Debt Consolidation Agencies

Debt Consolidation

Questions to ask Debt Consolidation Agencies

Before you select one of th e many Debt Consolidation agencies ask for information on the following:

  • Are the Debt Consolidation agency services confidential?

  • Will the Debt Consolidation agency devise a plan tailored to fit your needs?

  • Are the Debt Consolidation counselors certified?

  • Are budget and debt education opportunities offered?

  • Will your funds be protected? How?

  • Is the Debt Consolidation agency accredited?

Debt Consolidation

Debt Consolidation Agencies

Debt Consolidation Companies and their Debt Consolidation servicing agents work on mutual agreements with every participating creditor to assist families and individuals to take control of their debt situation and eventually become debt free.

By entering into a Debt Consolidation program, the creditors will make a compromise by reducing and sometimes eliminating the interest that you are currently being charged. The compromise the creditors will ask for in return is that you don't charge on any credit card that is included within the consolidation program they are using.

Debt Consolidation programs implies that the money you pay toward your debt through the program is going toward reducing your principal rather than going to the finance charges. In order for the Debt Consolidation creditors to do that, they require minimum monthly payments based on your balances in order to qualify you, and to set limitations for their debt consolidation system.

Once you are set up in the Debt Consolidation system, you will have one monthly payment that will satisfy all the creditors that you included in the system (in most cases). You will be able to choose the date that you want your payment to be every month. Your accounts will be realigned and all creditors will have set the same date for payment every month. You then make one monthly payment to the program, and your payment is disbursed to each of your creditors.

Your creditors will still send out your monthly statements so that you can see your adjusted interest rates and follow your balances going down. In other words, you will see the progress that you make every month directly through your own creditors.

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