Do Debt Consolidation Services Work
And What Do They Do?
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Disclaimer: While we have done our best trying to give you all
information you need in order to consolidate your debt the right way,
it is highly suggested you get seasoned advise coming from debt
consolidation and debt settlement specialists, this is the safest way
to get your finance back in order, plus in the shortest period of
Do Debt Consolidation Services Work And What Do They Do?
Debt consolidation services are a viable option to bankruptcy and have helped many
people become debt-free. These companies will negotiate with creditors for you and
devise a plan which will allow all debt to be paid off within 4-6 years.
What Do I Need When I Call?
Name, address, phone number
Social security number
Names, addresses, and phone numbers
Minimum monthly payments
Income, gross and net
Expenses (mortgage, utilities, food, gas, child care, clothing, entertainment, misc., etc.)
A debt relief counselor will use the information that you provide to develop a workable
budget. The counselor will provide suggestions, such as cutting down on entertainment
or clothing. The cuts that are made in the budget will allow you to live without monthly
dependence on credit cards. The budget will not include monthly credit card payments,
instead it will be one flat monthly payment. The payment will be paid to the debt
consolidation service and divided up between all creditors.
If an agreement is reached, in regards to the budget, negotiations will begin with the
creditors. The counselor will contact all creditors to negotiate lower interest rates, ask
for removal of late and overlimit fees, etc. The agency, typically, has a good working
relationship with many of the cr