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What
is debt consolidation?
Debt consolidation is a process of
restructuring your existing high interest credit card debt and
other bills with your creditors. We negotiate with all of your
creditors to obtain the lowest monthly obligation needed to
satisfy all of your current accounts. Debt consolidation is
not a loan, but a process to lower your current monthly
payments and interest rates.
What
are the benefits of debt consolidation?
You will be making one
convenient monthly payment to us and in turn we disburse all
funds to your creditors. In most cases, this new payment will
be lower (perhaps by as much as 60%) than the sum of your
current individual account obligations, and more of your money
will be going on the principal.
What
kinds of debt can be consolidated?
Any kind of unsecured debt can
be consolidated, including: credit card debt, medical bills,
personal loans, store credit, student loans, utility bills,
legal bills, and judgments.
What
will this do to my credit?
Consumer Debt Counseling
Services does not inquire or report to the credit bureaus.
Lender policies usually remain unchanged. Creditor
participation in our program is a strong indicator that such a
program will not harm your credit.
What
is secured debt?
Secured debt is security or
collateral. If you are not able, or unwilling, to pay, it can
be repossessed. Examples of secured debt include mortgages and
automobile loans. You will not be able to consolidate these
without a loan.
See our page on the dangers of debt consolidation loans,
credit card loans and second mortgage loans -
click here
Are
you a collection agency?
No, we work for for our
clients. Once you've filled out our application and decide to
become a client, we will contact your creditors to negotiate
better rates on your behalf.
Do
you provide loans?
No, we do not provide loans. A
bad credit consolidation loan will only get you further into
debt. If you are over extended now, the last thing you need is
more credit. We work with your creditors to reduce monthly
payments, eliminate interest, late fees and penalties, all
without a consolidation loan.
How
long does it take to get out of debt?
If you just continue to pay the
minimum requested payments on your credit cards, it could take
upwards of 20 years to pay off your high interest debt. With
our program, most debt is paid off in approximately 4 years or
less, even if your currently behind in your payments.
What
do I need to do to qualify for your program?
All you need is at least $1,000
in unsecured debt to qualify for consolidation. If you desire
to become debt-free, then click here to fill out our
no-obligation consultation form and a counselor will contact
you shortly.
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