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Articles: Debt Consolidation

Last updated 29th Nov 2022

Our guide to debt consolidation will help you realize the financial freedom you deserve. If you're like many Americans, your credit card debt may be reaching a level where you're not as comfortable as you used to be. We have a lot of information to help you get back on track, and stay that way.

We'll tell you what to watch out for when evaluating a debt consolidator; whether it's a non-profit organization or Christian debt consolidators. If you're looking for a budget, and don't know how to get started, we have an entire series dedicated to that topic. Finally, we'll help you understand what personal bankruptcy is all about, and how to avoid it through the use of counselors and debt consolidation loans.

Credit Cards and Personal Debt

Carrying around a personal credit card can be extremely convenient, sometimes too convenient. If you're one of those persons with a lot of credit card debt, statistics indicate that you're not alone. If you'd like some pointers on how to get that credit card debt back under control, or you have been thinking about talking to your creditors about a settlement, this is where you want to begin your research:

Debt Elimination Basics

Our debt elimination basics provide you with an overall stepwise process to move from less aggressive forms of debt elimination such as budgeting, to more aggressive forms of debt elimination. If you're thinking about declaring personal bankruptcy, you're starting at the end of the road. You have a lot more options that you might want to explore first:

Household Budgets

Household budgeting is the first step we usually recommend when it comes to getting your personal finances back in shape. Here we teach you the basics of running your home like a business, and a profitable one at that. There are many helpful tools we provide too, like free budget spreadsheets that you can download:

Debt Counseling and Management

Many times debt starts to build because of a social, emotional, or financial hardship that has befallen a family. It's sometimes difficult to get back on your feet by yourself. That means a good debt counselor can help you with important items like setting up a budget, as well as making sure any outstanding social problems have been addressed:

Debt Consolidation Services

One of the more aggressive steps you can take to get your debt back under control is by using a debt consolidation service. Just be forewarned, there are a lot of companies that prey on people that appear to be in a hopeless situation. If you've decided to work with a debt consolidator to help you consolidate existing loans, make sure you're getting the best deal. We can give you some pointers on how to find a good one:

Consolidation Loans

For many of us that are juggling multiple loans, a larger consolidation loan makes a lot of sense. It's easier to write one check each month, and larger loans usually benefit from lower interest rates too. Here is a quick look at some of the options you have, including consolidation mortgages as well as loans:

Personal Loans

Here is another category of personal loans, several of which are considered non-traditional. The practices of these lenders can be considered greedy at times, and may even be considered predatory when taken to the extreme.

Bankruptcy and Credit Reporting

If you think bankruptcy is the answer to all your problems, then you need to make sure you understand exactly what can happen to your personal property. If you know a friend that declared bankruptcy in the past, then you should know the bankruptcy laws have changed. It's much harder today to have all your debt forgiven, and bankruptcy can hurt your credit rating for years to come:

Identity Theft

As the pressure continues in the credit market, companies as well as consumers are fighting back against identity thieves. National policies are pushing companies to protect confidential customer information more proactively. Credit reporting agencies and law enforcement officials are taking steps to lower the likelihood you'll be a victim of identity theft.

Moneyzine Editor

Moneyzine Editor