Opt for Credit Card Debt Consolidation to get rid of Multiple Bills
The recession and liquidity crunch of 2007 have resulted in infiltration and unemployment all across the US. As a result, many people are facing difficulty to make payments toward their credit card bills. As numbers of unpaid bills are increasing, more people are thinking of declaring themselves bankrupt. A wise way to get relief from this trouble is opting for credit card debt consolidation. However, to prevent debtors falling prey to scam companies, recently, the FTC has passed new laws that prohibit any credit card debt consolidation company from charging any fees before successfully negotiating the agreements with the creditors.
Credit card debt consolidation is a process where all the multiple bills get consolidated into a new one, at reduced interest rate. Thus, the monthly payments also become lower. To consolidate, a person can take help of a debt consolidation company. A representative of the company will analyze his financial condition and help him to prepare a budget, so that he can save more and stay out of debts. The company representative will also negotiate with his creditors, so that his existing debts can be replaced by a new consolidated loan, at a lower interest rate. He will also negotiate with the creditors to waive off penalties for late payments and over limit charges.
Some of the advantages of credit card debt consolidation are as follows:
1.Single payment: When a person is making payments for multiple bills, there may have been chances of missing a bill or two, but, with a consolidated loan, he is making a single payment. Hence, there will be no chance of missed payments.
2.Reduced interest rate: Lenders generally offer the new loan keeping the home as collateral. It reduces their risk in case of non-repayment of the loan. So, they offer the new loan at much lower interest rate.
3.Reduced monthly payment: As the new loan is offered at a lower interest rate, the monthly payment amount also gets reduced.
4.Tax breaks: If a person obtains a home equity loan to pay off his credit bills, he will get some tax benefit from the amount he will pay toward mortgage.
5.Single creditor only: With the new loan a person has to deal with a single creditor only. So, in case of any discrepancy, he needs to communicate with one person only.
If you are interested to reduce the number of unpaid credit bills, and looking for a genuine credit card debt consolidation company, log onto www.integrityfirstonline.com. Integrity First Financial Services, LLC is specialized in credit card debt consolidation and settlement. They have a panel of experienced staff who are working on behalf of the debtors for more than 30 years. With their expertise and experience they are committed to get you out of your financial trouble.
Credit card debt consolidation lets you save a large sum of money. Find detailed information on Credit Card Debt Consolidation online here at Integrityfirstonline.com.
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