When you are swamped in debts and live from one paycheck to another one, barely making ends meet, it is time to seek the professional help of a debt consolidation service company. These organizations exist to serve an ever growing number of people who have suffered setbacks, were hurt by the real estate bubble or the job market crisis, and are now unable to pay off their debts and rebuild their credit score. Visit our site if you need more information - http://www.toptenreviews.com/money/debt/best-debt-consolidation-companies/.
What Can Consolidation Service Do for You?
Professional debt consolidation service, debt counseling and restructuring is not a magic wand erasing your debt, but your most powerful ally in a difficult situation, when you are powerless to negotiate better conditions with your lenders. If you are still unsure, here are a few things that consolidation service companies can do for you:
• Negotiate with the lenders on your behalf – these companies employ specialized staff who know the banking laws and can find strong arguments in your favor to negotiate lower interest rates or a refinancing of the loan;
• Develop an affordable payment plan – banks and financing institutions will receive a clearly structured payment plan which is created based on your incomes and expenses;
• A fully transparent process – throughout the entire process, you will be informed of each step taken and each progress achieved on your behalf.
How Do You Find a Reliable Debt Consolidation Service?
There is one simple rule of the thumb to decide whether you should trust a company: do they promise you the moon and the stars? Do they claim that you will be debt free in a couple of months and you will have a stellar credit score right afterwards?
These promises are not just unrealistic, but also impossible to achieve in the best circumstances. A reputable debt consolidation counselor can promise a 1-2 year period and a time span of a few years to rebuild your credit score.
Professional personal finance counselors will also advise you to cut back on your expenses and, most importantly, will not collect the debt consolidation fee until you get tangible proofs that your financial situation is being managed.
When you are in debt and struggling, it is easy to fall victim to scams promising a quick solution to your problems. Reality is more complex, and you must face it. Do not give your money to ruthless people who take advantage of your vulnerable situation. Find a reputable debt consolidation service company and let them manage your financial debts.