Bill Consolidation
Bill Consolidation

Managing high interest credit cards and loans. Consolidate and save thousands.

by Michael Taus
In the current economic situation many residents of the United States are plagued by credit card bills and loans they are unable to pay. Depending on the amount of debt you have an the interest rate on your outstanding credit cards and loans it could very well be in your best interest to consolidate your debt.

With proper help debt consolidation can help to:

  • Lower your monthly payments
  • Waive late fees
  • Reduce interest rates

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Bill Consolidation Programs

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  • Lower your monthly payments
  • Stop debt collection phone calls
  • Avoid Bankruptcy
  • Become debt free

Beginning the debt consolidation process is the first step to a debt free lifestyle. In a typical debt consolidation program the primary goal is to pay off debt within a period of 4-6 years depending upon how much is owed to your creditors. One of the main benefits aside from ultimately paying off all debt is that you are usually able to avoid paying thousands of dollars in interest and late fees, over-limit charges and more.

There are also a few other options available to consolidate/settle debt.

Debt settlement
A process through which you can pay off debt with help of a settlement company. These companies basically make a deal with the creditors reducing your outstanding balance by up to 40-60%. This also prevents you from being harassed by debt collectors, avoid judgment and wage garnishment.

Debt management
This is a debt assistance program in which a credit counseling agency helps you to pay of debt through a payment plan negotiated with your creditors.

Debt consolidation loans
A personal loan which will assist you in consolidating your debt into a single monthly payment. Technically you are paying off current debts with a single consolidation loan. This loan is then paid back in small monthly payments. This is usually not an option if you have bad credit. Bad credit will put a damper on your ability to successfully get a consolidation loan.

Bill consolidation
This is a great way to consolidate your bills. Under this program a loan consolidation company negotiates with either your creditors or a collection agency so that you are able to pay debt at a low interest rate. You may be able to waive or reduce late payment fees and penalties with this program.

Self repayment plan
This is an option that helps you to pay off debt without any assistance from a professional. It is less common, but you basically assess your own financial situation and how to improve it the best way possible. This usually includes preparing a budget, following a payment plan accordingly, and avoiding usage of credit cards or loans that will increase your outstanding balance.

Christian debt consolidation
This is similar to debt consolidation services except that it involves Christian values while helping you to pay off debt. It is important to know that not all Christian consolidation services may offer you free debt consolidation. Depending on the program they may charge you a certain fee when you enroll.

Want to learn more? Visit mortgageloandetails.com to find more information regarding debt consolidation and credit repair.

About the Author
Michael Taus is a financial professional specializing in debt management, bill consolidation, and other financial services. Michael also is the webmaster of http://www.mortgageloandetails.com/ a website specializing in debt consolidation, mortgage loans, and keeping borrowers informed on important mortgage related information.