Debt Consolidation - The Benefits and Disadvantages
Financial difficulty is difficult to conquer. If you are one of those people who have a huge amount of debt, thinking how you can pay all of this is a tiring task. But, you need not to worry anymore since there are lots of resources where you can now decrease the amount of debt you have with the help of debt consolidation.
It is an efficient way on how you are going to combine multiple amount of debt in order to become a single loan. Debt consolidation be acquired from different financial institutions which include banks and other credit card consolidations loans. It is a type of loan commonly used by people in paying their debt and once they’ve already paid it, they will now start paying for their loans. Debt consolidation loans may be a secured or unsecured one, but both aim to help the people in paying their debts.
Debt consolidation is very important especially for those who are experiencing financial difficulty in paying their debts. Here are some of the benefits that you may get if you switch to this type of financial activity.
-You are assured that you will get lower percentage rate annually. This can help you in reducing amount of money you need to repay as a whole.
-Your monthly repayments would also be reduced if you wish to pay the loans for many years.
-Consolidation will help you practice simple ways of budgeting monthly expenses since you are just making payment once a month.
-Stress would not be a problem anymore since in this type of debt consolidation, you will be dealing with only one creditor.
-Paying monthly paying once would let the people feel at ease and at the same time, prevent late payments of. Paying on time would prevent you from experiencing legal payment problems.
-Consolidation will help you figure out what time you will be free in paying your debt that would remove your problems easily.
In What Way Debt Consolidation Loans Serve As a Problem to People?
Even if consolidation has positive effects, there are still flaws and irregularities that people might be experiencing with this financing activity. Here are some of the disadvantages that people may get from debt consolidation loans:
-Even if you already paid your debt, you are still required to pay your loans. Paying your loan for many years is a manifestation of a higher interest than paying it in a short period of time.
-Paying your loans for many years would also manifest that it would take longer before you can tell yourself that you are already debt free.
-You’ll need to discipline yourself in borrowing money. You need to make sure that if you are going to borrow an amount, you are ready with the amount of interest it covers.
If you are really struggling in repaying all your debts, it is your own choice if you are going to consolidate debts or not. It is your responsibility to determine and understand every aspect of these consolidated loans in order to prevent wasting of money and effort in paying all your debts.
For those looking into consolidation, it is important to understand what help is available to you. There are many sites that offer debt relief and consolidation, but they may not be the best at helping you. Instead, it is better to read reviews about the different companies to determine which one will provide the best consolidation.Factors and Features of Reviews Companies
Consolidation is a flexible option that is based on the amount of money you can afford to spend each month.
Companies on the list have been checked to see if they are a part of IAPDA, TASC, and in good standing with the local Chamber of Commerce.
Companies were also examined to see if customer satisfaction was found based on response times to solve any debt issues that exist.
Any program you use needs to protect your credit, which is why the companies were checked for any potential issues with your credit. Those on the list were found to protect your credit and scores.
Companies were also examined to check for credit card debt consolidation that would be fast and reliable over something that may take a bit of time.
As we examined other factors such things as the success of consolidation and relief were examined to see if those with consolidation options would provide a solution. It was found that the solutions work with 99 percent of the creditors out there.Conclusion of Reviewed Features
Success of debt consolidation is based on each specific case, but upon the examination of the companies it was found that consumer and small business debt could be reduced. There is a guarantee for total savings in writing from the companies offering consolidation that we have reviewed for you.
With the companies reviews as part of consolidation it was found that all have an organized staff and are highly reputable. Given the various scams out there we have conducted plenty of reviews to bring you the top companies with debt consolidation . It is up to you to examine each review to determine which company will serve you the best. Below the information here, you will discover the top 4 companies with debt consolidation options, where the companies were reviewed using the factors stated above to ensure that you are satisfied
The Best Companies for Debt Consolidation
Debt consolidation is an extremely daunting task, but with the help of the right professionals, doing this can be pretty straightforward.
National Debt Relief
The debt consolidation programs offered by National Debt Relief cover a wide range of unsecured debts as well as some secured debts. Those people who carry significant credit card balances can seek help from the company to negotiate with their major creditors. Also, the company services cover medical bills, personal lines of credit, collections and certain adjustments, certain business debts, and certain repossessions.
