Credit Debt Consolidation Services Are Not All Created Equally

Let’s start this post with the simple fact that not all credit debt consolidation services are created equally. Certainly none of these services do anything you couldn’t do on your own if you had the time and the follow-through. We are very aware that people who are having so much trouble with bill collectors and late payments that they are in the market for credit debt consolidation services are usually in quite a hurry to get this part of their life handled. While this is often the case it’s crucially important that you take your time and evaluate several different services. We’ve heard more than a few people report that by handing the whole job over to and outside credit debt consolidation services instead of doing it themselves that their credit rating was much worse off than it needed to be.

For the most part all debt consolidation services do is call up your creditors and make deals for you on how much of your credit you can pay off and how much the creditor can just forget about.  Then the credit debt consolidation services take all of your lowered payments, roll them into one payment, stick their fee in there, and then give you one monthly payment that takes care of all the bills you asked them to take care of.  If there was anything in that process that you think you cannot do yourself then you need to go back and re-read what I wrote.  You can do your own debt consolidation services and save yourself the monthly fee to the credit debt consolidation services company.  It may not be easy but it can be done.

Talk to your creditors before selecting a credit debt consolidation services

Creditors just want their money.  They don’t want to sue you, they don’t want to take your car, they just want you to pay them.  Most people do not realize that you can pick up the phone and negotiate with a creditor long before you begin to lose any cars or houses or anything.  That is where these credit debt consolidation services come from, they are created around the notion that people are either too lazy or too naïve to call their creditors so they will charge you a fee every month to call your creditors for you once.  The last thing you need when you are in debt is more payments so save yourself the fee and pick up the phone.

A friend of my families had a son who was falling severly behind on his auto loan payments. Knowing that I manage a blog about debt consolidation and relief, they came to me to help them find a solution. He was basically waiting for them to come and take his care away. The very first thing we did was to get on the phone with the loan company and start and open and honest discussion about his situation and how we could work togther to make sure everyone was happy. In this case the loan agent we talked to was very friendly and we worked out a way to extend the payments AND she even lowered his rates.

Step up and make that call before you hand everything over to credit debt consolidation services. You might be surprised what you can do yourself.

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To Your Financial Success
~Suze Fulton

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