Best debt consolidating companies
You’re in deep with credit cards, student loan debt and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt.
In other words, they haven’t established good money habits for staying out of debt and building wealth.You are only restructuring your debt, not eliminating it.You don’t need debt rearrangement, you need debt reformation.Banks and credit unions offer a variety of traditional loans and other products, but they typically don’t cater to debt consolidation loans for people with bad credit.Banks and credit unions often use a risk-based pricing model, meaning the bigger the risk they think you are in terms of repaying the loan, the higher the interest rate they’ll charge you.Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.
The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt.
If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.
This means your "lower payment" has cost ,688 more.
Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission.
When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.
Many people looking for debt consolidation loans with bad credit profiles contact their bank or credit union first.