Advantages of Debt

Consolidation Services

# By combining all your debts into a single

account it becomes easier for you to remember

your due dates and track your payments.

# There is no need to juggle your payments

between different creditors.

# Debt consolidation also means paying only a

single interest at a much lower cost.

Through debt consolidation, it is possible to:

• slash off a significant amount of fees from your total debts.

• you can pay off all your creditors at once and stop your

debts from accumulating

• Most creditors are even willing to make adjustments to make

repayment easier for their clients

Here are Disadvantages

of Debt Consolidation

Services:

• signing up with the

wrong debt

consolidation

company can only

make matters worse

for someone in

debt.

• not all credit counseling agencies or debt

consolidation companies have your best

interests at heart.

• There are agencies offering counseling services

that are actually designed to take advantage of

your financial situation.

• if you do decide to sign up for counseling or a

debt consolidation program, it is crucial to do

extensive research first before making a choice.

• Another risk about consolidation is the tendency

to incur new debts right in the middle of

repayment.

• Remember that consolidating your debts does not

exempt you from your obligation to pay.

• You still need to keep up

with your monthly

consolidation payment

to your lender.

Unfortunately, some

people found themselves

stuck in new debts while

still in the middle of

their consolidation loan

repayments.

• Instead of being free, these people have only

added a heavier burden on their shoulders.

How to Make Debt

Consolidation Work

• After consolidating your debts, you should avoid

incurring new debts from your creditors so that

you can focus on paying off your loan.

• Pay attention to your spending and lifestyle.

• create a monthly budget plan to make sure that

your income would be properly allocated.

• Bear in mind that your number one priority

should be COMPLETING your consolidation

loan payments at the soonest possible time.

For more info about debt consolidation visit:http://www.newhorizon.org/Info/debtconsolidation.htm

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