Consolidating debt in
If you’re not sure of the best way to address your debt, a credit counselor can help you explore your options.
Enter the credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.In all cases, the consolidation just covers up a problem.It doesn’t give consumers the resources they need so that they don’t have to rely on credit and can begin to build a healthy financial future. For example, when consumers get on a longer repayment schedule, they end up paying more over time, even if the interest is lowered some too.Ideally, this new account or loan will have a lower interest rate than the accounts had previously.
The main advantages of this are: There are many types of bill consolidation, from student loan consolidation, to credit balance transfers, to home equity loans and other forms of secured debt consolidation.
While credit companies are under no obligation to negotiate your payments, the best debt consolidation companies may be able to consolidate your debt to a single, monthly payment or negotiate to lower the total amount of debt that you owe.