How to Know Whether Debt Consolidation is Right for You

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When considering debt consolidation, you should think about how, and if, it will actually help you achieve your financial goals. Be cautious and know your options. Not everyone offering to help consolidate your bills are really providing you with a debt relief solution, as much as they are looking for customers.

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Read more about cautions before consolidation see: http://consumerrecoverynetwork.com/consolidating-credit-card-debt

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Comments

juany fuentes says:

Hi,i have bunch hospital bills,i have 2 en coleccion ?how affect my credit?

NorthwestMexTV? says:

I'm in collections for $4000 from different companies. should I consolidate?

Jamesaragonastudio says:

I just consolidated my debt recently just recently. So far it's been working for me. Locked away the credit cards and using cash for everything

Andreyna mateo says:

this is what many people dont understand

Michael Bovee says:

In response to Autumn (I am unable to reply directly to your comment for some reason)… Have you tried to get a reasonable monthly payment on the loan at any time?

Ideally, you want to set up some form of payment they will agree to now, and before your student loan is in collections. Student bills can balloon very quickly once they are in collections.

What type of loan was this?

Autumn Bloomer says:

Which is better: Getting a loan or letting it go to collectors?

Autumn Bloomer says:

Which is better: Getting a loan or letting it go to collectors?

Autumn Bloomer says:

I'm having trouble finding any helpful information on Student loan debt. Basically, I only attended one semester of college but did not pay my bill and in thirty days it will be going to a debt collector. I have a baby on the way and soon my work hours will go from 12 hrs a week to zero. It's $3,000, so how do I manage to pay it off without it growing a ridiculous amount of interest?

Michael Bovee says:

If you define debt consolidation the way most do, where you get a lower interest loan and pay off all higher interest credit card debt, it does not hurt credit. In today's lending environment you will nee good credit to do it.

Debt settlement means missing payments in order to open up the opportunity that a credit card lender will take less than the balance owed as payment in full. This does hurt your credit. But credit heals. So if it helps you avoid bankruptcy its worth considering.

knmleaguecity says:

Will debt settlement destroy your credit, and debt consolation will not hurt your credit?

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