Do It Yourself Debt Consolidation - Is It
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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 It Yourself Debt Consolidation - Is It Wise?
Seeing a credit counselor is not absolutely necessary just because you are having
debt problems. There is no law that states anyone is required to do so. Many
people in debt are afraid to consolidate their own debt because they fear any
further harassment by creditors. One must first know that if you have written or
called a creditor and are trying to pay off debt after negotiation and a creditor
tried to contact you about that debt, they are doing something that is illegal and
proper authorities should be called to make a complaint.
If you are trying to lower the interest you pay to creditor and want to invest less in
debt payment, a do-it-yourself debt consolidation is a wise choice.
These are some steps to help you through a do-it-yourself debt consolidation:
1. Prioritize all debt. Make a list of all debts and put them in an order of priority.
Make sure to note who the creditor is of each one.
2. Determine affordability. Make a list of all your income, including wages, child
and working tax credits, child tax and state benefits, etc. Then determine how
much you can afford to pay each debt every month.
3. Contact creditors. Start with the top of your priority list and call that creditor
first. Find out if still have the debt or have sold it to a collection agency.
4. Validation of debt. If the debt is now being held by a collection agency, ask them
to validate it before any