Debt Consolidation Articles

By Ronnica Rothe

When looking for debt consolidation, it may be difficult to decide with whom to speak. There are many options available, and you should be reasonably concerned that many do not have your best interests in mind.

There are many debt consolidation organizations that are nonprofit. This is a good way to go, because they will often charge less in fees. Be careful though, to check that this is actually the case of the specific organization that you are working with. Regardless of the nonprofit status of the company, you will want to make sure to check their reliability through the Better Business Bureau. Think twice before doing business with a debt consolidation organization that is not in good standing.

A reputable debt consolidation organization will be well established in the community and will offer both telephone and in-person counseling. Organizations that emphasize a personal visit when possible are generally the most likely to provide the unbiased and complete counseling that you could expect. There is a real advantage to meeting with a counselor face-to-face.

Along with choosing a good debt consolidation organization, you will want to choose the type of plan that will be most to your benefit. The best person to talk to about this is an accredited credit counselor. They deal with situations like yours and know what types of debt consolidation work best for what circumstances. In some cases, the credit counselor might talk with you about a debt management plan. These plans are beneficial for those that are struggling with paying credit card debt.

Debt management plans are helpful because they allow you to consolidate your payments while keeping balances with your original accounts. You will be able to watch your accounts dwindle as you make your monthly payment to the debt management organization. This can also save you because the company can work with your creditors to reduce the fees you owe on your accounts.

Once you know you are working with the right debt consolidation organization, you can feel confident that you are starting down the right step to eliminate your debt.

Ronnica Rothe graduated Magna Cum Laude from the University of Oklahoma. She is currently enrolled at Southeastern Seminary in Wake Forest, NC.

She is a regular contributor to educational information disseminated through Personal Financial Network. Related information can be found on finding the best debt consolidation organization.