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Tag Archive: debt consolidation plans

  1. Best debt consolidation

    Comments Off on Best debt consolidation
    Best debt consolidation

    Best debt consolidation

    Are you finding it hard to fall asleep at night? Do you stay awake late at night, stressing over your budget and trying to figure out how to pay off your multiple debts? If the answer is yes, then you have come to a place that can help you. You see, you are not alone in this, Nowadays, there are many people who struggle with debt. It is even safe to say that many American households have multiple debts to repay.

    Why are so many people having trouble with debts?

    Debt consolidation

    Why are so many people having trouble with debts?

    The short answer is – life is very, very expensive. The truth is that nowadays, even hardworking people with good jobs and good monthly income are struggling to pay their regular monthly bills. Living in such an unstable economic environment, it is really hard to make long-term financial plans. Even if you put all your effort in structuring your budget in the best possible way, life could still often find a way to surprise you. Having unexpected emergency expenses is one of the most common reasons why people go into debt. An emergency expense can be anything from your car breaking down on your way to work, to a major health problem. So whether you cannot afford to pay your monthly electricity bill or you are confronted by an emergency financial problem, taking out a loan is often the only solution. However, once those loans start to pile up, it becomes very hard to pay them off. That is how most people end up carrying multiple debts. Other ways to get in debt include:

    Taking out a student loan

    Consolidating student loans

    Taking out a student loan

    While taking out a student loan cannot really be put into the category of ‘bad loans’ it is still a debt that you have to repay. People normally take out student loans because they want to invest in a better, brighter future. Paying for education is very expensive, so for most people, the only way to afford a college education is by taking out a student loan. However, many of them do not realize that they may end up repaying that loan for the rest of their lives

    House loan

    The American dream has always been to have your own home. And so, many people take out loans to buy a house.

    How can you pay off your multiple debts?

    There are different ways of paying off multiple debts. However, there is definitely one method that is most used by people struggling with multiple debts and that method is debt consolidation. Below, we will explain what a debt consolidation is, and we will also look at some the best ways to consolidate debt.

    What is debt consolidation?

    what-is-debt-consolidation

    what-is-debt-consolidation

    Debt consolidation is a way for people to pay off their mufpaydayltiple debts in a quicker and easier manner. This is done by combining all their monthly debt payments into just a single payment that they pay at the end of each month. Having a single monthly payment instead of having to write multiple checks to multiple creditors has many benefits.

    Debt consolidation benefits

    • Debt consolidation

      Debt consolidation benefits

      It is already hard enough to manage your budget when you only have to take care of your regular monthly bills. Add multiple debt repayments, the situation can get quite complicated and exhausting. By combining all your debt bills into a single monthly payment, you will save yourself from a lot of unnecessary stress. You will save plenty of time calculating your budget, and you will make your financial life a bit easier overall.

    • If you are using a debt consolidation loan as your method of consolidating your multiple debts, you will get new terms on your debt consolidation loan that are normally lower than the combination of all your current debts terms. That includes lower interest rate and fees.
    • By consolidating your multiple debts into a single monthly bill, you will usually have a monthly payment that is going to be lower than what you are paying for your multiple debts each month. And having a lower monthly payment can free up some space in your monthly budget for other stuff that you need or have to take care of.

    What are some of the best ways to consolidate debt?

    There are three main methods for debt consolidation:

    • A debt consolidation loan
    • A debt settlement
    • A debt management plan
    • None of these is an easy or a super quick fix. However, these methods are the most common methods for consolidating debt.

    Debt consolidation loans

    Debt consolidation

    Debt consolidation loans

    Debt consolidation loans are probably the most used method for debt consolidation, especially if your debts are unsecured. What a debt consolidation loan basically does is, it combines all your current debts, into a brand new, larger loan. The benefits of such loan can be really, really good. Your debt consolidation loan is going to have new loan terms, which are normally better than the terms that you have on your debts overall. That include lower interest rate and fees. However, if you do not have a good credit score, getting a debt consolidation loan with a lower interest rate is going to be really hard and it is highly unlikely that you would be able to find a loan lending company that is ready to offer you such terms for your debt consolidation loan

    Debt management plans

    Debt management plans are generally recommended by financial experts as the best way for consolidating debt. With debt management plans, your best options would probably be to contact a non-profit debt consolidation organization. That agency can help you get a lower interest rate on your current debts and reduce your overall monthly payments.

