Excessive credit card debt can lead to difficulty paying monthly bills on time. A debt consolidation loan can help lower your monthly credit card payments by combining the high interest credit card debt into a single loan.
Beware of counselors or “debt management services” that may make promises they cannot keep just to get an application. Some of these services may charge higher interest rates than you are already paying in addition to charging a fee for services.
A debt management service can negotiate with each creditor on an individual basis for lower interest rates and to stop credit card fees from accruing. When a settlement has been reached, the interest rate will be a fixed rate. Provided the creditor is paid on time this rate will not increase. In the event of default resulting from late payment the creditor retains the right to resume collection proceedings.
The application process for debt consolidation loan services requires all monthly bills and income statements to make an accurate determination (And that means all of them). The amount of time for processing will depend on what method of application you choose.
Some companies allow you the option of applying for your loan online by filling in an application on their website, while for others you handle the process by phone. Which ever road you choose to take, I can’t stress enough the importance of making sure the company you are talking to is reputable before revealing any of your personal information to them. It is easy to look...
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Wednesday, April 16, 2008
