How Much Do Debt Settlement companies charge?
Debt settlement companies typically charge a 15% to 25% fee to tackle your debt; this could be a percentage of the original amount of your debt or a percentage of the amount you’ve agreed to pay. Let’s say you have $10,000 in debt and settle for 50%, or $5,000.
How does a debt consolidation company work for You?
Consolidation is the process of combining all your debts into a single, lower payment by taking out a loan to pay off your creditors. Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.
When to use a credit card consolidation program?
A credit card consolidation program is ideal for those who are unable to afford their required monthly payments or for those who do not see the balances on their debts decreasing.
Is it good to consolidate credit card debt?
If you have outstanding balances on your credit cards, you may choose to consider consolidating them as a debt relief option. By consolidating your credit card debts, you may be able to escape the trap of making minimum payments, battling mounting interest rates, and watching your balance continually increase.
Can a consolidation loan be a personal loan?
Consolidation loans can vary from specialist company loans to personal loans, and this is mainly to do with your current credit score. Depending on the rate at which the consolidation loan is arranged, this may mean that you end up paying more money than originally owed.
How does a credit consolidation program work for You?
Credit counselors will assess your situation and tell you if you qualify for a nonprofit debt consolidation program. If not, the counselor may recommend a loan, debt settlement or possibly bankruptcy as a solution. The traditional form of credit consolidation is to take out one large loan and use it to pay off several credit card debts.
How long has consolidated credit been in business?
Consolidated Credit has helped clients hammer away millions of dollars worth of debt since 1993. Since opening, it has helped millions of customers with debt issues and is one of the largest credit counseling agencies in the United States.
How can I consolidate my credit card debt?
Ways to consolidate your credit card debt Emboldened by your knowledge of your finances, you can begin to select the debt consolidation strategy that works best for you. You may also find many options through debt counseling services, something many people turn to when they see that their credit card debt exceeds their income.
Is the Consolidated Credit Company certified by the NFCC?
Consolidated Credit is not certified with the NFCC (National Foundation for Credit Counseling). There are several other companies in the debt consolidation industry that do hold this certificate. Accreditations and memberships can be an important feature to look for when choosing a company to work with.