing the debt consolidation loan, setting a timeline to be debt free and teaching you how to control your spending.