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Posted by / 21-Dec-2020 13:11

Their counselors can help you develop a plan to pay the balances in a single monthly payment, and in some cases, reduce interest and eliminate extra fees.Their debt assistance programs are low-cost and in the case of severe financial hardships, the fees are often waived.Here are the top things you need to know before you consolidate your debt: But here’s the deal: Debt consolidation promises one thing but delivers another.That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.You’re in deep with credit cards, student loan payments and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission. When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.You don’t need to consolidate your bills—you need to pay them off.

But here’s the downside: It will now take you 58 months to pay off the loan.

The solution requires you to roll up your sleeves, make a plan for your money, and take action!

When mounting debt from multiple credit cards becomes unmanageable, nonprofit debt consolidation companies make a difference.

So basically, your debt would go from ,000 to ,000–60,000.

If that’s not bad enough, fraudulent debt settlement companies often tell customers to stop making payments on their debts and instead pay the company.

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The debt includes a two-year loan for $10,000 at 12% and a four-year loan for $20,000 at 10%.