Debt Consolidation Depot
Debt Consolidation & Financial Information Resource Center
A debt consolidation professional contacts your creditors to get your
interest rate and monthly payments reduced to an amount you can
realistically pay. Debt consolidators often know the key contacts at your
creditors on a first name basis and will try to work the best deal for you
they can.
A good debt consolidation expert can lower your monthly payments up
to 50%, in some cases reducing interest charges to nearly zero. Your
payments should go toward reducing principal, what you owe, not servicing
interest.
An added bonus of debt consolidation is that you will start writing checks to the debt consolidation company, not the separate creditors. This way, you consolidate all your payments and let the consolidation experts deal with the creditors. You will still receive statements from your creditors so you can watch your debt shrink as it’s paid off.
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