Debt Consolidation Program

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Debt Consolidation 101

If you are up to your nose in debt and feel like you will never be able to pay it all off, it's time to look into a debt consolidation program. It's a great way to avoid bankruptcy and get your bills paid off while retaining your good credit. Not only will a loan help pay off your debt, but you may be able to lower your monthly output up to 50%!

If you are a homeowner, a refinance bill consolidation loan may be right for you. This way, you wrap all of your debt and mortgage into one. As a homeowner, you will receive better interest rates because you probably have equity to secure the loan. Not only that but you will have more flexibility in regards to terms and rates than non-homeowners.

But I'm not a homeowner, should I still consolidate my debt?

debt consolidation programs aren't only for homeowners, they just aren't as flexible for everyone else. With debt consolidation, you can take your stack of credit card bills or otherwise and put everything into one easy payment, thus getting rid of the late fees or over the limit fees that break your budget every month.

Determine your need for a debt consolidation program

You may not need to consolidate your debt. It may be more beneficial to you to just redirect the money you already spend on your bills to pay off the higher interest rate balances first. Determine how much you can put away towards your debt every month. If you have good credit, you may want to consider getting a new credit card with 0% interest and merely transferring your balances from other higher rate cards.

Find a reputable company

If you do decide to consolidate, make sure you find a reputable company that will actually pay off your bills and not take you for a ride. There are stories of people being ripped off and having their credit ruined because the debt consolidation company did not hold up their part of the bargain. Not to scare you off from debt consolidation, it's just something to keep in mind when shopping around.