What are the benefits of debt consolidation?
There are many benefits of debt consolidation. It allows you to:
• Reduce your monthly debt payments and finance charges
• Stop creditors and bill collectors from harassing you
• Pay off your debts faster
• Become financially stable and improve your credit rating
Will I qualify for debt consolidation?
*While not everyone will qualify for debt consolidation, people with varying amounts of debt and levels of credit can get a debt consolidation loan. The best candidates for debt consolidation are people who are having trouble making their monthly debt payments, and are ready to make a positive change in their finances.
Can I continue to use the credit cards I am consolidating?
*Because debt consolidation eliminates your existing credit card debt, you cannot continue to use your credit cards as you will add to the amount of debt that you are paying off. In addition, most creditors require you to stop using your accounts as a part of the consolidation agreement.
Can I choose when to make my payment each month?
*Making it easy to manage your debt payments is an important part of debt consolidation. You can choose the payment due date that is convenient for you and does not conflict with other monthly expenses.
Will debt consolidation stop creditor harassment?
*Once your creditors update their records, you will stop receiving calls from them. If you do receive a call from a creditor, you can instruct them to contact your debt counselor directly and will no longer have to communicate with them.
Can I cancel the debt consolidation program?
*Participating in a debt consolidation program is voluntary and you can withdraw at any time. However, agreements including lowered interest rates and monthly payments may revert to your original terms if you stop participating in the program.
