How to Find the Best Debt Consolidation Companies, Programs & Options

how to get out of debt as quickly and easily as possible

government approved debt relief services

If you have decided to move forward with the application of a consolidation loan, you may be eager to start taking advantage of the benefits that come with quality debt relief. Everything from reduced monthly debt payments to simplified debt management can help you to sleep easier at night, improve your credit rating over time and more. With such significant benefits available to you, you may be eager to complete a loan application with the first debt relief company you come across. However, not all debt consolidation loan companies are the same. There are many variations in debt consolidation options available, depending on which company you decide to work with. By focusing your attention on a few key points, you can find the best debt consolidation options available through top rated companies.

Review the Loan Programs Available

There are many debt consolidation companies available for you to choose from, but you obviously want to find the best debt consolidation programs for your specific needs. To start, some of the key differences between programs include minimum credit score requirements for the borrowers, minimum and maximum loan amounts available, loan fees and interest rates.

It can be helpful to pull a credit report initially to learn more about what your scores are. Some programs are designed specifically for those with bad credit, but you may qualify for a better rate if you have a higher credit score. In addition, make a list of all accounts that you want to consolidate, and include account numbers, outstanding balances and interest rates on this list. Then, explore the loan programs available for consolidation, looking for programs that have a high enough loan balance for your needs as well as a low enough interest rate to provide you with significant savings.

Think About Your Ability to Repay the Loan

Many of the best debt consolidation companies have an online calculator that you can use to estimate your monthly payments. You can use this to estimate your monthly savings by consolidating debts, and with the top debt relief companies available, you may find that these savings are significant. In addition to reviewing the savings, think about your ability to repay the loan. For example, rather than having several smaller payments due throughout the month, you may have one larger payment due at one time each month. Some people find that it is convenient to structure this payment so that it is due in the second half of the month. This is because a mortgage or rent payment is typically due during the first half of the month. The best debt consolidation company will work with you to set up payments that are affordable and easy for you to manage.

Compare the Level of Customer Service Received

When you are looking for the right debt consolidation company to work with, the level of customer service you receive is also important. While much of the application process may now be automated, it may be helpful to call the customer service number of your debt company before finalizing the application. Pay attention to how promptly your call is answered or returned. Focus on how friendly and helpful the staff is. Avoid working with companies that you cannot easily reach on the phone or that have rude customer service.

Think About Additional Services Provided

The best debt relief companies go a step above and beyond to provide you with the best overall experience and improved benefits. For example, some offer credit counseling as part of their services, and others may offer this for an additional yet affordable rate. Some may have a lengthy grace period, reduced late fees if you make a payment late and more. Focus on all aspects of the services you will receive from your company to make the best decision for your needs.

While there are numerous companies to work with for debt relief programs, the best debt relief company will exceed your expectations in each of these areas. It may be tempting to apply for the first consolidation program you come across, but avoid this temptation. Spending time searching for the best program for your needs will pay off in the long run.

how to get out of debt as quickly and easily as possible

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