subject: What Debt Consolidation Can Do For You [print this page] When you owe large amounts of debt to several creditors, you may consider debt consolidation services. Debt consolidation has the potential to offer you several benefits. For example, debt consolidation companies can often lower the debts you owe through a process known as debt settlement. During this process, the debt consolidation company negotiates with your creditors to get them to accept a lower payment amount than what you actually owe.
After the debt consolidation company has negotiated lower balances, it will create a revised payment plan with reduced monthly payments. In addition, you will begin making only one lump sum payment per month directly to the debt consolidation company. This is much more convenient than making multiple payments to all of your creditors individually. Furthermore, the reduction in monthly payments will make it easier for you to stick to the plan and become debt-free.
Many debt consolidation services are able to eliminate or reduce any late fees that you owe on defaulted debts through negotiations with your creditors. Most debt consolidation programs will also eliminate calls from creditors and collection agencies by asking you to sign a power of attorney. Furthermore, debt consolidation will help you to pay off all of your debts faster. In fact, some debt consolidation programs will help you pay your debts in less than half the time it would have taken if you had continued making the minimum payments on your own.
Working with a debt consolidation company will help you to improve your credit score. Charged off accounts, defaulted debts, and late payments all lower your credit score. However, after you enroll in a debt consolidation program and begin making your payments on time, your credit score will steadily recover. After an account is paid in full, the debt consolidation company may even negotiate with the creditor to alter your credit report in your favor. Finally, most debt collection programs include free credit counseling services to help you make better decisions in the future.
If you are tired of being harassed by creditors, then you may be ready for debt consolidation. Visit CreditNowUSA.com to learn more about what these services can do for you.
For more information, go to Debt Consolidation at http://www.creditnowusa.com/Debt-Consolidation
by: Money Lender
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