Answers to Commonly Asked Questions about Debt Consolidation

  • Debt Consolidation FAQs

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  • What is debt consolidation?

    It is a program that works directly with your creditors to try and reduce the interest rate.

    How long of a program is it?

    Depends on the amount of debt you have and the amount you are able to pay back.

    How does the consolidation company get paid for their services?

    They have a direct relationship with your creditors. The creditors pay them a percentage (small) of what you pay.

    What is the benefit of this program?

    It gives you a fixed repayment plan and stops the phone calls, letters and the institution of any lawsuits.

    How do I find a company that can help?

    I know in Rochester and Buffalo, NY there are companies called Consumer Credit Counseling Service of Buffalo or Rochester. They have a good reputation and have been doing debt consolidation for a good number of years. Check on the internet for similar companies.

    Should I file bankruptcy instead?

    Depends on your individual situation. If you want a quick resolution to your debt problem, then bankruptcy is probably the way to go. If you want to pay your creditors back, then you can enroll in debt consolidation problem. If it doesn’t work for you, then you can always go into a bankruptcy filing.

    How does debt settlement differ from debt consolidation?

    Debt settlement requires that you have the money available immediately or you pay into a plan to accumulate enough to offer a settlement to your creditors. Debt consolidation is repayment plan which reduces your interest and allows you to make consistent monthly payments.

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