Debt Consolidation Companies

Debt consolidation is a debt reduction system that allows consumers to combine their unsecured loans into one payment. This means that you will have to make one payment instead of making separate payments. It does not eliminate your debt; instead it makes it easy for you to repay the debt. Once you have done paying your existing debt, you still must pay the consolidation loan.

For example, instead of paying for six or seven payments to the bank and storing credit cards, you will make just one payment to the debt consolidation company and then the company would disburse the funds for you.

Such system can be beneficial to the consumer because the debt consolidation company will typically set a lower balance, a lower interest rate, a lower monthly payment, eliminate late fees, and a term when the loan is paid in full. Debt Consolidation can save a huge amount in the long run for a consumer.

However, Mortgage loans and car loans are not subject to consolidation because these loans are secured.

Debts which can be consolidated

Credit cards

Unsecured personal loans

Payday loans

Medical debt

Department store credit cards

Certain utility bills.

Now, after learning about debt consolidation and debts which can be consolidated, let's look at some debt consolidation companies

Debt consolidation companies

Clear One Advantage

Baltimore based Clear One Advantage is Relief Company which offers debt free analysis on debt management plans. They basically work with unsecured debt like credit card debt and medical bills.

Freedom Debt Relief

The company founded in 2002, helps clients to go for debt management programs. The fees may vary from states to states as its services are not available in all states.

National Debt Relief

This is a New York based company and they work to reduce the balances owed on credit card debt and medical bills.

Pacific Debt, Inc.

Like any other debt consolidation company, this company also helps consumers to develop a debt relief program that leaves you with single monthly payment.

Accredited Debt Relief

This company also offers debt management programs with no up-front fees. They also offer free consultations and advise clients over the debt consolidation issue.

Also read:Best Time To Consolidate Credit Card Debt

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