1. How long will it take to
pay off my credit card debts when I consolidate my debt?
It will usually take you
anywhere from 3 to 5 years, after interest rates have been reduced.
2. What kind of debts can I
consolidate with your program?
You can consolidate most
unsecured debts, such as credit cards, unsecured personal loans, student loans,
medical bills, charged off accounts, taxes, and even collection agency debts.
3. Are all creditors willing
to reduce interest rates?
Yes, because of the huge
amount of debt that exists today, most creditors are open to lowering their
interest rates.
4. How will debt
consolidation affect my credit?
If you have been delinquent
on some accounts, you can ask your agency to re-age your account and bring them
to your current status. If you have been paying on time but have too much
payments, you can opt for a debt repayment plan, which can help improve your
credit rating.
5. How does debt
consolidation differ from declaring bankruptcy?
Bankruptcy means freeing
yourself from all debts completely. Filing for bankruptcy will cause you a lot
of serious and long-term disadvantages, and it can affect your credit and
spending for years. You might have a difficult time applying for life insurance,
or purchasing a home, or starting or purchasing a business, or even applying for
a job, as you already have a record of bankruptcy to your name. But if you avail
of a debt management or debt consolidation program, you make a promise and
commitment to paying your obligations. This way, you can make up for bad credit,
and even maintain a good credit rating. You can also get back to a life without
debts!
