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It should reduce your monthly payment by lowering the interest rate on your bills, making it easier to pay off the debt.
This debt-relief option untangles the mess consumers face every month trying to keep up with multiple bills from multiple card companies and multiple deadlines.
Learn More About Debt Consolidation Loansnonprofit debt consolidation through a debt management program, which doesn’t require the consumer to take out a loan.
Instead, the nonprofit credit counseling agencies work with card companies to reduce the interest rate and lower the monthly payment to an affordable level for the consumer.
If you are falling behind paying off your credit card debt, it’s very likely your credit score is tumbling, too.The consumer sends a monthly payment to the credit counseling agency, which then distributes the money to each creditor in an agreed upon amount.The agency may also get the card companies to waive late fees or over-the-limit fees. Debt management programs usually take 3-5 years to eliminate debt.There are many reasons why people consider debt consolidation.However, it is important to understand that there is no easy out when it comes to debt.
The loan is repaid in monthly installments at an interest rate you negotiate with the lender.