Consolidating debt without hurting credit
You’re in deep with credit cards, student loan payments and car loans.
Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.
In almost every case, you’ll have lower payments because the term of your loan is prolonged. You are only restructuring your debt, not eliminating it.
You don’t need debt rearrangement—you need debt reformation.
Here are the top things you need to know before you consolidate your debt: But here’s the deal: Debt consolidation promises one thing but delivers another.
That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.
Pay attention here, because these crafty companies will stick it to you if you’re not careful.
Today, many Canadians are living above their means, and it’s reflected in our household debt-to-income ratio, which is up nearly 25 percent from just one decade ago.Some companies know holiday shoppers who don’t stick to a budget tend to overspend then panic when the bills start coming in.And other loan companies will hook you with a low interest rate then inflate the interest rate over time, leaving you with more debt! Your goal should be to get out of debt as fast as you can!Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.
They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!
To do that, you have to change the way you view debt!