Debt Consolidation: A Way Out?


When you are living paycheck to paycheck and it seems everyone is getting a piece of the pie except for you, debt consolidation may help you free up a little bit of cash each month. Debt consolidation is usually a great option if you are paying several minimum payments per month on high interest credit cards or loans. If you are behind on any payments, debt consolidation may save your credit, or at least clean it up a bit.

Debt consolidation is basically a loan that you would use to pay off all of your debts leaving you with only one payment. The debt consolidation loan payment is usually much less than the amount that all of the other bills added up to before you eliminated them through the debt consolidation.

Obviously with the reduction or elimination of all of that high interest, you will become debt free much quicker with debt consolidation than you would otherwise. Unless, of course, you look at that extra cash as a means to pay for further debt that you may acquire. With debt consolidation, you have to keep your eye on the goal of being debt free, not just having more money to spend. If you keep adding more debt then debt consolidation is really pointless.

Whether or not debt consolidation is the best option for you is something you might want to talk to a credit counselor about. There are many reputable companies with certified credit counselors who can explain the ins and outs of debt consolidation to you and help you determine if it would be the best option for you. Debt consolidation is growing in popularity and seeing many consumers through to a debt free future, but it might not be for you, so just be sure to explore all of your options before choosing debt consolidation.

Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more credit counseling, bankruptcy and free debt consolidation information that you can research in your pajamas on his website.


More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Debt Consolidation Information:

Related Articles

Debt Consolidation Refinance Loans - A Great Way To Lower Your Bills
For millions of homeowners, refinancing is the perfect way to consolidate debts. You can consolidate your debts, eliminate outrageous interest rates and fees, and make one low monthly payment.
Debt Settlement Strategies
One of the most common social diseases remains dormant for a long time. And when it raises its head, it reveals its monstrosity slowly.
Debt Consolidation - Be Careful When Trading in Your Car
The automobile has long been recognized as the classic American status symbol. America's millions of miles of roads and overall lack of long-distance mass transit leave the automobile as the primary method of transportation for most Americans.
Debt Consolidation with Free Government Grants? One Scam to Avoid
Have you ever seen a commercial or an ad promising "free government grant money?" According to these ads, the government and other organizations give away nearly one half a trillion dollars each year, and all you need to do is apply! The ads go on to state that the money can be used for anything, including debt consolidation , student loans, a yacht or just about any frivolous thing you can imagine. All you need to do is call their toll free number, buy their book or enroll in their program and the details are soon on their way to you.
What Your Mama Never Told You About Debt Consolidation Services
When someone is extremely deep in debt, and he or she has no other options to prevent bankruptcy, debt consolidation can be his or her savior. Debt consolidation can also be a very wise choice for someone who has many debts on high interest credit cards.
16.4% APR $5,000 Auto Loan...HELP!
Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:DEAR LoanResources.
Is Consolidating Loans Right For You?
Consolidating loans makes sense but only if you can pay a lower interest rate than what you're paying now. This is especially true if you are consolidating mortgage loans.
Debt Consolidation Loan
Debt Consolidation of Different LoansDebt consolidation refers to the restructuring of a large number of unsecured debts into one low monthly payment, while eliminating interest and reducing the total amount owed to creditors. Debt consolidation has become popular with people as they cope with increasing amounts of credit card debt, home mortgage loans, car loans, and student loans, along with low credit ratings and threatening phone calls from creditors.
The Benefits of Debt Consolidation
It is quiet easy to get into financial difficulty having a home mortgage, a car truck or SUV loan and credit card repayments. There are now considerably more individuals than ever before with greater debts than they can afford.
Debt Consolidation Makes Sense Only with Low Interest Rates
Credit that cannot be managed or is not being repaid requires debt consolidation. Debt consolidation offers borrowers with a chance to repay their high interest loans at low interest rate.
What is Debt Consolidation?
Debt consolidation may be the answer for anyone drowning in a sea of unpaid bills. Debt consolidation lumps all of your unsecured debts including credit card bills, doctor, dentist, veterinary, and other service provider bills - any bills that are not secured by collateral or property such as an automobile or a house - into one monthly payment.
Debt Consolidation Loan and Consolidation Loans
Debt consolidation loan services act as a third party intermediary to assist you in negotiating lower interest fees and monthly payments with your unsecured debt holders. If you are falling behind on your monthly payments, as many consumers are, you can quickly build up late fees and over limit fees.
Debt Consolidation - Options for Reducing Your Debt
Studies show that Americans are now saving less than ever before. Along with that, Americans are carrying a heavier debt load than ever.
Use Caution When Entering Into Debt-Consolidation Loan
To the person drowning in debt, a debt-consolidation loan looks a lot like a lifesaver. But agreeing to such a loan without understanding it completely could be a serious mistake.
Debt Consolidation Company and Companies
Debt consolidation companies have dotted the debt solution landscape as a result of the critical financial conditions consumers find themselves in from heavy credit card debt and other unsecured loans. With approximately 80% of Americans in debt up to $10,000, some are exploring a debt consolidation company in order to reduce or eliminate the crushing debt load that they carry.
Online Debt Consolidation - Devising Newer Ways for Changing Consumer Trends
Consumers today are getting wiser by the day. They are educated and enlightened.
Escape the Credit Card Death Spiral
You're burdened with crushing debt and at the end of your rope. There's got to be a way out.
The Pros and Cons of Debt Consolidation Loans
You are swimming in debt. You have 4 credit cards maxed out, a car loan, a consumer loan, and a house payment.
Debt Consolidation Mortgage: Home Solutions for Integrating Arrears
Credit card debts, auto loans debts, secured loans debts, unsecured loans debts - debts of all sorts and types registered against your name. It is hardly a very promising situation.
Debt Consolidation Benefits
If you've ever been in a situation where you needed money that you didn't have, you probably already know about loans and credit cards. Here is a brief Explanation on What both are:LoansA loan is a type of financial aid which must be repaid, normally with interest.