What to look for when consolidating debt

Sometimes you reach a point where debt becomes overwhelming.Late payments, medical bills and personal emergencies can all add to a mounting amount of debt.Let’s say you had three student loans payments of 0, 0, and 0 – a total of 0 a month.What if you could get a debt consolidation loan with a monthly payment of 0 instead?You can’t borrow your way out of debt in the same way you can’t get out of a hole by digging out the bottom.

Debt consolidation companies communicate with your debtors to negotiate lower rates on your behalf.Debt consolidation can help you pay off what you owe faster and more conveniently, with one payment instead of many.But if you choose the wrong method, you could waste your money and end up deeper in debt.You can find legitimate, nonprofit agencies through the National Foundation for Credit Counseling.Debt settlement is a method to get your creditors to accept a smaller amount than what you actually owe.

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