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How to find Best Debt Consolidation Programs?

Best debt consolidation programs' success varies from person to person. Before going for a good and legitimate debt consolidation program, one needs to carefully review his own financial situation first because the same program may not be suitable for everyone. Thus, proper estimation of your financial health is a pre-requisite and the program customized after considering the same can be adjudged as the best debt consolidation program.

You might be wandering to get hold of the best debt consolidation program. But always remain cautious from the slick marketing campaigns of different debt consolidation companies operating in different states. All these companies claim that they offer the best service in the industry but ultimately fail to keep their words. So, always shop around and choose the one that fits your pocket as well as want and also research about their market reputation for the last couple of years.

Best debt consolidation programs - Basic features

  • It helps in wrapping up your multiple debt accounts into a single one and consequently helps you to simplify your monthly payment.
    Example:
    If you have multiple credit cards and are not able to manage their payment then debt consolidation can simplify your payment by consolidating all your debts into one.
  • Best debt consolidation program also helps you to save a lot of money by lowering the interest rates and waiving-off your late payments.
    Example:
    When you opt for a debt consolidation program, the debt consolidating company negotiates with your creditors to lower the APR and also waives-off the late fees.
  • The best debt consolidation program should be able to space out the payments in accordance with your convenience.

What features should you look into a debt consolidating company to get the Best Debt Consolidation Program?

The debt consolidating companies should have the following features: -
  • The company offering debt consolidation program should be a member of the Better Business Bureau (BBB).
  • It should have an alternative program worked out as backup if the debt consolidation program fails.
  • The company should have a fairly good track record of solving debt problems.

Best debt consolidation programs help a person to become debt free and consequently improve his credit score. Thus it will help you to repay your debts in a more structured and systematic manner.

Debt Consolidation Programs - Know more

Hello all, I was wondering if anyone knew a goo...
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Hello all,

I was wondering if anyone knew a good and legitimate debt consolidation company they could recommend to me. I have heard some horror stories of scumbag companies taking advantage of people in these types of situations. I would also like to know how much will being in a program like this lower your credit score?

Thanx,

Chris




You can register on this site for free credit counseling and they match you with a company. Then you can look up the company through the BBB before making your decision. I signed up on this site and they matched me with United Christian Financial...they have a satisfactory record with the BBB, and I started dealing with them about 2 months ago, no problems yet. Hope this helps.

Sub: #1 posted on Tue, 02/14/2006 - 05:04

TMD TMD

(Posts: 280 | Credits: 99.13)

Forgot to answer your second question..debt consolidation does lower your score some, when creditors look at your credit, they see that you are enrolled in a program...some look at that in a negative way, some do not. Once accounts start getting paid off, your credit score improves. I'm sure someone else on this site can probably give you more detailed info on the effects on your credit.

Sub: #2 posted on Tue, 02/14/2006 - 05:07

TMD TMD

(Posts: 280 | Credits: 99.13)

Hi SportsNut, I will try to give you my opinion if I had been in your place. I will consider professional help only when I am unable to pay the debt on my own. I will be looking for some benefits that can ease my repayment options with the creditors. Since the consolidation program reduces the total amount of debt by eliminating the financial charges, late payment fees, I will find it helpful in my case.

If I don't use a consolidation program, I will be missing my payments regularly. My credit will slant down negatively each month. The scores will decline to the point where it will be tough for me to do any sort of repair within a period of time.

If I need to avoid such situation, I will consider consolidation program that can only protect me and my credit from declining further. And actually, I have done it. I am regular in my monthly payments so that creditors are sure of receiving their money and not turning it to collections. They don't call me regularly like I used to be called earlier. Overall, I am viewed more favorably than before after the enrollment in the program. After all my debts are paid off, my credit will show the maximum improvement.

Your payment history decides if a creditor will extend any credit packages to you. You can get the best deals from them if you are regular with your payments and have not been in defaults in the recent times. Consolidation programs aim to fulfill these requirements only.

I also enrolled myself in this site and received counseling from the consultant here. Then, they sent me emails and negotiated with my creditors. Thus, I am in this program with a view to improve my credit. Hopefully, you will also get the same touch.

Sub: #3 posted on Tue, 02/14/2006 - 05:29

john john

(Posts: 1234 | Credits: 270.82)

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