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Debt Consolidation
Debt
Consolidation Programs benefit consumers with an average unsecured
debt of $5,000. Unsecured debts include credit card debt,
medical bills, service charges, personal loans, signature loans,
store credit or charge accounts, gas charge accounts and certain
installment loans. They reduce overall monthly debt, save on
interest fees, help you to establish a monthly household budget,
improve your credit rating by paying creditors in a timely fashion
and end collection calls to your house.
Your
"fixed monthly consolidated payment" is calculated according to the
lowest payment amount accepted by your creditors. The agency you
have hired will distribute the amount of your "fixed monthly
consolidated payment" to each creditor. Most creditors will only
reduce or stop your interest fees if their minimum payment is met,
but if so, the interest rate reduction with these programs can range
from no change to the freezing of interest depending on the
creditors policy. This can save you thousands because rates that are
usually 12%-24% can get reduced to 10%, 8%, 6% or 0%.
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