Thursday, September 13, 2007

Debt Consolidation May Be Your Only Way Out

Debt Consolidation May Be Your Only Way Out

Don't let the credit card companies take advantage of you anymore.

Vernon, NJ (PRWEB) November 10, 2005

With more and more credit card debt being levied day after day it is becoming increasingly important for people to regain control of their finances. If you have earned credit and charged expenses against credit card accounts then you have probably heard of debt consolidation loans, debt consolidation agreements, credit repair or any variation of the terms. For every 10 people that have heard these terms there are 9 that actually don’t know what they mean or where to obtain the right information about them.

There are many online resources including but not limited to www. debtfreedomplus. com, an online debt reduction and consolidation authority. There are also educational materials that can lead you in the right direction when looking to start on the road to financial freedom. You can find help as long as you look for it.

The nation’s population is nearing 300 million and close to 60 million of those people currently need to create a more proactive solution for knocking down their debt. Most people are just barely making it by month to month and can not afford to pay more then the minimum payments on their credit cards. If this describes you then realize you are not alone. In fact you are in a group that is expanding every day.

Hint: The credit card companies want you to remain in as much debt as possible. They make more money when you spend yourself further into debt. That much is obvious but there is a catch. They want their customers to be good customers. If it gets to the point where you can’t make the payments then it just might be time to make a deal. They will work with you, sometimes directly, and other times through a mediator or credit counseling service. Basically, you would be negotiating a much lower rate so that you can pay off your debts much faster. You can also get a debt consolidation loan. These loans are negotiated for you and can be unsecured so beware as the interest rate can be as high as 9.9%.

Examine resources like www. debtfreedomplus. com. This company has come up with a grading system for online credit repair and debt consolidation companies. This has proven to act as a principal resource for folks who need to start advancing financially. Important factors to keep in mind include the percentage rate of the debt consolidation loan. NEVER take a loan with a variable rate and always negotiate the lowest rate possible. With a variable rate you may end up paying more per month then before you consolidated. NEVER pay for debt and credit consolidation advice. These will seem like too-good-to-be-true scenarios and they are! ALWAYS check with the BBB (Better Business Bureau) about your specific credit counseling organization. They can tell you if they are a member, if they have complaints on file and what said complaints are about.

It all begins with you. You need to be in control over your money! If you can’t figure out where all the money is going then document it. After a month and sometimes only a week or two you will be astonished at the road and directions your money travels. But most importantly take a little time and investigate all your options as there are many. Credit does not control your life. You control the credit.