  2. Debt consolidation companies

    Comments Off on Debt consolidation companies

    Nowadays, more and more individuals are becoming financially overextended with some type of debt. Which can be why many of them see a possible solution to their financial troubles in debt consolidation. Debt consolidation is a process where the individual usually takes out a brand new larger loan to combine (a consolidation) several of his outstanding debts. The purpose of this new loan is to pay off all the debt that has been consolidated, therefore, leaving the individual with just a single monthly payment to worry about. What immediately attracts the attention of consumers when talking about debt consolidation is that the new payment of the debt consolidation loan is normally lower compared to what you would normally pay for the multiple debts that this loan combines. The debt consolidation loan is also generally of a lower interest rate than the average interest rate of the multiple debts. Even though debt consolidation is a great tool when used correctly, people should still be cautious when considering which debt consolidation company they are going to work with.

    Debt consolidation companies

    Debt consolidation companies

    Debt consolidation companies

    There are some debt consolidation companies that can give you lower monthly interest rates and payments, but they are only able to do so by extending your loan term for a much longer period. Therefore, you end up paying even more money than you would have paid without debt consolidation. You should keep in mind that the best debt consolidation companies out there have the practice of negotiating a lower total amount of the debt with the creditors before making any debt consolidation loan plan. What they do is simply giving you a brand new loan that covers all your existing debt, and therefore enabling you to save money that would have otherwise been spent on interest. When you are looking for a debt consolidation company, you should make a list of companies that have gotten your attention and start comparing what they are offering to you. Narrow down that list until you pick the best debt consolidation company to handle your debts.

    When to use a debt consolidation company?

    As we have already mentioned above, debt consolidation loan is a single, larger loan that is a combination of multiple smaller debts by making your repayment schedule more simple and your overall monthly payments lower. Therefore, a debt consolidation company may be able to assist you and help you pay off the debt you are carrying much quicker and also to help you get rid of some of the stress while repaying your debts. In case you are struggling with multiple unsecured debts such as medical bills, store cards, credit card debt, personal or student loans, finding a reliable debt consolidation company to work with is something that is definitely worth your serious consideration.

    In order for this debt relief plan to work, you need to have some sort of monthly income, otherwise no debt consolidation company would want to work with you. If you have a stable source of monthly income, your debt consolidation company will be able to work out a repayment plan based on what you could realistically afford to pay for your debt consolidation loan each month and also will negotiate with your creditors on your behalf to make your debts repayment a bit more manageable.

    • What are the available types of debt consolidation plans?

    available types of debt consolidation plans

    available types of debt consolidation plans

    Generally, there are two main debt consolidation methods. Both methods can basically achieve pretty much the same result but have different approaches. Achieving what you want is highly dependent on your understanding of how these two methods work. Therefore, choosing the one that could better suit your specific situation and give you the end result that you are really looking for.

    • Debt settlement

    Debt settlement is a debt consolidation plan that is designed to help people who are unable to repay fully repay their debt and are facing bankruptcy. With a debt settlement plan, your debt consolidation company will contact the creditors and offer them to settle your accounts in exchange for a certain portion of the debt amount that you owe them.

    Debt management

    Debt management is a debt consolidation strategy that consolidates your multiple unsecured debts into one larger monthly payment that you need to send to a debt consolidation company. After which the debt consolidation company will distribute that payment to all the creditors whom you are owing to. Debt consolidation companies work directly with their client’s creditors to secure certain benefits which will help with the repayment of the debt over time. A debt consolidation company can secure benefits such as over-the-limit or late fee waivers, interest rate reductions, and an overall reduced monthly payment.

    Once you find a reliable debt consolidation company, that company will guide you and help you choose the best debt consolidation plan that will benefit your specific financial situation.

    • Do all debt consolidation companies offer the same services?

    Do all debt consolidation companies offer the same services?

    Do all debt consolidation companies offer the same services?

    The answer is no. Every person has a unique financial situation, and the same goes for debt consolidation companies. They too have their unique offerings and practices. Try to find a debt consolidation company that offers a number of different debt consolidation plans and is ready to guide you through every step of the process, and ultimately, a company that can give you the best debt consolidation plan based on your specific needs, not based on their balance sheet. When you have gathered a list of different companies, start calling every one of them and ask questions about their specific offers. Then start comparing these companies based on their services and fee structures and try to assess the accreditations and reputation of each company. Try to compare the pros and cons of each debt settlement and debt management programs so that you will be able to determine which of the two methods is more beneficial to you.  

     

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"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket. But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.

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