Is There Any Such Thing As Free Debt Consolidation

Is There Any Such Thing As Free Debt Consolidation?

Free debt consolidation - yea right! The fact is, nothing in life is free, which is exactly why you should be dubious of any advertisements that claim to offer "free" debt consolidation. In most instances, you can get a free quote or else a first-time counseling session. And in most instances, the first-time counseling session is to lure you into the company's agreement.

Debt consolidation is a procedure that can take years to hash out. In most case, people with bad credit or current debt problems often believe there is no way out. They may go online and find a source that will help reduce their debts, believing that the amount of their debts is lower. Since few companies will lead many to believe this is true, it is important that you know that the debt consolidation companies are only reducing your rates of interest.

If you own a home and want to use the equity to refinance, you may want to understand that a good number of the Home Equity Loans will actually land you deeper in debt. Once you are bound to the contract, you will find the complications are more frustrating than when you first applied for the loan.

I brought this up because many homeowners will refinance their homes without looking into the details first, believing they are consolidating their bills. They may feel they are getting something free, since the amount on the mortgage appears reduced. However, if you take out a loan to consolidate your mortgage, you are only stepping into another debt.

Be advised that some mortgage contracts stipulate that if you refinance your home during the contract agreement, you may face penalties, which may include paying off your first home, your second home, and the interest rates included. Therefore, if you are considering debt consolidation, consider the entire picture first-and don't ever fall for the bogus claim that any debt consolidation will actually be free.


Translate Page Into German Translate Page Into French Translate Page Into Italian Translate Page Into Portuguese Translate Page Into Spanish Translate Page Into Japanese Translate Page Into Korean

More Articles



Search This Site


Related Products And FREE Videos

More Articles

How To Find The Best Debt Consolidation Services

... advised that you are adding more debt in most instances. There are, however, legitimate services for debt relief that offer free services. These services will help you through the process of consolidating your debt, but they will not do the work for you. The services are great, since they offer free counseling, ... 

Read Full Article  

How To Find The Right Debt Consolidation Agencies

... greedy souls are out to get their pay and will attach additional fees to your debts. Debtors are protected under the laws; therefore, if you are in debt and are looking to consolidate your bills, then check out the laws at the local library before resorting to a debt consolidation agency. Anytime you ... 

Read Full Article  

Important Advice On Debt Consolidation

... advice you need to find debt relief on your own. To begin with, on a personal level, it is important to cutback on your spending, as well as avoiding purchases that are not necessary. Cutbacks mean that you will review your bills carefully and look for areas where you can reduce your bills for debt consolidation. ... 

Read Full Article  

Debt Consolidation Stack Up Versus Debt Settlement

... credit issues immediately. Putting things off only add up more trouble. On the other hand, getting things done now brings forth results, since the effort you put in will be obvious. Debt settlement solutions work to reduce your monthly installments, as well as reducing the balance you owe. Some debt settlement ... 

Read Full Article  

High Quality Debt Consolidation Information

... Therefore, make the company prove what he or she can do for you, and make them walk through each step with you carefully. Since most times you will be paying money for the services, you might as well make them work. Lastly, you will need to obtain copies of your credit reports, argue any debts that are ... 

Read Full Article