Free debt consolidation service programs exist to help consumers whose bills are snowing them under get out from under the burden of debt. The way these programs work is that you turn all of your bills over to them and they pay the bills. You just make one payment to them and they take care of the rest. A free debt consolidation service is ideal for the consumer who doesnt know how to handle his or her own finances.
A free debt consolidation service can negotiate with your creditors to lower the interest rate and even sometimes reduce the principle. The credit card companies know that if they do not work with you, you might consider the option of bankruptcy in which case they receive nothing. Thats why they work with the consolidation company.
Once the bills are at a manageable level, you make one payment to the free debt consolidation service. They, in turn, pay the negotiated rates to all of your creditors.
Having lower principle and/or interest rates is one advantage to the service. Another advantage is the one payment policy. You may develop better credit as a result of entering such a program.
Once you get into a consolidation program, you...
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