Debt Consolidation-Truth Consolidation Is There

0
12
Debt Consolidation-Truth Consolidation Is There

Debt Consolidation-Truth Consolidation Is There

You are broke, you have a bill that exceeds what you can get in a year. Heck, even more than you can get in a decade. You cannot borrow from your parents, relatives, friends or ex-spouses. And your bank manager personally writes to you sadly, this is not about the weather but the state of your account. Soooo like Becky in Shopaholic, almost scary. But unfortunately, there won’t be a multi-millionaire named Luke to go to your rescue. So what to do? Turn on the TV, of course. Nonsense coming out of the breast tube will definitely reduce stress. And something catches your attention. What is that? Gosh. Is that a sign from heaven?

Should you try debt consolidation?

Over the years, debt consolidation has become a popular method to be used to conquer outstanding bills from credit card companies, student loans and so on. Initially, debt consolidation began to boom with countless advertisements on the Internet but after a while, it also began to advertise on TV. Making itself the focus of attention in such a way is a good and bad thing for a debt consolidation company.

Good because more and more people are realizing that debt consolidation might be something they haven’t thought of to get them out of their financial problems.

Bad because their aggressive marketing has made others – like the government – aware that they exist. And now, many debt consolidation companies have been targeted by a number of lawsuits over the years.

But first and foremost: how is debt consolidation? In short, debt consolidation adds to all your bills and takes it to a debt consolidation company. Then you ask them to talk to your creditors to give you more time to pay off or reduce interest rates or monthly payments. Debt consolidation companies are very careful to emphasize that they do not make your debt disappear, can only be tolerated and they help you become free from financial worries, if there is such a situation. Debt consolidation is also now known as debt settlement and debt negotiation. However, it all means the same thing.

So is it advisable to use debt consolidation or is it a curse in disguise? It really depends. If you try to research through the Internet, you will definitely find articles that color you against asking for help from a debt consolidation company because in the end, you will be more financially bankrupt than before. But some articles say that is a good thing because this is a method where you can solve all your problems in one fell swoop.

In the end, it’s really up to you whether you want to take the risk or not. If you do, then the first step you must take is to find a debt consolidation company that you can really trust. There are websites that list trustworthy debt consolidation companies. You can also check the Better Business Bureau for their own list but some say that ranking well with BBB is basically meaningless. But if you don’t want to use debt consolidation as a last resort, it’s OK, because there are still alternatives. You can talk privately with your creditors and convince them with your sincere desire to pay off your loan but ask for a little more time. Sincerity always works. Then you can get counseling and enroll yourself under a financial fitness or therapy program for those who are unable to control their expenses.

LEAVE A REPLY

Please enter your comment!
Please enter your name here