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Digital News Report – Debt consolidation has become big business in the United States over the past couple years. Americans are finding themselves with excessive credit card debt with few options other than consolidating their loans into one low interest loan.
The increase in competition has made it easier for debtors to find consolidation companies. Communities and networks have sprung up all over the United States. Many of these communities will offer users the ability to comment on a specific company.
There are also foundations and non-profit organizations that can offer help. Finding a reputable councilor that can help you is the key.
The goal is to consolidate the debt into one easy payment. In most instances that will require a new loan. This payment needs to be less than what you are paying now.
You will need to get your records together and determine what you owe and to what company. A debt councilor can help you work out a plan to pay off your bills.
The Federal Trade Commission recommends you develop a budget and contact your creditors “immediately” if you are going to be late on a payment. There are rules that debt collectors need to follow.
By: Tina Brown