A non profit debt consolidation service is what we recommend to consumers that are wanting credit card debt consolidation.
If you have too many credit cards, consolidation will make it easier to pay your bills each month because you will have only one monthly payment to keep track of. Lets take a closer look!
With Debt Management, Consumer Credit Counseling, or Debt Consolidation plans you will not have to fall behind on your bills. Therefore you will not have to deal with any creditor phone calls or at least not many. The bad news is that you will have a 3rd party notation go on your credit for the next seven years when entering into a debt consolidation program. Creditors look down on a consumer credit counseling or debt consolidation 3rd party notation, if in the future you decide to apply for a loan of any type.
On a debt consolidation program, the company would contact your creditors and make payments to your creditors on your behalf.
Sometimes a person may have many different credit cards with high balances and high interest. However they really don’t have a hardship and can easily afford making their monthly payments. They are looking to consolidate their bills in order to have only one monthly payment to worry about each month. They are also wanting to lower their interest rate a little so they can become debt free in 4-5 years, rather than 8-10 years which is probably what it would be if they continued making their minimum payments on their own. A non profit debt consolidation service may be a good option for this person.
A consumer credit counseling company or debt consolidation company will attempt to work out a lower interest rate for you to pay on each card, then combining all your payments into one monthly payment. That payment will usually come out to less than what a consumer would be paying on their own by paying minimum payments, but not much less.
However sometimes a creditor will NOT work with a debt consolidation company, even if it’s a non profit debt consolidation company, so be careful! If that is the case, the debt consolidation company would then be doing very little for you. All the company would be doing for you is including your regular monthly payment to that creditor into the debt management plan, not saving you any money. Consumers wonder why sometimes a debt consolidation company will give them a quote that equals out to exactly what they are paying on their own. Now you know why, and what to watch for.
The debt consolidation company will consolidate your bills so that you only have one monthly payment each month. That makes it easier to pay your bills, so that you’re not having to mail out individual payments to the creditors on your own each month. It’s honestly better if you continue to make minimum payments on your own before joining a debt management or consumer credit counseling program. Its just not worth having that 3rd party notation on your credit report if you can afford to pay your creditors on your own.
If you have the money, pay more than minimum payments and get your balances paid off on your own and fast! This will also help to raise your credit score.
If you want to stay current on your bills, but would like a lower interest rate then definitely look into a debt management plan. Contact a non profit consumer credit counseling company or contact us today and we will match you with one of our “A+” rated preferred partners. Keep in mind, on a debt management plan you will pay back the entire amount, plus interest, but it will most likely come out to less than what you would pay on your own.
Here at “No More Credit Cards“ we do specialize in matching consumers with only the best debt settlement and debt management companies in America.
Before signing up for a credit card debt consolidation program learn about all credit card relief programs currently available in the United States, ensuring that you are fully informed.
Call today for a FREE CONSULTATION at 866-376-9846 or by filling out the DEBT SETTLEMENT FREE QUOTE form.
Debt consolidation is also known as:
Credit Debt Consolidation
Debt Relief Consolidation
Non Profit Consumer Credit Counseling