Consolidating credit agencies

Sometimes you reach a point where debt becomes overwhelming.Late payments, medical bills and personal emergencies can all add to a mounting amount of debt.We get lots of questions about debt consolidation at and that's because there are so many ways to consolidate debt.Let's start with the basics: debt consolidation refers to the act of grouping all your different debts into one single debt.Credit Counseling offers one of the most common and legitimate ways to get your credit card bills reduced and under control with a single consolidated monthly payment.There are benefits and drawbacks to working with a credit counseling service.While credit companies are under no obligation to negotiate your payments, the best debt consolidation companies may be able to consolidate your debt to a single, monthly payment or negotiate to lower the total amount of debt that you owe.

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If the interest rate on this new personal loan is lower than the interest rates on the different credit cards that you are consolidating, you'll save money.

You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.

To find out if you qualify, contact your local Armed Forces Legal Assistance office.

In addition, you'll have a fixed payment schedule that requires you to pay back the debt in 2 - 5 years (depending on the terms of the loan).

That can help you avoid the minimum payment trap that can keep you in debt for years to come.

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