Asking for help with your debt is hard enough, it shouldn't be made any more difficult by dealing with a consolidation company less pleasant than the actual creditors themselves. When seeking financial help many underestimate the importance of shopping around and finding the right company for you.
Quick fix debt consolidation services are often synonymous for bankruptcy and rarely actually offer credit card debt relief. Caution should also be taken with any company claiming to offer free debt consolidation, as we all know, there is no such thing as a free lunch. Many of these companies target people with ads claiming to offer unsecured debt consolidation but fail to mention that consumers will have to pay inflated fees and expensive interest rates for unnecessary services.
Though there are many legitimate lenders out there, unsecured debt consolidation loans or debt consolidation services that promise to erase pr eradicate bad credit records for a small fee, can actually be a warning sign for fraud. Anyone claiming that debt can be cleared within 24 hours may have tricks up their sleeves you don't want to be a part of. Be suspicious of anyone asking for an "advance fee" to guarantee loan approval; no legitimate debt consolidation loan will ever be guaranteed. However it is important not confuse advance fees with application fees. And naturally, walk away from anyone offering bad credit debt consolidation through creating a new identity (i.e. anyone suggesting a new social security card is not working in your corner). Finally, don't waste money on debt consolidation seminars where people often sell "kits" containing items, which look like checks but are in reality, completely worthless regardless of how much you make it out for.
Another word to the wise, whether seeking student loan debt consolidation or just looking for a debt consolidation quote, check to see if there are any debt consolidation laws specific to your state. For example Florida debt consolidation may offer different exemptions then those allowed in California and should be brought to the attention of your debt consolidation counselor. Keep in mind you have the option of securing a mortgage loan or home equity line of credit but these come at a higher risk to the borrower as these loans require your home as collateral.
Always keep in mind that credit card debt consolidation is here to take the stress away, keep debt companies off you back, and help to rebuild your credit. They should work with you on both your payment and time schedule and offer customized debt consolidation help, tailored just to your situation. So don't just settle for the first company that comes along with a free debt consolidation loan that seems too good to be true. The right debt consolidation company should be willing to partner up with you and answer any questions you may have while disclosing all fees up front. May you have the best of luck in your search for the best debt consolidation company for you as you work through a trying phase of life.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Suppose you have debt can the person you owe money ...
By: Cathey | 10-07-2008
Suppose you have debt can the person you owe money too attack a joint checking account if that is all the money that goes in the account is from socail security?
Short term loans advantages.
By: mani kanna | 27-06-2008
Am made to understand that short term loans are the way to go for any one out to get themselves out of a financial fix,can you validate that? .................................................... mani kanna loan-digger.co.uk/
I have been sued for a credit card debt but can ...
By: elizabeth | 25-06-2008
I have been sued for a credit card debt but can not appear in court does anyone know thw penalties for not going?
Loans Available: No Social Security Number Required, No Collateral, No Credit check Required, 100% Guaranteed!
By: hill | 14-06-2008
Greetings,I'm Mr. Bill Richards. I'm a certified, reputable, legitimate & an accredited private lender.I loan money out to individuals in need of financial assistance.Do you have a bad credit or you are in need of money to pay bills?I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan.Services Rendered include:*Car Loan*Refinance*Home Loan*Business Loan*Personal Loan*Debt Consolidation*International LoanNo social security and no credit check required, 100% Guaranteed.I Look forward allowing us to be of service to you.Kind Regards,Bill Richards[brichards.lender49@hotmail.com]
Please help.. i have lost my money !!!!!
By: kiran09 | 13-06-2008
I have ordered something and Cancelled immideately... But the pay ment has already gone from my credit card, after that i received a email from CCNOW saying that my credit card was not charged.. can anyone please tell me when will i get my money back.
How long will it take to get my credit score back ...
By: homanab | 06-06-2008
How long will it take to get my credit score back to where it was if I had to short sale my home, but still paid all of my other houses payments and all of my bills on time?
Q&A Powered by:
Latest Finance Articles
3 Great Benefits of FX Trading
By: John J Callingham | 20/07/2008
FX trading or foreign exchange trading has become increasingly popular amongst investors today. With an estimated market trade valued in excess of $3.2 trillion the trade in currencies is perhaps, one of the largest as compared to other financial products such as stocks and futures. This increased popularization of foreign...
