Criteria And Things To Consider When Consolidating Your Debt

 

You are drowning under the piles of bills that keep coming in and you find yourself avoiding calls for fear of another debt collector trying to find you? It just seems like there is no way out of this financial hot water that you find yourself in. Well, there is a way out. By consolidating your debt with the help of a professional debt counsellor, you can pay off your outstanding debts and start gaining control of your financial future once more.

Consolidating your debt is not about finding an easy way out. It is about ensuring that you are not faced with lawyer’s letters, black listing and a bad credit record. Undergoing debt relief means that you will be able to merge all your expenses into one bad credit loan account and pay one institution for all your outstanding debts.

The amount you pay back to the lender is usually less than all your outstanding debts have been combined as your debt counsellor will usually be able to negotiate a cheaper pay back rate and receive reduced interest from your creditors. When looking to consolidate your debt you must meet certain criteria. While every financial institution will have its own set of criteria for being eligible for debt consolidation, the following are fairly standard:

  • You will need to be permanently employed for no less than 3 months in order to apply.
  • You cannot already be enrolled in a consolidation or debt relief program.
  • Be prepared to cancel consolidated credit cards.
  • Usually be less than 3 months behind on your monthly payments.

These are just a few of the criteria required when applying for debt consolidation or relief services. Preparing to rescue your financial status is paramount to overcoming your outstanding debt.

Take the time to contact Debtcor and discus your options when consolidating your debt. They are bound to provide you with a wealth of valuable information and advice. Waste no more time – consolidate your debt and gain control of your financial situation today!

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