Bearing the Burden of Debt
The burden of debt can weigh heavily on many individuals. While some people misuse credit to get themselves in this type of trouble, others were forced to turn to credit cards and loans to survive. For these individuals, debt consolidation may be the right solution. Determining when to use this process will help you make the correct decision to put your financial future on a positive path.
High Balance, High Interest
One of the biggest problems with debt is paying high interest on a balance that never seems to go down. If you are using store credit or other forms of credit that often carry high interest rates, speaking with a certified credit counselor can be the right option. He or she can help you decide if consolidating your debt into one monthly payment with a significantly lower interest rate is the right move for your financial situation.
Eager to Pay It Off
If you are only making the minimum payment and feel as if you aren’t getting anywhere on your balance, you’re probably right. Debt consolidation is designed to help you pay off your debts faster with a lower interest rate. When you follow a debt management plan, you will pay your loans off in as little as five years.
No Collateral
Collateral can be a major player in the lending game. If you don’t own a home where you can take out a home equity loan to cover your high interest loans or credit cards, you could be paying on them for a long time. Consolidating your debt can help you reduce your payments, even without the help of a home equity loan. Helping you to stop the cycle of debt and get on the road to financial freedom.
There are many reasons why individuals seek debt consolidation assistance. If one of these situations describes your current finances, it is time to turn to the professionals. Christian Credit Counselors can help you make the best choices and begin to build a solid foundation for your financial future.
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