How Can I Get A Debt Consolidation Plan?
by Gretta Speasers
Commercials and print ads are all over TV, the Internet and even in our daily junk
mail at home. Debt consolidation is a big
business, but be careful about how you to about getting help for your
personal situation. Not everyone out there has your best interests at heart.
 If reducing your debt is a
priority, talk to a local non-profit first. These organizations
don't actually do the work for you, but they don't charge, they do have experts on staff who know what they're
talking about, and they can provide you with some valuable resources that will important as you go through the
sometimes lengthy process.
There are different methods you can choose to reduce your debt and consolidate your
obligations. Keep in mind that your creditors don't have to do anything at all for you, especially
if you are already paying your bill on time.
One method that is commonly put into place, especially when working with a
non-profit, is to cancel your credit cards for at least five years or so. This may sound like a logical choice, but
for many people it's simply impossible. Families should have a way to take care of emergencies that can't be paid
for in cash.
A few companies that advertise debt
consolidation solutions actually promise to work with your
creditors to negotiate lower monthly payments or even overall debt reduction of up to 50% or more. Part of
their "service" is to have you pay them one monthly fee each month that they supposedly send to your
creditors.
Usually, these companies do nothing
except take your money, cash your checks, and disappear from sight
the minute they realize you have discovered the whole thing was a scam. By this time you've probably received
notices from your creditors demanding payments that are long overdue. Before handing over money to anyone, do some
research on them to make certain they are legitimate.
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