Monday, December 18

Best Debt Consolidation

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The best debt consolidation companies address the new and rapidly evolving world of consumer credit.  Credit card interest rates are out of control.  Many consumers only pay the minimum payment on credit card debt.   Equity, from which consumers can borrow to pay off debt, has been dramatically reduced.  Choosing the best debt consolidation companies in 2010 is more important than ever.

The best debt consolidation companies will accomplish the following for its clients:

It will reduce debt for its clients by negotiating with a consumer’s creditors, lowering or eliminating interest rates, penalties and/or late fees.  It can also bargain for lower pay-off amounts for credit balances.  Good debt consolidation companies will enable their customers to see a 50-60% reduction in their indebtedness total.  They require no fees upfront.  The better debt consolidation companies will include any company’s fees with the consumer monthly payment.   

With this reduced amount of debt, coupled with reduced or eliminated interest rates and late fees, a total payoff of the consumer’s debt should be possible within 24 to 26 months.  Credit debt consolidation would improve the timeframe.  Collection notices and phone calls typically stop before the payoff date.  

Online sites allow a services and cost comparison between the various companies so that you might find, for you, the best debt consolidation companies.  

Ask friends for their own experiences.  Read online forums.  Ask trusted sources of online information.

Most of all, remember that everything the debt consolidation company is doing for you, you can do for yourself.  You can call your creditors and bargain with them.  You can ask for lower pay-offs, interest rate freezing and waiving of fees.   And you don’t have to pay anybody any other fees!  

In essence, the best debt consolidation company may be your own!
 

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