Once youve made the decision to take action to reduce your personal debt, the next step is a solid debt reduction plan. For some, that plan rests upon using the services of a debt consolidation company. But, do you need a company to consolidate? An important question, one that deserves real consideration.
What Does A Debt Consolidation Company Do?
In general terms, a debt consolidation company negotiates with your creditors to reduce interest rates and to create an extended payment schedule. Then, they help you to devise a financial plan that will that will help you to meet the negotiated terms, making one payment that the consolidation company disperses to the creditors. A debt consolidation company makes their money from the fees that you and other clients pay, and in some cases they also receive a percentage from the creditors as well.
Making The Decision
If the services you are seeking from a debt consolidation company do not include a loan with which to pay creditors immediately and then repay to the lender in a monthly payment, then in many cases you can do much of what a debt consolidation company can legitimately do for yourself.
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