It seems like finding a bill consolidation service is like finding a needle in a haystack, but if you have a strategy, it's actually fairly easy. Finding the best bill consolidation service is a breeze if you follow the steps outlined in this article. We'll also take a look at how non-profit consolidators work, so you can understand all of your options.
A simple explanation of what bill consolidation services do is in order, though. A bill consolidator will examine your credit report to find all of the unsecured debt that they are able to close and help you pay off. They'll contact the creditors to negotiate a settlement amount that will usually be significantly reduced from what you already owe. After they've worked your debt as low as they can, they work with you to determine a payment plan that you can afford and pay your debt back in a reasonable amount of time. It usually take between 4-7 years to complete bill consolidation, but that time will vary depending on how much debt you have and how much money you make.
Finding the Best Bill Consolidation Service
In order to find the best bill consolidator, you're going to have to contact a bunch of them. The trick is to not fill out the contact form on their website, but call or email them directly. Many websites that you come across are "lead generators" for the bill consolidators, and will sell your info to them as an affiliate. It's great money for them, but unnecessary runaround for you. Call them directly and just chat with them and see what they're like and how helpful they are. Any reputable credit card bill consolidation service will be willing to chat it up, give you free debt advice
, and talk about your situation without pressuring you into the sale. Remember that if you aren't comfortable dealing with them now, you certainly aren't going to be for the next 5-7 years.
After (and only after) you've talked to at least a dozen bill consolidators you should look at their rates. There are tons of cheap companies out there, that will deliver cheap on their promises. Some of the less-reputable debt consolidators have missed payments for their customers or defaulted them again, putting the customer in a much worse situation. Expect to pay a bit of money for a good credit consolidator. If you're looking for a free bill consolidation service, look into...
Non-Profit Bill Consolidation Service
Non-profit bill consolidation isn't exactly free, but it's as close as you're going to get. These bill consolidation services operate and turn a profit with a few methods. Most of them will ask you for donations all throughout your consolidation term, and especially after you've completed it. Or, they'll ask the creditors for a portion of your payments to them. While this doesn't directly affect you, since the creditor is usually very happy to receive the payments, it may lead to a higher monthly payment. These consolidation services are very tight lipped about how they operate so it's hard to say.
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