How to Square off you Debt in One Go
There are umpteen
ads offering bad credit debt consolidation. In spite of your being under
a debt trap and a defaulter, the companies come forward to help you
consolidate your debt not withstanding your bad credit. They work out
the magical figure and you will be left with just one easy monthly payment.
What do Debt Consolidation Companies do
They speak to your creditors and attempt to lower your interest rates and monthly payments. After reaching an agreement with your creditors they will give out the total amount you owe for the month. Thereafter you send the money to the company. Your money will reach the consolidating company which distributes your money to the creditors.
They are expected to do it. Companies with scams consider your money as administrative fees or loan origination fees though the loan has not originated. In other words your creditors do not receive the money loyally, but harass you continuously and say that you have not repaid the money to the reporting agencies.
Is there Any Lawful
Bad Credit Debt Consolidation?
Another method of debt consolidation is to transfer all your unsecured debt to one low interest credit card. This method has a few drawbacks. The credit card company may hike your interest rate without your knowledge and warning. You have to cut up your credit cards to avoid temptation to start new balances on them.
At length you have
to make at least the minimum payment to the card left with the balance
of your debts.Dont be disheartened if you have bad credit. Debt
consolidation is still possible. Be sure your work with a renowned company
which really wants to release you from the debt trap.
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