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Home » Debt Relief » Debt Consolidation Overview

Debt consolidation - Easy way to manage your multiple debts legally

Multiple bills can turn out to be a great cause of anxiety as they are difficult to keep track of. Missed or irregular payments consequently raises the debt amount, thereby making your debts all the more unmanageable. Consolidation can be a great help to you if you're facing similar situations.

Find savings from debt consolidation

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How debt consolidation can help?

Consolidation usually brings your multiple unsecured debts together and arranges an affordable payment plan to eliminate them gradually. It helps to make the debts more manageable and makes repayment easy.


14 Apr, 2014 Review: CC saved $1066.82
Client satisfaction level:
      
* Client names have been changed to protect privacy

Benefits of consolidation

The following benefits associated with consolidation makes it a much preferred debt relief option:

  1. Combines your multiple debts into one
  2. Brings down interest rates on credit card debts
  3. Reduces your monthly payments
  4. May eliminate the late fees and extra charges
  5. Offers freedom from further legal hassles or complications
  6. Can put an end to the harassing creditor calls
  7. Can help you to avoid bankruptcy
  8. Improves your credit score with time as all your debts get paid off

How consolidation can protect you from the creditor harassments?

After you enroll with a debt consolidation program, the consolidation company handling your accounts will deal with your creditors and collection agencies directly. If your creditors still contact you, you can refer them to the consolidation company.

As for the consolidation loans and balance transfer credit cards, the creditors will stop contacting you since all your past dues will be paid off. You'll just need to continue with the regular payments on the new loan or the credit card.

How you can consolidate your debts?

Well, consolidating your multiple bills can be done in 3 ways. You can choose the one which suits you best.

  1. Debt Consolidation Program – A professional organization offers consolidation services through a program. Once you enroll into one, the financial experts associated with the company analyze your financial condition and start dealing with your multiple creditors. After effective negotiation with the creditors, they then set up an affordable repayment plan for you. You continue with the regular payments and your debts get paid off after a certain time period.
  2. Debt Consolidation Loan – You take out a secured or unsecured loan on your own, with low interest rate but with a larger loan amount. You can use up the amount to pay off all your existing unsecured debts, and then start making single monthly payments on the new loan. Low interest rates will result in affordable payments and over time, you can be free from debts when your new loan gets paid off.
  3. Credit Card Balance Transfer – This option only works for your credit card debts. You can opt for a low-interest credit card, and transfer all the balances from your existing high-interest credit cards into the new card. This way you can get rid of your multiple credit bills and gradually pay off the single credit card debt with reduced payments.

What can be the eligibility criteria if you want to consolidate?

No specific eligibility criteria is followed for consolidation.

  • In case of consolidation program, the eligibility criteria will depend on the company offering you the service.
  • In case of the consolidation loans, the eligibility would depend on the creditor or company offering you the loan. A secured loan would require you to place a collateral against which you can borrow. An unsecured loan would necessitate you to have a decent credit score at any rate and the creditor would only allow you the loan after ensuring that you'll be able to pay it off.
  • In case of a balance transfer credit card, the eligibility criteria will be set by the creditor only. However, you would need to have a stable income so that you can continue with the regular payments.
Top Questions
Got any queries?

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answers

Should I take out another loan?

I have incurred a huge amount of debt on credit cards and payday loans. My friends tell me to take out another loan in order to combine my debts? If I do this, will this be helpful or wise?... Read more »

Category: Debt Help

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votes
1
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Debt consolidation company asking to stop payments

I want to combine my unsecured debts through a debt consolidation company and since I've made this decision I have been approaching different companies. Some of them are asking me to stop making payments to the creditors. Is it so? Will this not hurt my credit score? Should I listen to what they're saying?... Read more »

Category: Debt Scams

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2
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Should I close my a/cs?

I am working with a debt consolidation company to merge my debts into a single monthly payment. They're asking me to close down accounts. Should I do that? Or shouldn't I?... Read more »

Category: Debt Help

0
votes
3
answers

Lender refuses to work with 3rd Party

Hi. I am in Oklahoma and have a lender in SC (I believe). Star Group Loans. They are an online pay day company. I am with a pay day loan consolidation company (as per usual, they are my power of attorney for this matter and I have an escrow account I send money to them for biweekly). I am happy with successful pay offs so far. But Start Group refus... Read more »


0
votes
1
answers

Can I only consolidate if payday lending is legal in my state?

