Do you need debt consolidation? Finding the right company to work with can be challenging. With a few tips and guidelines, you can start developing your own reviews on debt consolidation firms during your search.
How to Make Your Own Reviews on Debt Consolidation
First, let’s make sure debt consolidation is clear and defined. Debt consolidation is the process of combining all your unsecured debt into one monthly payment. Examples of unsecured debt can include credit cards, medical bills, and personal loans.
This is a perspective option for consumers who are having trouble managing multiple payments and due dates. Through a debt consolidation plan, you make one monthly payment and on the day that works best for you. The simplicity really helps to keep debt moving in the right direction: out the door!
So, now you might be asking how can you find reputable debt consolidation advice? Here are a few criteria to look for when searching for a reputable company. As you create reviews on debt consolidation firms, keep the following items in mind to make a strong case for or against involvement with them. The following information should be easily available about the company you are inquiring of; meaning, if you can’t find it on their website, it’s not a good sign.
Key Criteria for Reviews on Debt Consolidation Firms
- Check to see how long the company has been in business. By working with a debt consolidation firm that’s been around for many years, you eliminate the chance of falling victim to a “fly by night” company that’s looking to make a quick buck.
- Reputable debt relief companies are licensed in the states in which they do business.
- Reputable debt consolidation companies should belong to a national trade association that sets service standards for its member businesses.
- Accreditation by the Better Business Bureau (BBB) is another good way to identify reputable debt consolidation companies. The BBB also rates companies on an A to F scale. Check the BBB website for your state.
- Some debt relief agencies are non-profit organizations. Working with a non-profit makes it likely that you won’t pay overly high fees for a consolidation program.
Once you found the right company, take a look at the specific program that you’re considering. Be sure to get the following information into your reviews on debt consolidation:
- Does the consolidation program meet your obligations to creditors or is it an attempt to have you pay less than you owe? The latter type of debt settlement solution is best to avoid since it may severely harm your credit rating, among other risks.
- Does the consolidation solution require you to borrow money? Think long and hard before taking out a loan since this approach may just leave you deeper in debt than you are now.
- How much does the consolidation program cost? Insist on getting this debt consolidation information up front, in clear terms.
- What kind of support will the program provide you, to help you stay on track?
Even though this may be a tough time financially, taking proactive and mindful steps forward is a good way to get back on track.
To speak to a credit counselor today about debt consolidation and managing your finances, call 800-769-3571.