What is debt consolidation?

The question of what is debt consolidation is our topic for today. There are many forms of debt consolidation but we want to first understand what debt consolidation is before we can take the next step to determine if debt consolidation is for me or not.

The first thing that you will need to know is that debt consolidation is a process in which you combine all of your credit card debt into one lump program and make only one monthly payment instead of multiple payments to all of your creditors.

There are multiple forms of debt consolidation. You can obtain the services of a debt consolidation company in which they specialize in working with the creditors to lower your monthly payment to be more manageable and they also get the creditors to stop harassing calls and letters to you.

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Another form of debt consolidation is the debt consolidation loans. Getting debt consolidation loans can be a bit tricky. You will need to have a good credit rating to get debt consolidation loans. This may be difficult if you are currently behind on payments of your credit card debt now. Your credit score is lowered every time you are late with a monthly payment to a creditor. So you may not even qualify for the debt consolidation loans. You will need to check with your local banking institution for best results to see if this is the best way for you to go.

A third form of debt consolidation is to settle on your debt. This is typically known as debt settlement. I would not normally suggest this as there are a lot of better things that you can do to get real debt relief.

The best way for debt consolidation is to do this yourself. This will be the cheapest way and normally the fastest way for you to finally get rid of all of your credit card debt and find true debt relief. However, this is not an easy process. This will take strong will and determination on your part to not give up. It may take anywhere from three to five years or more to get all of your credit card debt paid off. The key will be if you can stick it out. You will also need to learn to live on a budget during this process and to not apply for any new credit cards. Your goal is to learn to live within your means and live on cash.

So you see, debt consolidation is very good in some ways and trickier in other ways.

You need to see what all the debts that you have to pay off. Click here to obtain all three of your credit reports for free. I hope that this has helped you today.

Until next time,

Janna Jones

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