Before Considering Debt cosolidation

By Tim Gorman

If you believe in the good in people then you probably also believe that few people take out loans, or other forms of credit, with the intention of skipping the bill. With credit counseling, debt cosolidation, and even bankruptcy on the rise, it’s a little hard to believe in the good in people. But at least many are making that last attempt at making good on their debts through debt cosolidation before heading straight to bankruptcy.

It’s no wonder that so many are having to turn to debt cosolidation these days. The average household debt in this country is close to $10,000. Much of that is credit card debt with the average consumer carrying 8-10 of the little buggers. Debt continues to rise steadily every year, as do the interest rates associated with carrying that debt. Debt cosolidation is obviously an appealing solution to those who have become buried in the stress of their finances.

Debt cosolidation can be beneficial in combining all of your credit card payments into one lower monthly payment. Debt cosolidation can save you a large amount of money right out of the gate by reducing or eliminating penalties and interest previously accumulated. Reduction of your average interest rate is almost always a benefit of debt cosolidation as well as keeping you from having to file bankruptcy to escape the mounting pressure.

As with any financial decision, debt cosolidation needs careful consideration. You should be aware of all of the options available to you and how each one will affect your credit, how long it will affect your credit, and how your bottom line will be affected. Debt cosolidation is a simple solution for some, but may just add fuel to the fire for others with more complex issues. Just make sure that, whatever solution you turn to, you take the life lessons regarding finances and credit with you to your next credit decision.

Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more credit counseling, bankruptcy and free debt cosolidation information that you can research in your pajamas on his website.

Debt cosolidation : Friend or Foe?

By Tim Gorman

Debt cosolidation has become big business in this country over the last several years. Consumers with the good conscience to avoid filing for bankruptcy are turning to debt cosolidation in hopes of saving their credit and getting out of debt sooner. But is it really necessary to turn to a debt cosolidation company? Critics of the programs offered through most debt cosolidation companies would, of course, tell you no.

Many debt cosolidation companies have gained a bad reputation. This isn’t really surprising considering that some debt cosolidation companies have filed for bankruptcy protection themselves. Several have claimed to be non-profit and been shut down for circumstances surrounding hidden fees.

Debt cosolidation companies have gotten such a bad name as of late that some don’t even call themselves debt cosolidation companies any longer. It’s doubtful they believe that it’s hard for consumers to recognize that they are in fact debt cosolidation companies. However, so many have been warned to stay away from debt cosolidation companies that it’s probably a smart business move on the part of any debt cosolidation company to keep the term out of the company name.

You may have seen the word “Christian” in the name of some debt cosolidation companies. Obviously religion has little to do with debt cosolidation and this is seen simply as a sales tool to play on the moral obligations a lot of people hold when it comes to borrowing money. The fact that so many companies are stooping to the level of claiming to be a religious organization should make it pretty plain to see that there may be some question as to the ethics of companies like this.

Debt cosolidation, negotiation, settlement, whatever you want to call it, is a personal choice. What doesn’t work for the critics, may change your life. It’s important to check out the debt cosolidation company thoroughly if you choose to go this route, but don’t say you weren’t warned to think twice about debt cosolidation if you do, in fact, get burned.

Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more credit counseling, bankruptcy and free debt cosolidation information that you can research in your pajamas on his website.