If you are having trouble managing your debt, then debt consolidation may be for you. Debt consolidation is the replacement of several smaller debts with one large one. This means you only need to focus on one payment. It is extremely unlikely that you would forget to pay just one bill, which might not be the case if you have several. Instead of paying bills with varying high interest rates, you can consolidate your debt into one bill with the lowest possible interest rate.
It is also possible to secure a fixed interest rate, so you can more accurately gauge what your bottom line will be each month. This will save you time which you can use to figure out an organized plan to repay your debt. You can also prolong the life of the payments, resulting in less monthly obligations, leaving you with money left over to spend on other things.
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Debt consolidation is an excellent alternative to bankruptcy. Debt consolidation will improve your credit, whereas bankruptcy can leave a stain on your credit report, and make it extremely difficult to get credit in the future. It is also a cheaper process than bankruptcy, which can have many hidden costs. Debt consolidation should also be considered to prevent foreclosure on your home. By consolidating your other bills, you can potentially leave extra money to help make the monthly mortgage payments.
Hiring an experienced professional in the field of debt consolidation, such as an attorney from Consumer Law Firm of America PA , can guide you through the process and remove the burden of dealing directly with creditors. An attorney can stop creditors from calling and writing you, and can negotiate lower interest rates and payments on your behalf. A good lawyer can also help persuade creditors to issue a loan for unsecured debt. Unsecured debt is debt that is not backed with a lien, such as a house in the case of a mortgage. Some people may not have collateral to offer to secure a loan, such as a car or home. Creditors may not want to risk giving out an unsecured loan, but this is where an attorney is invaluable.
A good attorney who has experience in dealing with creditors will greatly improve your odds of getting a consolidation loan. You can consolidate unsecured debt from medical bills, credit cards, debts in collection, retail store cards, Judgments and liens, personal and signature loans, and reposed vehicles. Typically, debt consolidation can have you free from debt in one to four years. A knowledgeable attorney can advise you as the right course for you to eliminate debt.
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