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Debt Consolidation


Debt Consolidation

One of the key factors that have to be considered while handling money is how to save it and how to spend it. Usage of credit cards, over use of them and failure of payment of debts leads to what is called the debt cycle..

Debt Consolidation Services work directly with  creditors to come up with the ideal payment plan for you. Creditors get numerous benefits, such as:

Reduce your payments by as much as 50% 
Consolidate your payments into one low monthly payment 
Eliminate late charges and other fees 
Eliminate or reduce your high interest rate 
Re-age your past due accounts to improve your credit rating 

Q So how does the debt consolidation work?
The credit card companies find a debtor who isn't prompt and regular in his payments  then a session is conducted where the debtor is placed face to face with a finance counselor and the debtor is given counseling on how to repay the debt.

Once the debtor aggress on a mutual consent the debt is repaid. This is a win win situation where in the lender and the debtor win in the end. The lender gets his money back and the debtor is relieved of his debt.

But Repeated debt reports tarnish the image of the debtor.







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