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Learn several little-known credit repair techniques that can be used to legally remove bad credit from your credit report, even if it's accurate. |
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| Become Debt Free with our Debt Consolidation and Credit Counseling Program.
Make bad credit a thing of the past and make your way to financial freedom. With our debt management program, you will pay off your credit card
bills and other debt with little or no stress at all. |
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- Consolidate your high-interest debt.
- Consolidate high-interest debt such as credit cards.
- Your overall monthly payments will be reduced and may even be tax deductible.
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| Get online legal help to repair bad credits affordably.
Get your free credit report online, offering repairing bad credit information and monitoring, everything repairing bad credit related, view your report online in minutes.
The fact is that if your credit needs repairing, one person
is in the best position to fix it -- YOU
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| Credit
Consolidation Counseling |
These days you get to see a lot of credit consolidation loans being advertised on the television, the Internet and via e-mail. Credit consolidation firms would like you to believe that all you have to do is transfer all of your debt to them and all of your credit problems will magically vanish by sending only a single monthly payment to them. They act as middlemen between you and your creditors, they negotiate the interest rates and make payments on your behalf. That happens only in ideal conditions. More than 80% people (university research) have something to complain about at different stages of credit consolidation deals, as there are innumerable things that can go wrong. With the number of scams happening, it is a good idea to get professional credit consolidation counseling. As the credit consolidation counseling firms will tell you, there is a lot of difference between consolidation loans, and consolidation plans, and there are several pros and cons of opting for credit consolidation loans.
Even so, credit consolidation has become a very important part of the credit industry, credit consolidation counseling becomes important too. The average debt of an American family is about $8000. An $8,000 debt, at a rate of 18% interest, will take over 25 years to pay off and cost more than $24,000 in the long run. The total credit card debt in 2003 was approximately $60 billion! Hence solving credit card debt problems with consolidation loans is a solution many people turn towards. But consolidation loans without proper credit consolidation counseling can be dangerous for impulsive people because all you are really doing is shifting all your debt from one place to another, effectively opening one more channel of credit, while freeing up your credit cards. Infact, a lot of people proceed to fill up their credit cards again, and end up having double the debt they started with, and they are paying up to 22% on their consolidation loan because they weren't paying attention to the APR when they signed up!
Some consolidation lenders are unscrupulous and make it appear they are eliminating your debt, when you are really taking on more debt. They often hide the APR from you and try to charge up front fees for loans, which is illegal. They might also offer you a lower payment, but check their math and you might discover that it ends up costing you more than your original bills. If all this sounds too complicated, you have to approach a credit consolidation counseling firm to look at the fine print of your deal.It is not a good idea to consolidate just for the sake of consolidating. Your brain tricks you into thinking that consolidation means less. Most people think consolidation loan means they'll pay less, but that may not be the case. Consolidation just means that the monthly payments from your creditors will be consolidated into one payment to one consolidation lender. Like a professional credit consolidation counseling firm would tell you - " Basically you can't just borrow your way out of debt", you must pay it off.
A consolidation loan should only be considered if the interest rate is truly less than all the credit you owe. And you close out all of the accounts you owe. The non-profit credit consolidation counseling organizations' charge a tiny monthly fee to cover administrative costs. Many fees are optional with non-profit organizations, because many costs are paid by common collection stashes from all the creditors and other resources. There are several 'for-profit' credit consolidation counseling firms too, a lot of them give the credit consolidation advice free of charge and need to be reimbursed only for the actual deft reduction work. It is a good idea to approach more than
one. Professional Credit Counseling at a professional credit consolidation counseling firm can help you:
1. Avoid bankruptcy.
2. Consolidate debt payments into one low monthly payment.
3. Cut monthly payments by as much as 50%.
4. Reduce or eliminate your current interest rates.
5. Eliminate over-the-limit charges and late fees.
6. Rebuild your credit history.
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