All (or at least all the serious) companies that make debt consolidation loans also have credit counselors available to help those seeking a debt consolidation loan. Of course those who need a debt consolidation loan can certainly benefit from some good credit counseling that comes from people who are knowledgeable enough to give good advice.
Credit counseling is also done by those not affiliated with a company that makes debt consolidation loans. There are even free debt advice in most large cities in America.
It is often a great relief for those who are debt over their heads, to finally talk to a debt counselor and find out that there really is a way out of their situation before they have to declare bankruptcy.
Whether you take advantage of debt advice through a lending institution or make use of free debt advice, the first thing you will be required to do is to list all your debts. The counselor wants to see a list of all your outstanding debts, whether they will all be a part of the debt consolidation loan or not.
The debt counselor will then develop a plan for you based on your income and your financial obligations. There will be very, very little"wiggle room"in this plan. There will be enough through prudent budgeting for you to buy your groceries and pay your utilities ... the rest of your income will likely go toward reducing your debt.
Nobody said that it would be easy. All your credit card will be canceled and you will not get another credit card until the debt consolidation loan is paid off. The good news is that by the end of this process, you will be nearly debt free. You'll have a clean financial slate.
Credit counseling is also done by those not affiliated with a company that makes debt consolidation loans. There are even free debt advice in most large cities in America.
It is often a great relief for those who are debt over their heads, to finally talk to a debt counselor and find out that there really is a way out of their situation before they have to declare bankruptcy.
Whether you take advantage of debt advice through a lending institution or make use of free debt advice, the first thing you will be required to do is to list all your debts. The counselor wants to see a list of all your outstanding debts, whether they will all be a part of the debt consolidation loan or not.
The debt counselor will then develop a plan for you based on your income and your financial obligations. There will be very, very little"wiggle room"in this plan. There will be enough through prudent budgeting for you to buy your groceries and pay your utilities ... the rest of your income will likely go toward reducing your debt.
Nobody said that it would be easy. All your credit card will be canceled and you will not get another credit card until the debt consolidation loan is paid off. The good news is that by the end of this process, you will be nearly debt free. You'll have a clean financial slate.
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