Debt Free

North Carolina Debt Consolidation – Debt Consolidation Pros and Cons


North Carolina Debt Consolidation – How to Choose

This video is brought to you courtesy of North Carolina Debt Relief .org.

Debt Consolidation Pros and Cons

Debt consolidation is a debt relief option allowing individuals to combine or
“consolidate” multiple higher-interest credit card, or other unsecured debts (such
as medical bills, store or gas cards) into a single, more affordable payment each month. Typically, debt consolidation programs are coordinated by debt counselors who customize a “debt management plan” providing consumers with a proven and
predictable path to get out of debt.


– Provides proven, predictable program to become debt free
– Saves money, reduces interest, waives late fees/penalties
– Allows you to pay off debts at a pace that fits your budget
– Manages multiple debts via single more affordable payment
– Puts you back in control of finances to help reduce stress


– Requires discipline to make single monthly payment
– If you default, you revert to original creditor agreement
– Creditors not required to accept debt relief proposals
– Often takes 3-5 years, or more, to become debt free
– While not necessarily harmful to your credit score,
will be “noted” on your report.

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