Can I only consolidate if payday lending is legal in my state? Got 3 pdls online which never seems to end. Can't I combine them to have a plan with small payments?   ... Read more »

Category: Debt Help

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Choose your consolidation company wisely to cope with payday loans

Payday loan debts can gradually increase with time, making it much more difficult to get rid of. Read along to know how consolidation companies can be of assistance when you get stuck with multiple payday loans and lead you out of such situations. How do payday loan consolidation companies help you? Payday loan debt consolidation companies can help with payday loan debt if a debtor has multiple payday loan debts. The payday loan consolidation companies, with their professional attitude and ... Read more »
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Getting rid of your payday loans can be easier with consolidation

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How debt calculators can help during consolidation?

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Date: 06:49 am 24th Jun, 2013
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Choose the right consolidation service to resolve credit card debts

Credit card debt consolidation can help you to get rid of your outstanding credit card bills gradually. However, if you plan on seeking help from a professional organisation, you should be well aware about their services and make sure that you don’t get entrapped into a scam. What key questions to be asked before choosing a credit consolidation firm? You need to check out some issues before you approach a company to get credit card debt consolidation services. Find out if the company deal... Read more »
Date: 04:19 am 24th Jun, 2013
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What makes consolidation a great way to wipe your credit card dues?

Multiple credit card bills are difficult to keep track of. It's even more difficult to pay for all of them in a month. Consolidating your credit card bills might be a wise way of debt elimination, since it combines your numerous credit card bills together and arranges a single affordable monthly payment for you. Credit card debt consolidation can even bring down the interest rates charged on the bills to make repayment easy for you. Besides, if your credit card debts are gradually pushing y... Read more »
Date: 03:46 am 24th Jun, 2013
Article Rating:

In an effort to better our services, we conduct an ongoing survey. Check out the survey results and see what the existing and past clients have to say about us:

  • Overall satisfaction
    The graph below shows the percentage of people satisfied after they spoke to us.
    Client Satisfaction Rate
    Very satisfied: 71%
    Satisfied: 13%
    Undecided: 6%
    Dissatisfied: 3%
    Very Dissatisfied: 7%
  • Ways to Contact
    The graph below shows the percentage of people using different mediums to contact us.
    Contact Medium Usage Rate
    Telephone: 52%
    Support Request: 17%
    E-mail: 27%
    Fax: 0%
    Other: 4%
  • Customer service
    The graph below depicts the satisfaction level for the less time taken by our team to solve various queries.
    Customer Service Quality Rate
    Very satisfied: 71%
    Satisfied: 14%
    Undecided: 5%
    Dissatisfied: 3%
    Very Dissatisfied: 7%

*Client names have been changed to protect privacy
**Represented feedbacks have been randomly selected from clients who took part in survey organized by OVLG
By Client PV*
profile pic Financial Coach:Michael Grayson
Rated by client: 
Client Relationship Manager:Scott Davis
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
PV's Feedback: Scott did an excellent job helping me with my latest requests. made it easy to get things set up and ready to go. Does a great job when it comes to the creditors as well.
Suggestion: i find it to be good the way it si right now.

By Client SM*
profile pic Financial Coach:Ron Clark
Rated by client: 
Client Relationship Manager:Timothy Smith
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Undecided
SM's Feedback: Your Company needs to be consistent with the work that is being done for our debt programs, doing followup work , returning calls, sending appropriate letters that the companies are asking for, negotiate on debts etc. After all we are the ones hiring you to do a job for us! And I speak for all!
Suggestion: Listed on # 4 !

By Client JB*
profile pic Financial Coach:Shane Rogers
Rated by client: 
Client Relationship Manager:Thomas Brown
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Satisfied
JB's Feedback: I really been pleased throughout the whole process,and experience with your company.And really think Thomas has done a excellant job working with me,sincerly Thanks Jackie Baltimore.

By Client CC*
profile pic Financial Coach:Sara Perez
Rated by client: 
Client Relationship Manager:Sebastian Garcia
Rated by client: 
Preferred Contact Medium:Support requestOverall Satisfaction Level:Very Satisfied
CC's Feedback: Sebastian is a very hard worker and once i respond with an issue, he immediately takes care of the situation. Thanks for easing my mind from credit woes.

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