Most of them in debt want to get rid of it as soon as possible. But some people are in a financial crisis and may opt for getting their debts consolidated so that they can make easy payments since then. So, everyone has this question constantly haunting them- "How to consolidate my debt".
There are innumerable methods to consolidate all your debts. But, there are too many scams that you should stay out of. It is unfortunate that fraudsters are waiting to convert your crisis situation into their money making business. Hence, you should be watchful of such kinds of people before giving into any company to get your loans consolidated.
The first step towards debt consolidation is to attend financial counseling or credit counseling. The debt consolidation company would consist of several expert counselors who can understand what a person's financial situation is and how he or she can get out of debt comfortably. When you attend one such counseling, you will notice that you should produce them with all your credit bills and other store bills that you have to pay every month.
The reason why they ask for your bills is to gauge your current status. If you are incapable of managing your debts, they will do it for you. In fact, they will let you know of the mistakes that you committed in your financial transactions that have led you to this state today. Also, credit counseling does not mean that you will be lent loan again to clear all your dues.
All that you need to do is nothing more than fill out a form and submit. You will be called once your case is analyzed. They will let you know of all your options to get out of debt. You can also ask them some more questions to get yourself cleared about which one to go for or how to manage your bills based on priority, etc. The steps are pretty self explanatory.
In such a method, you will monthly pay a predetermined amount of money to this company and they in turn pay it to your creditors in an organized manner. Thus, your question of "how to consolidate my debt?" is answered. This particular debt consolidation plan suits debtors who have unsecured debts to clear. One good thing about this plan is that you are not taking just another loan to finish up with your dues.
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