Check Your Rate Now Now that you understand what debt consolidation is, you should know that there are many ways to do it – and most of them you can do on your own without help from a debt consolidation company.
To see a list of those options, see Ben’s previous blog post, “Debt Consolidation Programs.” However, those “do it yourself” debt consolidation options are predicated on having a good credit score.
Now there’s always the possibility that you’ll do the math and find out that the new debt consolidation loan will cost you more money in the long run.
If this is the case, you may still be tempted to go with this option simply because the monthly payments might be lower.
So let’s say you see an ad for a company that promises to help you pay off your debt more quickly. If you are seriously thinking about going to a debt consolidation company then you’ll need to do your research and find that is honest, or else you could end up in a far worse situation than you ever imagined before!
They can misrepresent themselves through creative marketing which makes the search for the best debt consolidation company very difficult!
So start up a search of companies and follow these steps.
So let’s say you’ve followed all of these steps and you’re ready to get out there and meet some of these debt consolidation companies.
Carrying a load of debt can easily feel like you’re going through life with a black cloud hanging over your head.
No matter what you’re doing, stress about the debt can linger in the back of your mind. “I’ve been trying to pay this off on my own for so long, maybe getting outside help is just the thing to help me finally knock this out of my life.” This is perfectly understandable, but you have to keep in mind that nothing is ever as easy as it sounds.
If you’re paying attention then you can learn a great deal about the legitimacy of a company simply based of your interactions with their representatives in person.