Facing a mountain of debt? Consider using a debt consolidation company or service to aid you in rectifying situation. As the unemployment rate and the cost of goods and services continue to rise, more and more people are choosing this option.
A debt consolidation company does just that ... consolidates your unsecured debt into one payment. This makes it much easier to keep track of things.
Instead of issuing checks to several creditors each month, you simply issue one payment to the debt consolidation company. In turn, they distribute agreed-upon payments to creditors.
hen you work with this type of company they will contact your creditors on your behalf. They have the ability to negotiate with them, in regard to lowering your interest rates and removing fees for things such as late payments and over limit balances.
The majority of creditors are willing to negotiate because they would rather recoup some money rather than no money at all. This also will help to ensure that they will not have to take you to court, in the future. Doing so, means they would have to pay for their own legal representation.
In some cases a debt consolidation company can lower your payments, up to 50%. This means you will pay off your debt in half the time, saving hundreds and even thousands of dollars in interest alone.
There are Internet-based debt consolidation companies that will work with you in the comfort of your own home. You can easily fax required documents and make your payments online.
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