Top 10 Debt Consolidation of 2017

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The Importance of Top 10 Debt Consolidation

If you feel you have too much debt and you can’t get it under control, Top 10 Debt Consolidation may be the right answer for you. There are ways to get out of debt without filing bankruptcy and without paying sky high interest rates.

We have evaluated a mix of debt consolidation and debt settlement companies. They are very different strategies so you should carefully decide which option is best for you.

A debt consolidation loan would pay off your unsecured debts with a new loan and provide you with one low monthly payment.

A debt settlement program provides you with a professional negotiator that settles your debts and creates a custom tailored program that you can afford.

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We receive advertising revenue from our partners. Many advertisers pay us a referral fee if you purchase products or complete lead forms after clicking links or calling phone numbers on our website. This enables us to continue promoting our comparison reviews without any fee from the consumer. We sometimes offer premium or additional placements on our website and in our marketing materials to our advertising partners. Partners may influence their position on our website, including the order in which they appear on a Top 10 list, based on conversion rates or commissions. For example, when company ranking is subjective (meaning two companies are very close) our advertising partners may be ranked higher. While we try to feature as many products on our site as possible, we recognize that our site does not feature every product available on the market.  At Top10Jungle.com, we are all about transparency. If you have any questions about this disclosure, please email [email protected]

The Importance of Top 10 Debt Consolidation

If you feel you have too much debt and you can’t get it under control, Top 10 Debt Consolidation may be the right answer for you. There are ways to get out of debt without filing bankruptcy and without paying sky high interest rates.

We have evaluated a mix of debt consolidation and debt settlement companies. They are very different strategies so you should carefully decide which option is best for you.

A debt consolidation loan would pay off your unsecured debts with a new loan and provide you with one low monthly payment.

A debt settlement program provides you with a professional negotiator that settles your debts and creates a custom tailored program that you can afford.

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"National Debt Relief is a top rated debt relief company in the US and is accredited by the Better Business Bureau. They offer a 100% money back satisfaction guarantee. They have helped over 100,000 consumers get out of debt. They even provided us with a dedicated help line to show their commitment to quality customer service. They can be reached at (855) 982-0150."

(844) 220-7885

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"Freedom Debt Relief is a top ranked credit advocacy and debt settlement company. Freedom is accredited and ranked A+ by the Better Business Bureau. Working with nearly 100,000 clients since 2002, the company reached the $1 billion mark of savings for their customers in December 2010. They did this by negotiating settlements on 188,000 individual creditor accounts for its clients becoming the first debt resolution company in the country to reach $1 billion in cumulative debt it has resolved for clients."  They can be reached at (844) 220-7885.

"Even Financial is a unique online matching service that educates and helps consumers searching for personal loans. It systematically matches borrowers with lenders in order to keep the borrowers costs and the lenders defaults low."

What is Debt Consolidation?

The process of combing various unsecured debts – credit cards, payday loans, personal loans, medical bills, etc. into a single bill is known as debt consolidation. So, rather than paying off 15 creditors individually each month, you combine all the bills into a single payment and only write a single check. This simplifies your life and helps avoid payment errors that can result in bounced check fess and late payment penalties.

The three most popular forms of  Debt Consolidation are:  Debt Consolidation Loans, Debt Management Plans & Debt Settlement Programs. None of these options will provide you with a quick fix, however, they are designed for your benefit as long-term debt reduction strategies. Debt consolidation should bring reduced interest rates and monthly payments and long term credit score improvement.

Other Forms of Debt Consolidation

The process of combing various unsecured debts – credit cards, payday loans, personal loans, medical bills, etc. into a single bill is known as debt consolidation. So, rather than paying off 15 creditors individually each month, you combine all the bills into a single payment and only write a single check. This simplifies your life and helps avoid payment errors that can result in bounced check fess and late payment penalties.