3 Powerful Benefits of Online Trading For You
By: John J Callingham | 20/07/2008
The popularization of the internet has allowed many people today to use online trading for a variety of financial products. Such financial products include foreign exchange, stocks, options, futures and commodities. The numerous benefits of online trading are a key reason why so many people today choose to participate in...
3 Sure-Fire Ways to Enhance Your Forex Trading Education
By: John J Callingham | 20/07/2008
Forex trading education is in all sense of the word, vital to those who are keen on entering the foreign exchange market. Contrary to what most people think, success in foreign exchange trading is extremely dependent upon one's level of financial literacy, which in turn determines one's ability to make...
The Importance of Trading on a Forex Demo Account
By: John J Callingham | 20/07/2008
A Forex demo account is essentially a practice account allowing investors to use "paper credits" in place of real money when making their trades on the foreign exchange market. In recent years, demo accounts have gained immense popularity following the increased interest towards Forex trading as a form of financial...
Get an Extra Income From Currency Online Trading
By: John J Callingham | 20/07/2008
Currency online trading is fast becoming the investment instrument of choice for many following the diffusion of the internet as a mode of telecommunication to many parts of the world. Indeed, valued at a daily trade turnover in excess of $3.2 trillion, the foreign exchange market where currency trading is...
What Is Currency Trading - Learning The Ropes
By: John J Callingham | 20/07/2008
What is currency trading? This is perhaps one of the most common heard questions, in the light of the recent increase in popularity of foreign exchange trade as a mode of investment. Fuelled by the growth of the internet as a means of telecommunication, the foreign exchange market is the...
The Irresistible Benefits of FX Online Trading
By: John J Callingham | 20/07/2008
In recent times, FX online trading or the trade in foreign exchange over the internet has become immensely popular amongst the general public as a whole. With the availability of cheap, reliable, high speed internet connections, more people are turning to Forex online trading as both a means of investment,...
3 Excellent Benefits of Foreign Currency Exchange Trading
By: John J Callingham | 20/07/2008
Trade volume in foreign currency exchange trading has increased dramatically in recent years. Following the widespread adoption of the internet as a communication device, turnover in trade has exceeded more than $3.2 trillion each day. Yet, to attribute this dramatic increase in trade volume solely to the internet would simply...
More from Nathan Dawson
Biggest Budget Blunders
By: Nathan Dawson | 19/03/2007 | Finance
Does your budget never seem to balance the way it should? Are you constantly digging into the savings to make ends meet?
Debt Consolidation- Is it Right for You?
By: Nathan Dawson | 28/03/2006 | Finance
Explaining the advantages of debt consolidation.
Credit Card Debt and How it Sneaks up on You
By: Nathan Dawson | 25/03/2006 | Finance
How to deal with credit card debt, certain steps you can take and people that are there to help you after the debt sneaks up on you.
Credit Counseling: What to look for
By: Nathan Dawson | 24/03/2006 | Finance
There are many things you should look for when determining to use a credit counseling compnay, there are also things you should be cautious about. Credit Counseling: What to look for, will give you some helpful hints for this process.
Do You Have A Gambling Addiction?
By: Nathan Dawson | 24/03/2006 | Online Gambling
How to tell if you have a gambling addiction. Who is affected by a gambling addiction. How to over come a gambling addiction.
Life After Bankruptcy
By: Nathan Dawson | 24/03/2006 | Finance
What to expect after filing bankruptcy, how to live with bamkruptcy, and other information you need to know.
Debt Relief or Bankruptcy
By: Nathan Dawson | 24/03/2006 | Finance
When you have severe debt, there are usually two options, enlisting the services of a debt relief organization or declaring bankruptcy. They can help consolidate your credit card bills, tuition loans, and medical bills all into one monthly payment that y
Common Misconceptions Concerning Your Debt
By: Nathan Dawson | 24/03/2006 | Finance
Common misunderstandings about personal debt as well as information about the different resources available to overcome debt.