What Debt Consolidation Actually Is
If you need to learn how to get out of debt and you are thinking of how to become debt-free, you have arrived at the right place.
Wikipedia states that debt consolidation is a type of debt refinancing that comprises taking out one loan to settle numerous other loans.
Businesses that offer help to pay off your debts come in many different shapes and sizes. The three most common types are debt management, debt settlement, and consolidation. If debt consolidation is something you do need, you should understand how it works.
A debt consolidator will take all your outstanding debts and place them into one loan. For example, if you have three credit cards and are only paying the minimum amount each month due to their high interest rates, you might want to look into debt consolidation. A debt consolidator can collect all your debts and provide you with a lower interest rate on just one loan over a set period of time. Let's say you are paying $500 for all three cards each month. Getting them all in one loan for a payment of $300 could work well for you. You might be able to afford $450 instead of $300. You will actually make payments on principle, which will help you pay off the debt in a more timely manner. You will be making payments directly to the debt consolidation company with a lower interest rate compared to your present payments. The company will try and make this happen for you. But, it does not work for everyone, and that is why there are choices for dealing with your debt.
How To Choose A Good Debt Consolidation Company:
It can be difficult to weed out all of these companies in order to find the ones that are credible and reputable. If you find a few that seem to fit your needs, go to the Better Business Bureau and type in the name of the company. You will find out whether the company is accredited or not. You will also find testimonials along with any complaints from others that have used that company. This is an important step and should not be overlooked.
Find out if the company is registered to determine if they are a reliable and trusted company. If they have a good status and reputation, they will be registered with the National Foundation of Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.
How to Determine Whether a Debt Consolidation Company Is Best for You:
All companies have set fees, so your decision should be based on how their charges are going to affect you and your wallet. Upfront fees do not normally come into play because you will be paying a new loan with the debt consolidator and they will be paid by the new interest rate. In most cases, these companies can offer you a lower interest rate that will help you get out of debt much more easily. You need to consider the terms of the new loan and whether it is worth it. Yes, you will be paying less, but your loan will probably be extended over a longer period of time.
Before making a decision, add up any upfront charges, if any, along with the amount you will be paying out due to the new interest rate. Make sure you are able to handle this new loan over its entire term. Then, sit down and decide if the new loan is worth it, or if you would be better off staying with your credit card debts as they are.
Is National Debt Relief Right for Debt Consolidation?
In my opinion, National Debt Relief is the number one best company for debt consolidation. It has been highly recommended by many others and received an award in 2021 for being the number one choice. They hold an excellent A+ rating from the Better Business Bureau and are accredited by the International Association of Professional Debt Arbitrators (IAPDA) and the American Fair Credit Council (AFCC).
The company offers a variety of debt solutions, including credit counseling, debt settlement, and consolidation. The company was started in 2009, making them one of the oldest debt solution companies anywhere, and they work out of almost all of the U.S. states.
They will start off with your entire debt and not negotiate with just one creditor at a time. Instead, they will work with all your creditors to attain a lower payment amount, then create a loan around the lower amount you will pay off. You will find great relief from your debt troubles. If you ever have any questions, you may speak with your counselor, your negotiator, or any other member of your debt team. They are there to help you out and give you great support.
What they offer:
The company offers a great alternative to bankruptcy. They will allow you to make a monthly payment instead of several payments. They will contact your creditors, come to an agreement with them, and then drop the total amount you will owe, if possible. They will assume the full payment and set up a payment plan with you. They have helped thousands of people and can help you as well.
How It Works:
They will offer a free consultation to help you go over your situation and recommend a solution that works for you. They will give you very knowledgeable advice to help you decide what's best for you. If their program is not for you, they will offer a number of other services, including debt consolidation. They will educate you on debt negotiation, bankruptcy, and debt counseling. If it is right for you, they will customize the program to fit your needs and get you on the path to financial freedom.
You will directly pay National Debt Relief to pay off your debt with a lower payment than you would pay your creditors. You will only make payments to the company after you see your debt decreasing. They have no upfront fees, and your monthly payment will be a great deal lower.
The concept is to come up with a solution for your debt problems in a timely manner while showing you the results before you make any payment whatsoever.
Unlike many other companies, National Debt Relief will never charge a single penny until your debt has been resolved. You will make payments into an account that they hold. This is the big difference from many other companies. Other companies often have access to your personal accounts or put money into an account they control.
You will receive a free quote as soon as you call them. Once you have qualified for their program, they will immediately start working on your consolidation plan.
Check out other reviews for their thoughts as well. Two other top companies are Top Consumer Reviews and Top Ten Reviews. Both of these review companies have independently evaluated National Debt Relief and their program.
You deserve to find a debt relief solution that will work for you instead of against you. You need to be able to visualize a brighter future with less stress and know that you will be able to pay off your debts in a positive way.
Debt consolidation will take all your debts, whether loans or credit cards, and set up a payment plan that works with your finances. You will pay off your debts in a timely manner. This is what National Debt Relief does. It's time you come face to-face with your debt problems and find a solution that will work for you. The company is very proud of their program, but they realize it does not necessarily work for everyone. This is why you will receive a free quote from their team of professionals before you take any steps forward. They will speak with you to determine if this is the best solution for you without taking any payment whatsoever.
Where To Start With Debt Consolidation:
Go to the National Debt Relief website and quickly fill out the form to receive a free consultation and find out if you qualify for their program. You will also find a good debt relief guide to walk you through your options and how to prioritize your debt payments. They are there to help you find the solution that is best for you.
National Debt Relief offers great support over the telephone, through emails, and chats, along with a client dashboard where you can view the status of your account at any time. They have more than 10 years of experience and have a proven success rate for getting great results for their clients. They have a great reputation for being transparent with people. You will never get snake oil! This is why this company is ranked as one of the top debt consolidation companies in the entire United States.
Searching and finding an excellent debt consolidation company is easier said than done. Keep in mind that for every reputable and trusted company, there are far too many bad ones that will only take advantage of those in a helpless and weak situation. Through creative marketing, these companies will place themselves in searches that are misleading while making it difficult to find the truly great ones.
Being in debt is very stressful and literally exhausting. Finding the best help to climb out of debt is imperative to your well-being. The last thing you need, at this stage, is to end up with a shark company that will only make things worse. National Debt Relief will never let you down.