And consolidating the
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Learn about personal finance and save money on a go-forward basis!General terminology used to describe the combination of multiple debts owed to credit card lenders into one (typically) smaller and easier to manage payment amount.It is often assumed that getting a consolidation loan is required to consolidate debt, however, there are multiple methods of accomplishing this goal.Each type of debt help (or relief) has its own set of pros vs. This type of lending is can be used for consolidating credit card debt and other (typically) smaller bills, or for a wide variety of other purposes.cons, and the list can be different for each consumer depending upon their personal financial situation. They can be offered as unsecured loans, or they can be secured to a borrower’s personal collateral. Credit counselors may be able to help a consumer obtain better interest rates, get penalty fees waived and help them manage their personal finances better through a consolidation of debt that is managed by the credit counseling agency.Learn the basics about consolidating your credit cards and other debts.
Also, find and review directories of companies that provide debt help, as well as alternative options to getting a loan for bill consolidation.
Use the menus above to find these online services and their websites, that provide various kinds of debt relief, including credit counseling and consolidation loan programs.
These menus are organized by type of service or the state that you live in. Advertisers of Debt Consolidation Services that do not Include Loans.
Unsecured loans are usually available for smaller amounts of money and qualification is typically much more difficult than it is for other types of lending. The consumer makes one payment to the counselor’s firm, that (in turn) pays the borrower’s creditors. This form of debt relief is the process by which a company negotiates a lower balance on a consumer’s outstanding debts with their creditors.
This is why this type of service is also referred to as debt management. The credit accounts are closed and the consumer agrees to make payments, per a schedule, until the balance is paid off. Next Up: What are Secured and Unsecured Debt Consolidation Loans and what are the different types?
However, any amount of forgiven debt may be considered taxable income. Review the following directory pages for listings of more companies and services providing debt consolidation and related financial services to people in need of help dealing with credit card and other consumer debts.