The right program is designed to help lower your monthly obligations and end your debt suffering as soon as possible. Any of the programs offered as a part of consolidation may work for you, but you should review the products offered to find the one that makes the most sense for your situation. If you have more credit card debt then consolidation to reduce the monthly interest and payment is the first step towards finding you relief.
The debt consolidation services that the company provides are available to anyone who qualifies. People who choose to adapt the company’s debt settlement plans can ensure that only professionals will handle their needs. You and the company’s debt reduction professionals can negotiate with your major creditors and talk about how to reduce your debts.
The company deals with credit card companies, banks, hospitals, as well as other of your major creditors so that you will never have to deal with them. During the consolidation process, you will get protected from insistent emails, in-person visits, harassing calls, and other pressuring tactics that collection agencies and creditors use to force you to pay your debt.
The ultimate goal of the company is to implement a single lump-sum payment that will eliminate all of your existing to various creditors like banks, credit card insurers, hospitals, and so on. Additionally, most of the company’s debt settlement cases can be settled within 24 to 48 months.
The company is not new in debt consolidation industry. Few of the awards that the company has received from expert authorities include Top Ten Reviews’ 2016 Excellence Award, Top Consumer Reviews’ Five-Star Rating for 2016,rated better by the Better Business Bureau (BBB), and American Fair Credit Council Accredited Member.
One of the largest debt problems that require consolidation is credit card debt. Through National Debt Relief you will be able to find a debt management program in conjunction with consolidation. Their programs are the leaders in USA helping to improve your overall financial stability as soon as possible in order to get you out of debt. Any program you take advantage of will be customized to your needs. The overall aim of National Debt Relief is to make certain you avoid bankruptcy while you pay off your bills, reduce debt, and find relief.
Freedom Debt Relief
Freedom Debt Relief has been in the debt consolidation loans industry since 2002. The company has been helping small business owners and individuals settle their debts, reduce financial challenges, and find peace of mind knowing that they can settle their debts once and for all.
Freedom Debt Relief offers debt settlement and debt consolidation loans plans, tax debt relief, and bankruptcy or other options. The company’ plans are focused to helping individuals and small business owners resolve their debts immediately. Clients can expect to receive assistance they require so that they can work on reducing their debts as quickly as possible. Customers can obtain the best payment plan, and other solutions to settle their various debts from different creditors such as banks, credit card insurers, hospitals, etc.
The company is a member of NetCheck with No Complaints, rated better by the Better Business Bureau (BBB), and also a member of HonestE Online with No complaints and US Chamber of Commerce Member 2016.
The company offers 100% confidential debt settlement plans, free savings estimate, and vast debt settlement options. Here, you can choose the options that can meet your specific goals. The company has plenty of online reviews. The staff and professionals of the company can even provide you with customized debt settlement and consolidation plans to meet your budget so that you have the opportunity to get rid of your financial burdens with ease and comfort your finances.
One of the most important features of consolidation through Freedom Debt Relief is their 100% free consultations. You can discuss your current situation with a consultant for free. It will take less than ten minutes to explain your situation and determine what consolidation option will work for you. A debt specialist can make certain to provide you with an educated decision with regards to your debt. As a company Freedom Debt Relief has managed to reduce debt obligations by 50% for most clients under the debt consolidation options by negotiating with creditors to lower costs.
OVLG Debt Consolidation Company
OVLG is a debt settlement and debt consolidation loan company that helps you budget and bill payments,management,settlement and consolidation. The company’s team of professionals can provide you with a budget plan that will enable you to get a grip of your current financial situation. With the help of the company’s debt consolidation loans plans, you can increase your monthly savings, to easily put up with your existing debts.
Oak View Law Group have provided a solution to hundreds of happy clients since they began offering debt solutions. Consolidation is one solution available to you through this company. They also offer other debt relief and settlement solutions. If you decide to use Oak View Law Group you will find they are able to manage and provide a vital service to you as a consumer. They have a niche market with their debt consolidation options, where they have managed to satisfy consumers.Experts in their Field
Oak View Law Group offers experts in consolidation options. They help one to overcome their debt issues through their commitment to their clients. They understand how debt can be burdensome to many and that credit card debt can be too overwhelming to handle all on one’s own. With debt consolidation solutions these experts are trained to help resolve issues. The experts are certified and trained as debt consultants with more than 20 years of experience combined.
