subject: Debt Counseling and Debt Consolidation - How the Two Can Rebuild Your Financial Situation Faster [print this page] Debt Counseling and Debt Consolidation - How the Two Can Rebuild Your Financial Situation Faster
If you're having financial difficulties, you've probably heard of debt relief and, to be more specific, debt consolidation. What you probably don't know is that, by pairing it up with debt counseling, you could remove you debt altogether, and start rebuilding your financial situation.
First of all, you should hire a good financial counselor. Remember to check their background with Better Business Bureau and see what are past customers thinking about their services or if they have received any complaints. You should then present your financial situation to your debt counselor. He will analyze it carefully and present you with your best option of debt relief based on your financial condition. To qualify for a debt consolidation plan, you must have at least $2000 in unsecured debts (consumer loans, credit cards, etc.) and steady employment.
Financial consolidation is a reliable way to get your debt under control. It generally involves you taking a big loan from a debt consolidation company, and using it to pay off all your debt. You will end up with making only one monthly payment with lowered interest rate.
Furthermore, you can talk to your financial counselor to help you set up a workable budget. This will, in turn, save you more money which can be used to pay more than the minimum on your loan. You must also pay on time to avoid the accruing interest.
It might look like a long way down the road, but debt consolidation should give you instant relief on your debt payments. By combining that with some good counseling, you too can become debt free and well on your way to financial freedom.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. To locate legitimate debt settlement companies in your state check out the following link:
