Debt consolidation is a self-explanatory term; you take all your debts and consolidate it into one easy to manage payment. This allows you to be more organized and not miss any payments because they are too hard to keep track of.
Harassing creditors are one of the reasons that debt consolidation services were set up in the first place. For a nominal fee they will act as your representative with your creditors and negotiate with them on your behalf.
How does a debt consolidation service work? It helps you to manage your debts. They do not eliminate your debts for you, but the do help you to get organized and develop a workable budget. They will also help you by contacting your creditors for you and setting up a payment plan that you can afford, and by sometimes negotiating a lower interest rate for you.
This benefits you by giving you the peace of mind that your monthly commitments are being met and that your bills are being paid. It benefits your creditors by assuring them that they will be getting regular payments from you and that you are taking responsibility for your debts. Creditors do realize that occasionally people have trouble meeting...
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