Are you getting in too much debt?
If you put majority of your daily expenses on credit cards and make only the minimum monthly payments on your loans or if you are near the limit of your credit cards or have too many cards and are not sure how much you owe, there is a good possibility that you have too much debt.
How do I get out?
Luckily there are a number of large companies that offer free consumer debt consolidation advice. In addition, more and more banks have come to offer debt consolidation loans, which allow you to decrease your monthly payments, lower your interest rates, and ultimately eliminate your debt to start anew.
It can be as simple as filling out a form in person or online, answering questions about your credit profile, credit debt, amount of other unsecured debts, and amount you can afford to pay per month. Once your information is received, you will get the attention of a debt solution specialist who will analyze your situation and contact you to discuss which debt solution will work best for you.
A debt consolidation loan would help you with practically any type of loan. Common types include finance charges, personal loans, utility bills, late fees, overdraft charges, credit cards, medical bills, gas cards, loans for cars, store cards, and back taxes. A debt consolidation loan will help you to compact your monthly payments into a single, simple bill, while lowering your interest rates and allowing you to pay down your debts faster.
This is also an important tool in avoiding the much more serious step of declaring bankruptcy. Your loan consultant will deal with creditors on your behalf, so you’ll no longer have to face torturing phone calls and daily mail.
With your debt consolidated and restructured into an easy single monthly loan payment, you’ll see your debts disappear and your monthly payments go down. You will have the chance you deserve to start afresh and to turn over a new financial leaf.