Debt consolidation is a option for those who have a large amount of debt. If you are drowning in credit card debt and other bills, you can consolidate all of your bills into one using a loan. Many companies offer a lower interest rate for these loans, but it is never guaranteed. The plus side to doing a loan like this is you will have one payment and possibly a lower interest rate. The downside is that it does not eliminate the debt. You may even end up in debt for a longer period of time depending on the payoff terms.
These types of loans are best for debt that is not in collections. If you have debt in collections, you should consider calling a debt relief company or a debt settlement rather than a loan.
You can call for a free consultation to find out what program is best for you!
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