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Much like anything worth doing, you'll get out of a bill consolidation loan what you put into it. So before signing any agreement, be sure to take a hard look at your current financial picture. Review your entire situation including your income, savings, and all debts, research consumer finance companies and the bill consolidation loans that they offer, and consider your future financial goals and how you plan to achieve them.
When you're in the market for a bill consolidation loan, it can be tempting to sign up for a product that promises a quick and easy way out of debt. But it's important to remember that becoming debt-free is neither quick nor easy - it takes a lot of hard work and discipline to get your finances back on track. Watch out for the scams that some companies advertise and instead partner with one that has a long history of successfully getting consumers out of debt. Start your research by reviewing companies' listings with the Better Business Bureau. Next, learn more about Debt Relief Solutions and How to Avoid Scams.
Armed with this information, you're much more likely to choose the best bill consolidation loan for your individual needs. And once you've narrowed your choices down to one or two companies, be sure to ask question about the following features of your loan:
Looking for an alternative to bill consolidation loans? Providers of CareOne Debt Relief Services offer multiple debt relief options that may better suit your financial needs.
Our Debt Management Plan (DMP) may help you pay off your unsecured debts, including your credit card debts, in full in five years or less. By consolidating your debts into one, simple monthly payment, the DMP may offer significant savings in both interest and repayment terms. Read more >>
CareOne also offers a Debt Settlement Plan (DSP). With debt settlement, we will work with you and your creditors to negotiate to pay back a portion of your unsecured debt. With a DSP, you'll make affordable monthly deposits into a trust account. This type of debt relief plan will have a negative impact on your credit, so it's important to discuss this and all options with a qualified representative. Read more >>
For more information on alternative options to bill consolidation loans, browse our helpful resource guides. You'll find advice and insight from consumers just like you.
The average American spends more than half of their yearly salary on the three major expenses of housing, cars, and food. Take a look at the chart below for some eye-opening facts about how a 4-person American family with an average income after taxes of $89,803 spent the bulk of their yearly paycheck ($68,481) in 2009.
When it’s so easy to whip out a credit card every time you want to buy something, it’s no wonder so many Americans are in debt. In fact, according to Creditcards.com, the average credit card debt per household with credit card debt is approximately $15,000. Add in high interest rates on owed balances of around 14%, and consumers often find themselves struggling just to make minimum monthly payments, let alone pay down any principal.
Consumers seeking credit card debt solutions have various options, from balance transfers and debt consolidation loans, to professional help from a debt relief company if the problem feels too overwhelming to overcome on their own.
If you’re one of the millions of Americans with overwhelming credit card debt, you may have looked into a credit card consolidation loan to tackle your debt. And while a consolidation loan for credit cards can be a good option when you have a lot of bills to pay off, there are plenty of alternatives to consider. Each has its own pros and cons.
Regardless of whether you binge on shopping or simply use credit cards to make ends meet, there may come a time when you need a financial intervention to help organize your bills, repay your debt, and improve your finances. For some, debt consolidation is the answer. But before you jump in head first, it's time for a course in Debt Consolidation 101.
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