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Credit Card Debt Consolidation Service - What You Need to Know

Jun 9, 2008
A credit card debt consolidation service can provide a way for you to pay bills that have been too high to cover. It can change your life from one of dodging creditors to one of paying bills on time. What is more, it does all of this without increasing your debt.

It is easy to find a credit card debt consolidation service. There might be one in your own city, listed in your own phone directory. If not, there are numerous services online. To get connected with a service you can trust, it is best to use companies that are well-known.

Then, to be sure you are on their actual web site, you can move your cursor across the page, and you should see the URL in the lower left hand corner. If it does not match the name of the company, you may not be on the legitimate site of a credit card debt consolidation service.

There will be a lot to cover when you consult with a credit card debt consolidation service counselor. Both you and the counselor will be examining all of your debts. It will probably take some time to complete this step. However, performing this step thoroughly will determine whether you consolidate all your debt or not.

You will then furnish your credit card debt consolidation service counselor with an accounting of all your standard non-debt expenses. The counselor can use this information to identify what amount you can handle on a debt consolidation program.

The credit card consolidation service uses all this information to put together a debt repayment plan for you. They work with creditors, professionals like attorneys and doctors, finance companies, and collection agencies.

The credit card debt consolidation service negotiates with these companies for interest rates that are either suspended or significantly lowered. They also get the creditors to remove all penalties and late fees. By completing all of these steps, you will see your greatly reduced payments.

Then, they go one step further. From all of those individual payments, they establish one monthly payment that you will send to the credit card debt consolidation service . This completely removes the likelihood of missing any payments because you won't have to keep track of so many. Now that you have one lower monthly payment, you no longer have all that paperwork and confusion to worry about.

A credit card debt consolidation service will want you to set up automatic withdrawals from your bank account for that monthly payment. You just have to make certain the money will be in the account every month. Also, remember when each monthly withdrawal will take place each month.

When you send your payments to the credit card debt consolidation service, they will go on to send it right on to the creditors. The creditors still hold your debt; the credit card debt consolidation service merely acts as a go-between to help you get them paid off. Finally, the service will add a fee for their services. The cost of the fee plus your payments will still be much less than your previous payments per month. Overall, the service can relieve you of a burden of debt.
About the Author
Author John White can teach you about how the credit agencies work. You can get tips on Credit Score Ratings or find out how to get a Totally Free Credit Report.
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