Nowadays, many people are yelling at their couple’s face:”I need money to pay my bills!” If you are one of them, it is of no surprise at all. However, if you really are short of money to pay back your bills, then it will be the time for you to think of debt consolidation programs. These programs are actually a larger loan that you get to pays off other smaller loans. These could be extremely useful and beneficial to borrowers, but there are also pitfalls behind them.
You need to be careful as debt consolidation programs could both help you or do harm to you. You need to know very clear that all these financial programs are just help you to shift your debt but they are not going to get rid of any of your debt. You just repackage and extend your repayment period. Besides, instead of paying for several different bills, you are not consolidating them to become one and you only need to pack back for that loan each month. One pitfall that most of the borrowers have is they will think that they are now having less defaulting debt.
Public Consolidation Services
If you are wonder whether there is any government assisted debt consolidation service available to the public, then there’s actually a non-profit organization (non-profit) called National Foundation for Credit Councelling that you can seek advice and help from them without any charge. You can find out more by visiting their website at NFCC.org.
You can make appoint at any of their local office but you need to bear in mind that they don’t provide any loan service. They are there just to help you to deal with your creditors. They have a program called DMP(Debt Management Program) that can advice you for better public consolidation services.
Government Approved Debt Management Programs
There are many debt consolidation programs that are government approved and are accessible via the Department of Justice. Most of these government approved debt management programs are able to consolidate your debt of your favor. Among the reputable ones are CCCS(Consumer Credit Counseling Services), Debt Reduction Services and Novadebt. CCCS is situated in San Francisco, but they can offer services to all people nationwide. It is a government approved financial organization. Besides, CCCS also happen to be a member of the National Foundation for Credit Counseling; Debt Reduction Services got the government approval to provides credit counseling services since 1996. Debt management and debt consolidation programs are some of the services they offer and you can seek advice from them if you are residing at Montana, California, or Idaho; Novadebt is situated in New Jersey that is reputable for its credit counseling services. The organization provides government approved programs and credit cousellings nationwide. You can seek Novadebt for free credit and home loan counseling.
If you need money to pay bills, then you need to tell the truth when come for your debt consolidation. You can apply one from financial institution that offering such services. Among reputable banks that do consolidation loans or offer debt consolidation loans in America are Wells Fargo, Chase Bank, Bank of America, U.S. Bank, First Command Bank and etc. Some of the banks do offer debt consolidation loans to people with bad credit but you still need to meet the terms and conditions that stipulated by different banks.
Bill Consolidation Loans by Bank of America
If you are wonder whether will Bank of America give you a loan if you are trying to apply one, then you need to first knowing that Bank of America is among the mortgage leaders in U.S., it’s mortgage keeps on building sturdy and responsiveness relationships with clients. Bank of America offers a variety of debt consolidation loans for your different bills but the approval process can be lengthy and higher charges will be expected.
Capital One Debt Consolidation
If you are having unsettled debts with your creditors, then you may opt for Capital One debt consolidation loans for non homeowners which are specially designed for people with bad credit and possess huge outstanding debts which they haven’t managed to repay in the last few months. Capital One will help you to negotiate with your creditors and offer you with loans that you can pay back your creditors a percentage of the debt month after month.
Debt Consolidation With Debts Under $10,000
Some people will want to go for debt consolidation with their total debts of under $10,000. If you also having total debts of under $10,000, then you are better to work out your own debt plan. If you not sure on how and what to do, then you may refer to a very good and FREE ebook at takecontrolbedebtfree-dot-com which you will be able to get some solid ideas and advice on working out your debt plan.
Normally people who are in need for consolidation loans are those who are having bad credit rating at the moment. Some of them may think it will be very hard for them to success in applying for debt consolidation programs, but there are many factors that need to take into consideration. Since you never try, you will never know. What you need to do is simply visit to your nearby bank and makes the necessary enquiry. Even the major factor is still depends on how bad your credit is. But what is bad in your mind may not really bad at all.