1.
How long does it take to pay off my credit card debts after debt
consolidation?
Most people able to get out of debt in 3 to 5 years after the
interest rates on their debts have been reduced under a debt
management plan.
2.
What kind of debts can I consolidate with your program?
Most unsecured debts can be included in a debt consolidation
program. For example: Credit Cards, Unsecured Personal Loans,
Medical Bills, Student Loans, Taxes, Charged-Off Accounts, and
Collection Agencies. Secured loans such as a Mortgage or car Loans
cannot be consolidated.
3.
Are all creditors willing to reduce interest rates?
Most creditors are willing to reduce interest rates because of the
substantial amount of debt which exists today in the United States.
We have established an excellent reputation with creditors and they
are happy to work with us because we provide you, the consumer, with
an option to willingly repay your debt obligations instead of
declaring bankruptcy.
4.
How will debt consolidation affect my credit?
If you are currently delinquent on your accounts, we can request
that your creditors re-age your accounts and bring them to current
status. If you are paying your bills on time and have too much debt,
a debt repayment plan can only help improve your credit rating by
reducing your overall debt to income ratio.
5.
Will I have to give up my credit cards?
Unlike other credit counseling services that require you to close
out all of your accounts, only the accounts that you are
consolidating will be voluntarily closed out.
6.
How does debt consolidation differ from declaring bankruptcy?
The objective of bankruptcy is to absolve oneself of debts
altogether. This financial strategy, however, has serious and
long-term drawbacks, which may negatively affect your life for
decades. For example, applying for life insurance, purchasing a
business, buying a home, applying for a job, etc., can all be
negatively affected by a prior bankruptcy. Under a debt management
plan, you commit to repaying your debt obligations. Thus, one can
repair bad credit, maintain a good credit rating and return to a
debt free lifestyle quickly and without frustrating negative
consequences.
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