Currently, the economic system leads people to acquire debts, whether they like it or not.
Consolidate Your Debt
The real problem arises when you have many debts and different payment dates making it far too complicated to keep up with all the creditors, this may be your case and your best option is the consolidation of your debts.
DebtConsolidationCare is a company founded in 2004 that in the last 10 years has helped more than 471,119 members to pay their debts, always dedicating itself to the consolidation of debts as a tool to achieve this end,
Note– All their consultants and financial advisors are certified by the IAPDA.
How Does DebtConsolidationCare Work?
When you decide to use this online company to guide you in your consolidation process, you can expect the following steps to be fulfilled:
Free Financial Analysis Without Obligation:
Debt advisers conduct a thorough review of your income and expenses, along with debts, to determine the most affordable amount you can pay monthly.
Signing A Written Agreement:
You can ask questions (such as fees, monthly payment amount, etc.) during the counseling session, to be satisfied and you can sign up for step-by-step debt consolidation services.
Get Relief From Creditors’ Calls:
After clarifying the doubts and signing the required documents, the counselor will start negotiating with your creditors to reduce the interest rates and eliminate late fees.
They will also advance the payment plan.
Make A Payment To The Company:
Then, the advisors will seek the agreements on a payment plan, which is accepted by all the parties involved, and you begin to make the single monthly payment to DebtConsolidationCare, which then disburses the amount among your creditors.
Reassessment Of Your Financial Situation:
Usually, after 180 days, the director asks about your financial situation. If it has worsened, inform the counselor so you can re-negotiate a new payment plan with your creditors based on your current situation.
Note – In order to prevent any further damage to your personal finances, avoid buying any loan for a while after debt consolidation.
Highlight the case, of this company, ensure that all its consultants and advisors are accredited by the IAPDA (International Association of Professional Debt Arbitrators), with which it guarantees that true experts with practical knowledge of the industry on debt and credit will give you advice on how to get rid of your debt.
Another highlight is that this online company is an accredited member of the BBB (Better Business Bureau) and that they are owned by a physical company based in the state of Nevada, named InterNext Technologies Inc.
They are committed to helping their clients as much as possible, to achieve this they not only seek to reduce the monthly amounts to be paid but to maintain or reduce payment periods.
How Does This Work?
Imagine that your credit card debt is $ 25,000, being that the interest rate for credit cards is 20%, the debt of the loan ‘Payday‘ is $ 15,000 with an interest rate is 10% while the debt of the personal loan is $ 20,000 and its interest rate is 15%. Your average interest rate is 15%. After the consolidation of the debt, your interest rates are reduced to:
- Credit card – 15%
- ‘Payday’ loan – 8%
- Personal loan – 10%
Therefore, the new interest rate is 11%. Assuming that total debt is $ 60,000, then you will save (4% * 60,000) = $ 2,400.
Not satisfied with this, DebtconsolidationCare has excellent educational material that can prepare you to understand exactly how their service works and take additional measures to consolidate your debt.
This company works with some tough eligibility requirements:
- You must have a good credit score, a source of monthly income and not a very low amount of existing fees.
In addition, there is a lack of information about the fees. Although the website explains that the services of debt counseling are free, the website does not detail the rates at all, if there are quotas or guarantees.
On the other hand, they count on a poor live chat feature. In other words, the free “live chat” feature is flawed and often does not work properly.
This company can be presented as reliable, it counts with a good number of clients served in recent years and it is known to be particularly useful when it comes to educating its clients in debt-related issues and strategies.
However, it has some weaknesses that do not allow it to be chosen as a top-level service provider. But it is still worth a try!