Total Debt Help

Living with debt can be a debilitating process. With angry creditors calling, balances growing, dwindling savings and no end in sight, it can create the feeling of helplessness. But consumers to have options when it comes to receiving total debt help. Debt consolidation loans, which transform several different debts into a single loan, can assist consumers in gradually repaying their debts and establishing a foundation of smart money management skills. Through services such as, there is a way to regain control of your finances.

Benefits of debt consolidation

Debt consolidation is popular across the country for many reasons, but chief among them is the flexibility and convenience is gives to consumers who are struggling to pay their bills. Through a consolidation loan, multiple debts are grouped into one single debt. Instead of paying several bills a month, you'll be responsible for just one monthly payment. Many consumers find that this helps them set responsible spending habits for the future. Additional benefits of debt consolidation include:

  • Peace of mind from knowing you are back in control of your finances
  • Satisfied creditors
  • Self-controlled debt relief program
  • Freedom from the worries associated with debt
  • Gradual rehabilitation of credit score
  • Peace of mind associated with becoming debt-free

What you should know before consolidating

Consumers across the country select debt consolidation as the method of paying down their debt and returning to financial freedom. Whether it's a consolidation loan or a car loan, consumers should do extensive research before deciding to make such a large financial commitment. Debt consolidation is serious, and should be considered only as a final solution to debt problems. Remember that is a loan, and will have an impact on your credit score in the short term. Other things you might need to consider:

  • Failure to pay your consolidation loan could damage your credit for years and could limit your opportunities for debt management in the future. Don't get a debt consolidation loan unless you intend to pay it off.
  • The term of your debt consolidation loan could be several years - possibly longer than if you had chosen to pay off your debts individually. If your consolidation loan doesn't have a prepayment penalty, you can avoid this issue by making extra payments to reduce the loan's balance at an accelerated pace.
  • The interest rate of your consolidation loan could be higher than some of the debts you're currently paying off. Many consolidation loans include debts from multiple credit cards, student loans, and other consumer loans such as an auto loan. Each of these loans has a different interest rate - your consolidation loan will be tied to a single interest rate, which will likely be different.