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What is Debt Consolidation and How Does It Work?

After more than 25 years of helping people get out of debt, we’ve saved our clients more than $1.7 billion in debt and interest charges. A huge part of those savings are due to our debt consolidation programs, which help you pay off your debt faster and allow you take control of your finances. Let’s dig into the specifics.

What is Debt Consolidation?

Debt consolidation is the process of combining your various unsecured debts into one monthly payment. This process makes it easier to stay on top of your financial obligations and move towards a more secure monetary future. You will work with a certified credit counselor to negotiate with creditors and consolidate existing loans, without any additional loans.

While they might sound similar, debt consolidation programs and debt consolidation loans are two different things. Where debt consolidation programs offer a proven process for combining your various debts into one monthly payment, debt consolidation loans can actually hurt your credit. You will end up paying more interest, and you might even have to use your car, home or other secured assets as collateral to qualify for the initial loan.

What is Unsecured Debt?

Debt consolidation programs work to help you consolidate your various unsecured debt, which includes any debt that isn’t attached to a particular asset. For instance, credit cards, medical bills and personal loans are all considered unsecured debt. Secured debt, on the other hand, includes debt attached to an asset, like a mortgage or car payment.

How Can It Benefit Me?

Having your debts consolidated into one single payment saves you time, money and offers significant peace of mind in regard to your finances. Plus, it simplifies the entire process. You can expect one easy and manageable monthly payment each month. Also, your existing higher interest rates will be lowered, meaning you will pay less over the life of your loan.

Curious if debt consolidation is the right option for you? Contact us for a free consultation with one of our certified credit counselors.

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