What are the advantages & disadvantages of debt consolidation services
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Transcript of What are the advantages & disadvantages of debt consolidation services
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# By combining all your debts into a single
account it becomes easier for you to remember
your due dates and track your payments.
# There is no need to juggle your payments
between different creditors.
# Debt consolidation also means paying only a
single interest at a much lower cost.
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Through debt consolidation, it is possible to:
• slash off a significant amount of fees from your total debts.
• you can pay off all your creditors at once and stop your
debts from accumulating
• Most creditors are even willing to make adjustments to make
repayment easier for their clients
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Here are Disadvantages
of Debt Consolidation
Services:
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• signing up with the
wrong debt
consolidation
company can only
make matters worse
for someone in
debt.
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• not all credit counseling agencies or debt
consolidation companies have your best
interests at heart.
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• There are agencies offering counseling services
that are actually designed to take advantage of
your financial situation.
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• if you do decide to sign up for counseling or a
debt consolidation program, it is crucial to do
extensive research first before making a choice.
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• Another risk about consolidation is the tendency
to incur new debts right in the middle of
repayment.
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• Remember that consolidating your debts does not
exempt you from your obligation to pay.
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• You still need to keep up
with your monthly
consolidation payment
to your lender.
Unfortunately, some
people found themselves
stuck in new debts while
still in the middle of
their consolidation loan
repayments.
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• Instead of being free, these people have only
added a heavier burden on their shoulders.
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How to Make Debt
Consolidation Work
• After consolidating your debts, you should avoid
incurring new debts from your creditors so that
you can focus on paying off your loan.
• Pay attention to your spending and lifestyle.
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• create a monthly budget plan to make sure that
your income would be properly allocated.
• Bear in mind that your number one priority
should be COMPLETING your consolidation
loan payments at the soonest possible time.
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For more info about debt consolidation visit:http://www.newhorizon.org/Info/debtconsolidation.htm
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