Carrying around debt can feel like a heavy burden to many people. When looking into different options, you may have come across debt consolidation. Read on to find out if you can consolidate your debt and lift the burden of debt from you and your family.
What is debt consolidation?
Managing your credit obligations can seem like a daunting task, but consolidating debt is an option that many people consider. It allows you to eliminate the hassle of multiple creditors, significantly reduce your monthly payment, lower your interest rates, simplify the bill-paying process, and avoid delinquencies.
How do I consolidate my debt?
The first thing to consider when consolidating your debt is whether or not your debt is secured or unsecured. Unsecured debt is that which is obtained without collateral: credit card bills, medical bills, utility bills etc.
After you’ve worked out how much you owe in unsecured debt, you’ll need to provide proof of income and a copy of your budget. Many companies will not work with you if you cannot provide proof of a steady income. A budget, or a list of monthly expenses, is also sometimes necessary.
When working with a debt management company, you may only be able to consolidate unsecured debt, and there may be a certain balance requirement to qualify, so it’s important to know what you’re dealing with. It should be noted that this balance requirement may vary from company to company.
Once you’ve completed all these steps, you’ll want to check with your debt management company to make sure that you’ve completed all the necessary requisites in order to consolidate your debt.
Once your debt management company tells you that you’ve completed all the necessary steps and can now consolidate your debt, you can move ahead with your consolidation plans. Your company will work with you to pool your financial obligations into a more manageable monthly payment. At Accredited Debt Relief, we will carefully examine your debt obligations and develop a proven system to consolidate your debt. Once your debt has been consolidated, you can rest assured that your monthly payments will be much more manageable, and have peace of mind in no longer struggling to meet your credit obligations. Accredited Debt relief is an official member of the American Fair Credit Council (view Accredited Debt Relief on AFCC). For more information about Accredited Debt Relief or to schedule a free consultation, “like” Accredited Debt Relief on Facebook, visit us on the Accredited Debt Relief Yellow Pages site, or follow Accredited Debt Relief on Twitter.