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Is Debt Consolidation For You?  by: Talbert Williams Want to pay all your bills with one check? Debt consolidation may be the answer. It's not a loan or bankruptcy but a program, run primarily by nonprofit organizations, that helps reduce interest rates, eliminate late-payment fees and lower payments. With consolidation plans, organizations such as Consumer Credit Counseling Services and Myvesta.org arrange for you to pay off your debts within three to five years, although it may vary depending on your needs. That's a pretty attractive idea, considering it takes the average person 10 to 20 years to make credit balances disappear. However, participating in a consolidation program could affect your ability to get new credit or a loan because some creditors will put a red flag to lenders on your credit report. Here's how the plan works: 1. After giving a program counselor the account names, numbers and balances that you want to combine, she will help you work out a budget and determine how much you can afford to pay toward your debts. 2. The consolidator will then contact your creditors and work out payment arrangements. (Most consolidators charge up to 15 percent of your monthly payment to cover program costs.) 3. You make a monthly payment directly to the consolidator, who will pay the creditors on your behalf. 4. The accounts placed in the program are frozen until they are paid in full. To learn more about debt consolidation, go to http://www.1debtfreedom.com. About The Author Talbert Williams offers debt consolidation referrals and advice. For more information, articles, news, tools and valuable resources on debt solutions, visit this site: http://www.1debtfreedom.com. partnership@1debtfreedom.com This article was posted on January 28, 2006 Read More Articles from the "Home Improvement" Category: Window Décor Q&A: How Do I Balance Privacy And Sunlight? by Yasmin Siboldi, Manager, Visual Merchandising at Blinds To Go (courtesy of News Canada) In The Mood by Laurence James How to Know when to Change Air-Conditioning Filters? by Thomas Yoon When And How To Prune Roses by David G. Hallstrom A Brief on United States Satellite TV Deals by Teddy L.Cc The Central Fireplace Difference by Daniel Gipe Keeping Your Pool Clean Really Is A Simple Job! by Krishna Wurz Echinacea or Coneflower - the best thing in your bed by Doug Green When Architecture and Design Make Your Dream Home by Sarah Miller Getting Rid of Standing Water in Your Yard by Michael McGroarty << Back to "Home Improvement" Index

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