debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Debt consolidation, consumer credit counseling options for improving finances
By Marvin Milner on Apr 21st, 2010
When facing a troubling debt situation and dwindling finances, people may consider options like debt consolidation or consumer credit counseling.
In a recent piece for her website, personal finance expert Liz Pulliam Weston showcased a letter from a reader whose credit dropped after a foreclosure. Furthermore, the reader faced a reduction in salary after finding a new job and was curious as to how consumers in such a situation can start rebuilding their credit.
Pulliam Weston noted one option for consumers is debt consolidation. Through debt consolidation, people may be able to lower the amount of interest they pay on credit cards, which can help them get out of debt faster.
Experts note that another advantage to debt consolidation is that it reduces the number of bills a consumer receives. Having fewer statements makes it easier to track payments, which make it less likely that a person will miss a due date.
However, Pulliam Weston wrote that consumers with lower credit scores may find it difficult to find a debt consolidation loan. Instead, they may consider consumer credit counseling. These organizations can figure out whether a person has the funds to back a debt management plan, which can also lower interest rates.
More Debt Consolidation News
