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Debt Consolidation - Frequently asked question and answers

What is a debt consolidation program?
Debt consolidation is one of the best types of debt management programs to enter into. It is the one debt program that does not harm ones credit score. The debt consolidation is structured to lower ones minimum payments, interest rates and debt length without harming their FICO score. This is the program that should be entered into before any other type of debt program.

How long does the debt consolidation program take?
Depending on the consumer the debt consolidation program usually takes anywhere from 12 to 48 months. This type of consolidation brings down the interest rates and allows the consumer to pay off the debt in a more rapid affordable way without penalty fees. If at any time one wants to pay more they are able to do so.

What will the interests be in the debt consolidation program?
Interest are always lowered but each debt is different it will depend on who you owe. All interests are pre negotiated each company is different. When you find a company to help with credit card debt you they will run a quick analysis and give you a quote of what saving you will have. These analysis usually take about five minute and are definitely worth ones time.

Will I still be able to use my credit card after I receive the help?
No, the creditors do want the accounts to be closed however many people keep a credit card for emergency purposes. The advisor assisting you will give you advice on what would be your best option. The consumer should try not to use the credit card unless they have no other choice. Remembering that this is a program to rid yourself from debt so try not to accumulate more except for a real emergency.

How will the debt consolidation program affect my credit score rating?
The debt consolidation program is the one program that will not be factored into ones credit score. One’s credit score goes unharmed as long as the payments are kept up. Debt consolidation is basically getting on new terms with the credit card companies. No balance negotiations are going on just a negotiation of payment, interest and debt lengths.

I do not want anyone to know about this is it a private matter?
Absolutely, any reputable company that assist you will do whatever possible to make sure all steps are done on a one on one basis. Any extra measure that the client may want to take the debt management company should do whatever possible to ensure that this happens.

I do not want to secure this with any of my assets is that possible?
Yes, there is no reason to tie a home, land or any assets to the program because it is not a secured loan. When getting a debt consolidation loan that is exactly what one is doing, securing their debts which should never be an option. The debt consolidation program is not a secured loan in anyway.

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