Be Debt Free In 2009 – The Three Secret Sources To Debt Relief Consolidation

In these increasingly tough economic times, one’s debt can become concerning and even at times be overwhelming. Recent studies have shown that one’s personal financial burden, and the stress that’s associated with it, can have a negative effect, both emotionally as well as physically. If you feel like you are starting to drown in a sea of debt, then you may also be starting to get worried that you won’t be able to find any help or relief. But despite these financial times affecting a lot of people these days, there are debt and credit agencies, as well as lenders available to assist you with relief, via debt consolidation. If you need to seek help with your debt problems yourself, you will discover that there are 3 primary types of debt relief consolidation sources available: credit card balance transfers, debt consolidation loans, and credit counseling and management agencies.Credit card companies may offer you debt relief consolidation, this is done through a balance transfer arrangement. That means they will offer you a lower payback rate than you already have on your combined credit card debt, provided you transfer the entire balances of those other high rate credit cards to the new account. On the surface, this may look like an easy solution to saving money as you’re getting a lower rate, but like always… beware: if you read the fine print, those lower rates are often for a limited period of time only. These lower rates are called “promotional or teaser rates” and, you will quickly discover that several months down the road, the rates could climb higher than what you were paying on the old credit cards.

Regarding debt consolidation loans, the debt lender will pay off a few to all of your debts, then consolidate and create one new loan for you, that will come with a lower single monthly payment than the combined payments of the initial debts. But be aware of these debt relief consolidation companies, because if you don’t bother checking the loan parameters carefully, you may not be able to get the exact type of assistance you are looking for. In some of the cases, the lender wants you to focus strictly on the single lower monthly payment, and not on the total payback amount. This is because even though they may be offering you a combined lower payment, but it may be at a higher interest rate. They achieve this lower payment by lengthening the payback term over a much longer period of time. So you may find that you will be paying far more in interest payments than you would have, had you originally stuck with the original loans.

The third and final debt consolidation relief available are credit counseling agencies. They offer help by working directly with your various creditors you owe money to, to make alternative payback arrangements for your existing debts. They on your behalf, will negotiate with all the lenders to reduce your monthly payments, as well as your interest rate, and at times even the total amount of debt you owe. Then what you are required to do is make one single consolidated payment per month to the credit counseling agency, who will then pay out the individual monthly payments to your creditors. If you choose a credit counseling agency, most of these companies will have a fee for their services.

The best way to of course fix your debt burden is to not create debt in the first place. But obviously easier said than done. Don’t become overwhelmed with your debt situation that it will interfere with your physical or emotional well being. Before it reaches this point, make sure your seek out debt relief consolidation through one of the three debt relief sources.

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