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Debt consolidation programs make it easier to eliminate high-interest credit card debt by reducing the interest rate and lowering monthly payments to an affordable level.
The primary goal of debt consolidation programs is to help you eliminate debt and save a little money in the process.
If you’re not sure which option will work in your situation, call a nonprofit credit counseling agency like In Charge Debt Solutions.
A certified counselor will go through your income and expenses, then offer free advice on which consolidation program will eliminate your debt.
You then make monthly payments to Avant to pay off your loan. Conversely, making on-time payments should improve it. HOW IT WORKS: The qualifying standard is at least ,500 of debt.
You open an escrow account and make monthly payments (set by National Debt Relief) to that account instead of to your creditors. CREDIT SCORE IMPACT: It’s a huge negative and it lasts for seven years.
These programs are offered by nonprofit credit counseling agencies, who work with credit card companies to arrive at a lower, more affordable monthly payment for you.
Nonprofit debt consolidation is the truest form of a debt consolidation program.
“When you’re in debt, you need to understand your budget, what it’s going to take to resolve your debts and how you can put fair, affordable payments in place to achieve that goal.We’ll explain the advantages and disadvantages of each to help you distinguish between the three types of debt consolidation programs, as well as how to get started.Nonprofit consolidation is a payment program that combines all credit card debt into one monthly bill at a reduced interest rate and payment.Debt consolidation works when the interest rate and monthly payment on your credit card debt is reduced by combining all your bills into a single payment.Another way to consolidate high-interest debt is to have an agency negotiate a settlement with the card companies for less than what is owed.
The first two are aimed at consumers who have enough income to handle their debt, but need help organizing a budget and sticking to it.