subject: Are You Finding Help With Debt Consolidation? Read This... [print this page] To identify it in layman's terms, debt consolidation is a technique to pay off debt by bringing together all bills into a single loan that bears a more affordable interest rate. Nonetheless, getting help with consolidation these days are more challenging to find since a lot of banking institutions don't offer them anymore. But you can still find some non-profit organizations as well as other businesses that help debt relief through loan consolidation. Furthermore, these agencies also provide advice and design workable plans to help you get out of indebtedness.
According to statistics, financial debt is currently at an all time high. This has resulted in a thriving industry for debt collectors that have since been more aggressive and creative in their collection methods that occasionally border on harassment. Consumer complaints are mainly targeted not on the creditors themselves, but on the 3rd party collection agents representing them. These people can often be rude and ruthless. According to the Federal Trade Commission, these aggressive practices of collection agencies account for a big portion of complaints filed with them each and every year.
Nevertheless , there are established suggestions provided for in the Fair Debt Collection Practices Act of 1977 that include barring collectors from calling before 8:00 am or beyond 9:00 pm, calling you at the office, and threatening to sue you or take your salaries, a lot of collection agencies ignore these provisions. If you are fed up with these telephone calls, you'll be able to file a complaint or get help with debt consolidation.
Speak to the collection agents and tell them in no uncertain terms that their nagging phone calls have been causing you physiological as well as emotional distress; or you can write them a letter. If they still do not stop, you can then formally file a complaint with your states Attorney General or the Federal Trade Commission.
Debt consolidation is an alternative you could consider. Nevertheless, you need to be sure that before deciding to go for it, you've made truthful assessments of your current debt scenario and your capability to pay for a new consolidated debt. This is to keep away from complications with debt consolidation in the future.
Following are some signs that you have to make calls to debt counselors or credit agencies and have them as guide with debt consolidation:
When you can no longer keep track of how much you owe, and to whom you owe money to.
When your application for an increase in credit limit is turned down. This is outside of the regular credit limit increases that your credit card company gives as a reward for loyal patrons who use their cards responsibly.
When you need to avail of cash advances as you are out of money. Emergencies are understandable, however, you need to be cautious when taking cash advances.
If you are getting a loan to cover another loan, or using one credit card to pay for another. These are sure indicators that you're no longer making decisions that could be considered financially responsible.
The foregoing are some circumstances when you need help from a debt counselor and get tips on debt consolidation immediately.
by: Zen
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