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Advice on Debt Consolidation
Are you behind on your monthly bills? Do you owe too much in debt? Whether you owe $2,000, $10,000 or more than $20,000 in unsecured debt, debt consolidation may be able to help by making it easier for you to stay on top of your financial obligations. Debt consolidation is the process of combining your various unsecured debts into one manageable monthly payment, making it easier for you to get out of debt.
At CreditGuard of America, we’ve been helping people get out of debt for more than 20 years. In fact, we’ve helped people save over $1.7 billion in debt and interest charges. Our nonprofit debt consolidation programs help you stay on top of finances by helping you pay off your debt faster and easier.
What Is Unsecured Debt?
Wondering what the difference is between secured and unsecured debt? Any debt that isn’t attached to a particular asset is unsecured, whereas debt that is attached to a particular asset is known as secured. We work with you to consolidate the following types of unsecured debt:
- Credit cards
- Medical bills
- Personal loans
Benefits of Consolidating Your Debts
Consolidating your debts into a single payment saves you time, saves you money, and offers peace of mind by simplifying what you owe each month. You’ll have:
- Only one monthly payment
- Lowered interest rates
- Set, scheduled payments, which in turn can lead to less time spent in debt
Debt Consolidation Programs versus Debt Consolidation Loans
While they may sound similar, debt consolidation programs and debt consolidation loans are two very different things.
- Debt consolidation programs offer a proven process for combining your various unsecured debts (such as credit card bills and student loans) into one manageable monthly payment. A certified credit counselor will work with your creditors to consolidate your existing loans – no additional loans are required.
- Debt consolidation loans can actually hurt your credit because you end up paying more interest over time and may even have to use your home, car, or other assets as collateral in order to qualify. In this case, you risk losing these assets outright if you happen to default on your new loan.
To learn more about debt consolidation loans and why they are a risky approach to debt management, take a closer look here.
CreditGuard’s Debt Consolidation Programs DO NOT Include NEW loans
It’s important to note that our debt consolidation programs do not include any loans or other services that may not be in the consumer’s best interest. We never advise you take out any more loans, and we never advise anything that could potentially damage your credit.
Getting Out of Debt and Staying Out
Whether you decide to use a debt consolidation loan or debt consolidation to help stabilize your finances, it is best to accompany these options with a credit counseling program so that you can learn to save money and make long-term changes to your spending habits.
When you enroll in our credit counseling services, we help teach you to live within your means. You will provide all your financial information and list the debts you owe to the counselor in order for him or her to offer informed counseling. After getting an organized picture of your financial situation, the counselor will provide options that match your resources, lifestyle, and goals.
Making the Right Decision
Consolidating your debt is usually the better option for low income consumers with lower credit ratings. After a free consultation to determine the state of your finances, one of our certified credit counselors will be assigned to your case. They will then contact all your creditors and personally negotiate with them on your behalf. If possible, they’ll bring your accounts current, reduce or eliminate your interest, and discontinue penalty fees. This can lower your monthly payments by up to 60%.
Debt Help and Relief
Contact us online by filling out the form above, or call CreditGuard of America at 1-800-500-6489 for more information on our nonprofit credit counseling and debt counseling agency.
Certified Credit Counselors are available Monday - Thursday 8:00 am - 10:00 pm Eastern, Friday 8:00 am - 9:00 pm Eastern, Saturday 10:00 am - 6:00 pm Eastern.
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