The debt management program offered by the company is based on your current financial status. This offers you the opportunity to budget your monthly expenses as well as settle your monthly payments at the same time. The debt settlement programs that the company has to offer will enable to settle your financial issues with your creditors. This enables you to reduce your monthly payments and obtain an affordable payment options from your creditors.
Finally, the plans offered by OVLG will enable you to merge all of your debts so that you only need to pay for single monthly payment. The company’s professional consultants can negotiate with your creditors to lower you interest rate or consolidate all of your loans so that you can get peace of mind and free your own self from financial stress.
The reputation of OVLG is unparalleled. The company is a registered member of California State Bar Organization, California Chamber of Commerce, and has 6 years of experience in the this industry. Additionally, OVLG offers 100% money back guarantee to clients who are not satisfied with the services they offer.
Debt Consolidation Care
Debtconsolidationcare.com is a website that offers debt consolidation loans and settlement plans to salaried people. The company is dedicated to helping salaried people improve their credit score so that they can avail for payday loans or fast cash loans easily.
All Debt Consolidation Care staff will offer excellent customer service. Additionally debt solutions through Debt Consolidation Care are a service committed to consumer education. Consumers need to have proper education of their debt situation and what can be done; therefore, any expert will provide the best training and education possible to keep consumers out of debt. Debt Consolidation Care is not always right for everyone, but a quick free consultation can help you determine if it will be.
The website offers two kinds of sign up community – the community sign up and the counseling sign up. Upon signing up to these communities, you can have the opportunity to ask for the services they offer. Rest assured that all of the debt settlement services they offer can be used to get your finances settled. Also, you have no further obligations in using their debt consolidation loans services if you find them not suitable for your situation.
The website is more likely a possible client base for debt settlement and consolidation. It is an advice forum wherein you can get financial advice from creditors and financial experts. The answers that you will get from them will urge you to call them and ask them for the services they offer, and determine if they can help you with your financial goals. This website allows you to find the right financial professional to help you manage your finances, and settle your debts once and for all.
The company is on hand to offer help every day. As the fourth company in our reviews, you can feel secure that they follow all necessary protocols and are a truthful company providing you the debt solution that you need most regarding your hard to handle debts.
Debt relief can be construed as any option that allows you to lessen the burdens. Everyone has a little bit of debt because they want to or because they are unable to pay for everything right away. One of the most common debts for people is a mortgage. Getting into a mortgage can seem like a great thing because it means you are buying a home and you will eventually own it outright. There are actually very few people who can purchase a home or anything else outright without incurring debt. Unfortunately, when debt becomes an issue there is a time when you need debt relief.
Out of control debts will always require some form of debt relief like debt consolidation. Consolidation is a process of putting all debts into one loan. There are going to be recompenses and shortcomings for this type of debt relief. You have to decide if the advantages outweigh any of the shortcomings consolidation can have. Below we will focus on the advantages first.
· Interest: you can save money on interest with consolidation. Rather than have two or more loans with an interest rate of over 5 percent you will have one loan with an interest rate. With simple math you can definitely tell if you have five loans at 5% and one loan at 6% the consolidation is a viable option.
· You can pay your debts down quicker with consolidation. This is due to the lower interest payment. You are paying more to the actual principle of the debt when you have one interest payment.
· Most consolidation makes it possible for you to lower your monthly payment in the event that your current debts are too much to handle. If you have one loan with a monthly minimum owed of $400 versus five loans with a total of $600 you have already saved $200 a month. You could potentially pay the extra funds to the debt consolidation loan in order to pay the debts off quicker too.
· Consolidation can be combined with other debt relief such as lowering the overall debts. A company can negotiate your debts down so that you do not owe the full amount and then tie up the rest that you do owe in a debt consolidation loan.
Recompenses and Shortcomings of Debt Consolidation
Like any product you will find available there will be shortcomings. Debt consolidation does have a few. Consolidation requires you to be in a specific scenario before you can be helped. It also requires that you have some type of agreement where you promise to pay a certain amount. In other words, if you have great credit and can manage your debts without collectors bothering you, you may feel that debt consolidation is not for you. You can always get a loan to pay off the debts thereby combining them in one loan, but traditionally debt consolidation is for those who are struggling and need debt management.
Living in a pit of financial crisis is extremely daunting. You can find your own self falling from one debt to another just to settle your daily living expenses. With the help of these debt consolidation companies, you can get all of your financial burdens disappear and live a debt free life.