The three most popular forms of  Debt Consolidation are:  Debt Consolidation Loans, Debt Management Plans & Debt Settlement Programs. None of these options will provide you with a quick fix, however, they are designed for your benefit as long-term debt reduction strategies. Debt consolidation should bring reduced interest rates and monthly payments and long term credit score improvement.

What is a Debt Consolidation Loan?

A Debt Consolidation Loan is new loan that allows you to payoff your existing loans and make a single payment to one creditor.  A Debt Consolidation Loan usually has a fixed rate of interest, lower than your current interest rate, and helps decrease your monthly payments.

What is a Debt Management Plan?

A lot of financial experts prefer a Debt Management Plan, and the majority of recommended Debt Management Plans are organized by non-profit businesses. They start with a credit analysis session in order to help decide the amount of money you are able to pay creditors every month.

The non-profit organization can assist you in getting a cheaper rate of interest from creditors and lower or even waive late fee charges so you can comfortably pay off your monthly bills. You would send a single payment to the debt management agency. The agency systematically divides the payment among your lenders. A debt management program will not work if you can’t keep up with your monthly payments. All it takes is one missed payment and your creditors can remove you from the program. This eliminates any benefits you’ve been granted and you can end up in the same or worse position from where you started.  It is important to remember that making use of a Debt Management Plan will initially have a negative affect on your credit score. The goal is to pay off your debts in 2-5-years at a discount and end up debt free, ultimately improving your score.

What is a Debt Settlement Program?

A Debt Settlement Program will negatively impact your credit score but not nearly as bad as filing for bankruptcy. It is a cost effective way to resolve your debts. Professional negotiators attempt to settle your debts with your creditors and then create a payback of 2 to 5 years. In order to enter a debt settlement program, your accounts must already be 3 to 4 months delinquent.

What is Bill Consolidation

The process of eliminating debt by bundling all your bill payments and reimbursing them with a single loan is referred to as bill consolidation. With this method, you only make one payment each month, which is a good idea if you have six, or perhaps even ten individual payments to make for utilities, credit cards, phone service, etc.

If you combine all the bills into one amalgamated sum, the consolidated payment should have a reduced monthly payment and a lower interest rate. Any savings you have could best be used for starting a backup fund to help avoid any possibility of a future financial crunch.

Consolidating Credit Card Debt On Your Own

If your credit score is good (700 or higher) then the ideal way you can consolidate your credit card loan is by applying for a zero-percent interest balance transfer credit card. The zero-percent interest is a preliminary rate that typically lasts for around 7 to 18 months. Every payment made in that period will go straight toward decreasing your balance.

When the preliminary rate concludes, interest rates rise to around 13 to 27 percent on the leftover balance. Be careful, because balance transfer cards usually demand a transfer fee (typically 3%), and some even charge a yearly fees.

Another means to consolidate your credit card balance on your own is by going “cold turkey. ” Stop using credit cards and paying with cash or debit cards as an alternative. After you have fully paid off your debts, you can then pick one credit card and be extra careful with its use.

How to Consolidate Your Bills

Bills and debt consolidation require persistence, patience, and some form of management skills. You should begin by collecting all your dues from things such as utilities, credit cards, medical and cell phone services. Add the aggregate sum you owe on the unsecured loan and then decide how much you can really manage to pay for each month while still being able to pay your basics like food, transportation and rent.

When you have a number in front of you, choose whether a debt management plan, a personal loan or a debt settlement plan will give you the maximum chance to get rid of your debt. Realize that this procedure usually takes around 3 to 5 years, and there are no quick-fixes and no short-cuts.

top 10 debt consolidation charlie

Charlie
Debt Consolidation Expert

"We put this comparison together to get you on the road to financial freedom. After consolidating debt, many people report a reduced sense of stress. Our goal is to get you into a position where you can meet your financial obligations and get back on your feet. As you can see, we only selected companies with the best reputations, that are committed to confidentiality and don't charge any upfront fees.  I would never try a product without one so why should you? If you need to contact us, get answers to some FAQs or access our technical support team, please send an email to [email protected]. Stay safe - it's a jungle out there!"