So you reached the breaking point on your credit obligations an a personal debt consolidation arise as the only alternative? Well, truth said, at time there are uncountable people facing the same situation, those worried about getting damaged their credit report or just needing a lower an unique monthly payment, it is precisely by a debt consolidation program that you can get the peace of mind you are searching for.
There are many advantages by applying for a personal debt consolidation loan.
Firstly, as you probably know credit card interest rates are higher than other financial options, interest can go as high as 36% on late payments, plus if you have several credit cards, payments you made every month under this item could take an important part of your monthly income, again with a personal debt consolidation loan you take all your credit card balances into a larger loan with a fixed interest rate and with a lower monthly payment.
Secondly, just a few words in order to point out the stress produced by creditor calls and letters, it is embarrassing, it is stressing and so on, the way around this situation is being proactive about it. Call your creditors, explain your situation and get some time while your debt consolidation or debt settlement program is in progress.
Thirdly, debt consolidation loans avoid you filling for bankruptcy, this is very drastic and in the most of the cases is simply no recommendable, you get your credit damaged for the next 7-10 years, this represent your commercial death, and even after these 7-10 years you will have to pay 2-3 times other people pay on interest.
All in all, a bad credit debt consolidation loan it is advisable, there are more benefits than downsides. However, specialized advise from a reputable debt consolidation company is priceless.
Hector Milla runs the Bad Credit Debt Consolidation website - where you can see his best rated debt consolidation service recommendation - and the Online Debt Management Tips resources center. Find free online debt consolidation tips and bad credit debt management advise respectively. Visit for further information.
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