Debt Consolidation Companies California – How Debt Relief Works
Debt Consolidation Companies California – Most Popular?
How Debt Relief Works is a video that demystifies the debt consolidation or the debt settlement process. When a person has accumulated substantial amounts of high-interest debt and is struggling to make the minimum payments on those credit accounts, that person usually seeks help from debt settlement or debt relief companies. These debt consolidation companies usually offer customers two options. Option one consists of a debt consolidation loan where all high-interest debt is paid-off with one low-interest loan. Option two consists of stopping payments on all credit accounts for 90 or 120 days, negotiating a settlement with all creditors, then paying a lump-sum amount.
Option one usually is a best- case scenario in my mind as your credit stays relatively unscathed, as your monthly payments go from many to just one, and as you’re paying less interest overall. However, most people have a hard time getting approved for a debt consolidation loan as banks shy away from customers that are having financial difficulty.
Option two is left. Option two has you make payments to an account that is held by the debt relief company until there is enough funds in said account for a lump-sum payment to be considered. At said time, the debt relief company approaches your creditors that haven’t gotten paid in a number of months, negotiates on your behalf, and settles your debt. Your credit takes a beating but you’re a now out from under a mountain of debt.
I would encourage you to do lots of research and consider settling your debt on your own. Many things that a debt settlement company does you can do for yourself. It’s just a matter of speaking with your creditors and understanding their debt relief process.
Definitely watch the video. You’ll be entertained and you’ll learn lots about debt relief, debt settlement, or debt consolidation.
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