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Debt Consolidation
Debt Consolidation is a great way to save money if you do it right. Unlike a loan or bankruptcy, debt consolidation is a process that helps you reduce interest rates, lower payments and eliminate late payment fees. Debt consolidation companies can also help keep creditors from calling you.
How Does Debt Consolidation Work?- First, you would work with a debt consolidation company and give them information on which accounts you want to consolidate. They would draw up a budget for you and figure out what your debt payments would be.
- Next, the debt consolidation company would contact your creditors and work out an alternate schedule for paying off your debt.
- Then, you will just make a single payment every month to the debt consolidation company and they will pay your creditors for you.
Note: Only unsecured debt can be consolidated (i.e. not auto loans or mortgages)
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