Getting out of the debt mire – Can debt consolidation help?
By Jenney Roberts
With the sudden rise in the debt level in the US, most states like Arizona, Phoenix, Illinois are all drowning in debt mire. If you’re a resident of Phoenix and you want to resolve your debt issues, you can resort to debt consolidation Phoenix. Debt consolidation is a way to reduce your debt burden by lowering the monthly payments and the interest rates on the multiple debt accounts.
There are two simple ways of consolidating your debts, through a debt consolidation loan or through a debt consolidation program. Have a look at the benefits that you may reap through a debt consolidation program as this is the most resorted option by the people in the US.
- Bundles all your payments: If you enroll yourself with a debt consolidation program, you can bundle all your payments into a single monthly payment. Most debtors are going through the hassles of making more than one monthly payment as they become confused regarding the multiple due dates. After consolidating your debts through a debt consolidation program, you can stick to making a single monthly payment to the debt consultant and this will be disbursed off to your creditors.
- Negotiates on your behalf: The debt consultant of the debt consolidation program will negotiate on your behalf and make sure that the interest rates on your multiple debt accounts are drastically reduced to facilitate the debt repayment procedure. You will no longer require making any kind of payments to the creditors as everything will be done by the consultants on their behalf.
- Lower interest rates: The debtors, who default on the credit cards, are mainly due to outrageously high interest rates on the cards. With a debt consolidation program, you can easily make easy and fast repayments as the interest rates are lower than what they were on your multiple credit cards. With low rates, you can easily pay off the debts on your credit card accounts.
- Boosts your credit score: You can boost your credit score through paying your loans through debt consolidation. As you start making monthly payments to the company, the consultant will disburse the payments to the creditors and then you can easily boost your credit score.
- Elimination of late fees: If you’re late while making the payments, you must have accumulated a huge amount of late fees and penalties. All such fees can be eliminated by consolidating your debts through a debt consolidation program. Reducing your monthly payments will be possible as you need not pay the late fees and the penalty fees.
Therefore, if you’re a debtor who is drowning in a sea of high interest debt, you can get help from a debt consolidation Phoenix program. Reduce your monthly payments and make sure you repay your loans in easy affordable payments.
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