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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.
Loan consolidation companies do a great job marketing their services; you'll see and hear them on the television, radio, newspapers and especially the Internet. Often they'll advertise to consumers with claims of "easy" solutions for those with bad credit, unsecured credit card debt and other bills.
Do not confuse a loan consolidation company's advertising budget with their reputation - what you see is not always what you get. And remember - the lender's primary goal is to make money, which they can only do if you agree to purchase their product: a debt consolidation loan. In addition, be wary of any company that advertises a "quick and easy" solution to your debt problems - in general, these companies tend to use the terms "bad credit" and "payday loans" in much of their advertising.
Making the choice to get out of debt is a big decision. So it's important to take the necessary steps to improve your financial picture the right way. Consider the steps below, and you could be on the road to better money management and financial freedom.
Step 1: Outline Your Financial Goals
When looking into a consolidation loan, consider your goals - are you looking for simply a quick fix, or do you want to find the best plan that offers you a way out of debt, as well as financial education and advice to keep you debt free for life? A solid program will focus on your total financial picture and help you conquer your debt, once and for all.
In addition to your name, contact information and Social Security number, loan consolidation companies will ask for a lot of personal financial information in order to make a lending decision. So before you contact any company about a consolidation loan, it's a good idea to have the following readily available:
Step 2: Research Consolidation Companies
When shopping around for a consolidation loan or a debt-relief solution, be sure to put together a list of the companies with whom you may want to do business. Once you have your list, do your homework, which should include the following:
Step 3: Review Your Options
Once you've done some comparison shopping, it's a good idea to narrow down your options to two or three companies. At this point, it's time to take a closer look at the consolidation plans themselves - how they work, what you'll pay, and the features and benefits of each plan. Specifically, ask the following questions of the loan consolidation or a debt-relief company:
Remember that a debt consolidation loan may reduce your overall monthly payment, but you may end up paying more or getting deeper into debt over the long term. Be sure to talk to a knowledgeable representative about your concerns, and don't be afraid to probe until you get all the answers you need to find a solution that makes the most sense for your financial situation.
The CareOneSM Difference: Offering Customized Debt-Relief Alternatives to Consolidation Loans
Deciding with whom to partner for your debt consolidation needs is a big decision and one that shouldn't be taken lightly. So be sure to research companies, review your options and ask the right questions. And be sure to talk to a provider of CareOne Debt Relief Services.
We are committed to providing debt-relief options, world-class customer service, an abundance of resources, and ongoing support. We've helped thousands of consumers take control of their finances and conquer their debt. Browse our community forums to hear how people just like you have partnered with CareOne to become debt-free. Or Ask the CareOne Expert to get answers to any questions you have about credit card debt consolidation companies and our debt relief plans.
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.
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.
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
Because of the economy, millions of people across the country are looking for debt help. If you’re one of those millions, you may be facing overdue loans, calls from debt collectors, and increasing late fees and interest rates. In many cases, the best way to get rid of these debt problems is to work with professional debt-relief provider.
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.
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