Military debt consolidation works just like other debt consolidation, but your service to our country has gotten you a bit of special consideration with companies that specialize in helping out military members. Many of the non-profit debt consolidators will work extra hard to help out our soldiers and veterans, which will pass on to you a great resource for getting out of debt and saving money.

Debt consolidation for military members will involve either finding a company that will take care of the work for you, or getting a loan to cover the amount and paying the loan back. This process is exactly the same for civilians, but with some lenders and consolidators that are much more willing to lend and help military members, it's not quite the same. With companies that know the needs of those in the military, they can work with you and your creditors to reduce the time it would take to pay your debt from 20-30 years down to 5-7 years.

Military Debt Consolidation Loan

The debt consolidation loan is the do-it-yourself way to consolidate bills and get yourself out of debt. You must first assess the amount of debt you actually have to see how large of a loan you're going to need. It's possible to negotiate your debts with the creditors to see if they can be reduced. Many of the customer service people who answer the phones for credit card companies are permitted to do this over the phone. Be sure to explain to them that you were/are in the military to see if they have any offers or discounts.

After your debt is totaled up, you'll need to begin the hunt for the loan. This methods obviously works best when your credit score is still strong, but can be done with bad credit. Start at your own bank or credit union to see what they can offer. If you've been with the bank for a while, they may be more lenient in approving your loan. If you own your own home and still have available equity, you can probably get a great rate on a secured loan from your bank. If none of this works, it may be time to turn to military debt consolidation.

Military Credit Card Debt Consolidation

Using a credit consolidator is a great choice to reduce credit card debt when you have bad credit. Especially when your credit score can only go up from where it currently is! The best thing about a credit consolidation company (aside from getting you out of debt) is that they can do everything for you. They'll negotiate with your creditors, they'll create the payment plan, and they'll also teach you how to build a budget that you can stick to for long-term success. Credit card debt consolidation is much easier when you have help.

If your credit score is still strong, I don't recommend using consolidation. Their use will remain on your credit score for years to come and may prevent your score from getting as high as it would be had you never signed up. If you can, be strong and tackle your debt on your own.

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