Debt consolidation companies negotiate lower interest rates for your unsecured bills, such as credit cards. By reducing your interest rates, you can pay off your debts sooner. These debt consolidation programs dont use a consolidation loan, so you can avoid additional credit issues. The following guidelines will help you find a reputable company that will not take advantage of your financial situation.
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Whether a debt consolidation company is non profit or for profit, they will charge monthly fees to service your payments. Fees range from $14 to $69 depending on the number of creditors involved. Upfront fees or a percent of your monthly payments are usually a sign of a fraudulent non-profit company. For profit companies do charge a fee since they arent subsidized by creditors.
There are several legitimate debt consolidation companies out there. You want to make sure you are getting the best fees, so dont settle for the first quote you receive. To get accurate quotes, be prepared with a list of creditors, account balances, and interest rates. You can also decide how many accounts you want to consolidate, leaving a couple out to use for personal...
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