Debt Consolidation is a debt relief option that people utilize in order to get out of debt faster. Debt consolidation serves 2 purposes:
Make it easy to manage payments - Keeping track of payment due dates and making payments to multiple creditors can be frustrating and make it difficult to manage the monthly payments. Debt Consolidation can help solve this problem by consolidating the debts so that only 1 payment is made towards the debts. Making 1 Monthly Payment towards debts also makes it easier to focus on getting out of debt by allowing you to see where the payments are going and how the balances are being reduced on your debts.
Reduce total payback - Making minimum monthly payments to multiple creditors with different interest rates can make it challenging to understand the total cost of paying off debts and prolong the time required to pay debts off. Debt Consolidation may be able to provide total debt reduction by reducing the total payback of debts and reducing total time required to payoff debts.
Debt Consolidation is ideal for anyone that is looking to get out of debt. Common reasons why people are looking for consolidation help are:
People who are stuck making minimum payments without seeing the balances on their debts go down
People who need a plan to get out of debt by reducing the total amount required to payoff their debts
People who are being sued for not paying their debts.
People who can no longer afford to make the required payments to service and payoff their debts
There are different qualifications for a Debt Consolidation Loan VS Debt Consolidation program. Below is a summary of requirements to qualify:
|QUALIFICATIONS||Debt Consolidation Loan||Debt Consolidation Program|
|GOOD CREDIT||YES - Must have good credit||NO - Can qualify with good or bad credit|
|FINANCIAL STABILITY||YES - Must be able to prove that you can service your debts||NO - Can qualify even if your debts are greater than your assets|
|GOOD DEBT/INCOME RATIO||YES - Must be able to prove that you can afford payments||NO - Can qualify even if you can’t afford payments or have been delinquent on making your payments|
Debt Consolidation can be done by: Obtaining a Debt Consolidation Loan from a financial institution (like a Bank or a Credit Union); or enrolling in a Debt Consolidation Program.
Debt Consolidation Loan - This process involves getting a loan to pay off and consolidate existing debts. The goal of a Debt Consolidation Loan is to make it easy to manage monthly payments, and to reduce the amount of interest that is paid towards the debts.
Debt Consolidation Program - A Debt Consolidation Program has the same purpose as a Debt Consolidation Loan in that the goal is to consolidate debts so that only 1 Monthly Payment is required to be paid towards the debts, and to reduce the total amount required to pay the debts off. The difference is that a Consolidation Loan is not required which makes it easier to qualify. Rather than a Consolidation Loan to pay the debts off, Debt Consolidation program utilizes a Debt Relief professional. The Debt Relief Professional will negotiate with the creditors to reduce the amount of debt that is owed and once an agreed upon payoff amount is reached, payments are made towards paying the negotiated balances thru the Debt Consolidation Program.
With 30+ years of combined experience in helping people find a solution to getting out of debt, CountryWide Debt Relief can help you find the Best Debt Consolidation Option. Here are a few reasons why you should consider CountryWide Debt Relief:
"… I was drowning in debt…My creditors were driving me crazy with the phone calls threatening to take a legal action against me if I didn't pay my credit card balances in full, hell I couldn't even pay the minimum payment… Countrywide debt Relief has done exactly what they said they would. Because of their negotiating skills my debt was reduced by 40-60% and I'm on my way to being debt free."
Client #17289 hired CWDR when a significant other in the household was injured in a boating accident resulting in loss of job and income. Due to the reduction in income the client could no longer pay the required monthly payments to creditor and needed to find a way to reduce the monthly payments.
CWDR was able to help client #17289 thru our Debt Consolidation Program. Client had $32,115 in debt. Thru the Debt Consolidation Program, we were able to help the client get out of debt in 45 months. Client paid back a total of $18,857 to get out of debt. If the client were to make just the minimum payments to their debts, the client would have paid back estimated $108,012. Client saved $89,155 by enrolling in CWDR Debt Consolidation Program.MORE CASE STUDIES
*Do nothing option assumes making only the minimum payments on the debts each month with APR of 17% and minimum payment of 2% of the outstanding balance each month.
Savings illustrated is the difference between the total payments to CWDR and Total payments if just the MINIMUM monthly payments were being paid on the debts.
Debt consolidation is ideal for most unsecured debts such as: Credit Card debts, personal loans, personal lines of credit, payday advance loans, cash advance loans, medical debts, auto deficiency balances...etc.
There are debt consolidation options for people with good credit and less than perfect credit. The type of consolidation will depend on the credit type, but there is a solution for every credit profile.
Getting approved for Debt Consolidation is fast and easy and usually takes less than 10 minutes.