Why Should You Consolidate Debt Into One Payment?

While some consumers choose to create a budget and plan to pay off their bills on their own, for others going it alone is an overwhelming task. Another option is to seek the help of a debt relief company. Through a bill consolidation plan, the company will work with you to consolidate all debt into one payment every month.

By consolidating debt into one payment, the debt relief company will pay off your existing creditors, and you'll make just one payment each month. A solid, reputable company will offer multiple bill consolidation plans and share the features, benefits, and risks of each with you. In addition to helping you determine the best way to consolidate your debt, a good company will offer financial education, guidance, and support as you make your way out of debt - setting you up for a lifetime of strong debt management and financial success.

Due to the number of scams and risks associated with fraudulent debt relief companies, you should thoroughly research your options when considering any debt relief plan. Work only with trustworthy companies who have solid histories of getting consumers out of debt. By doing so, you're more likely to achieve success yourself. Begin your research by reviewing each company's listing with the Better Business Bureau.

Benefits of Debt Consolidation

When working with a respectable debt relief company, you'll find a number of benefits to bill consolidation, which you should consider when deciding whether it's the right choice for you.

• You'll have just one bill every month. If you're currently paying five, 10, or more bills to creditors every month, your bill management can quickly feel much less stressful. By consolidating all your debt into one payment, you'll now pay just one bill.
• The interest rate on the new plan may be lower than what you're currently paying on your other debts. Compare the interest rates you're paying on all your unsecured debts to the rates offered by debt relief companies. In many cases, you'll see significant savings when you consolidate debt into one payment.
• You may be able to pay off your debts more quickly than without a bill consolidation plan. A good debt relief company works for you, the consumer - not your creditors. As your financial partner, the company should be able to offer multiple plans that help you both save money and pay off your debts as quickly as possible.
• You should no longer receive collection calls from creditors. Chances are, if you're having trouble making payments, you may be receiving multiple calls per month from your creditors. When you consolidate your debts into one payment through a debt management plan, collection calls should stop after a few months of timely payments.
• With the right plan, you can set yourself up for future financial success. Financial freedom won't come from the simple act of consolidating your debt into one payment; that's just the first step in becoming debt-free. Enlist the help of the debt relief company, financial experts, and consumers who've been in your shoes to get the advice, guidance, and support you need to reach your future financial goals. Perhaps you're thinking of buying a home, paying for your children's education, or saving for retirement. Whatever your goal, be sure to work with a debt relief company that can help you plan for the long term.

If you'd like more information about consolidating debt into one payment, Providers of CareOne Debt Relief Services offer expert advice, both from the CareOne Expert and consumers just like you. Ask a question, browse the community forum, or offer your own feedback and advice on smart debt management.

If you liked this you may also like:

• How to Pay Off Bills Fast

  Nobody enjoys paying bills, but if every mail delivery brings more demands for money, the bills are mounting up in a pile, and you’re juggling the debt you already owe with new expenses arriving every day, it’s time to take control and reassess your approach to paying bills.

• Who Offers the Best Debt Consolidation Loans for People with Bad Credit?

  If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation

• Are There Debt Consolidation Loans for Bad Credit Profiles?

  A debt consolidation loan can be a great tool for people with bad credit to help them get their finances back on track. By combining your existing bills into one new, monthly payment, you’ll be able to pay off most of your debts and work on becoming debt-free for the long term. But if you’re one of the many consumers with bad credit, you may be wondering whether you even qualify for a consolidation loan.

• Is It Time to Consider Bill Consolidation?

  Making the decision to consolidate your bills with a debt relief plan shouldn't be taken lightly. Despite the proliferation of ads marketing the benefits of bill consolidation, many consumers find that they're able to save time and money by paying off their debts on their own. However, if you're in over your head, a bill consolidation program is one option that can help you get out of debt and plan for your financial future.

• Consolidation Loans: Are They Your Best Option for Debt-Relief?

  Debt consolidation comes in many shapes and sizes, as do the companies that offer ways to manage your finances. From "bad credit" consolidation loans for consumers with less-than-perfect credit to so-called "payday" loans to debt settlement plans, the list is nearly endless. So as a consumer, how do you select the best option for your financial situation? Outline your financial goals, research consolidation companies and review your debt consolidation choices.

Begin our online process to see your personalized savings.

Start Now

Back Print