Comments on: what are the difference between debt consolidation loans and using debt consolidation companies?

By: Fatboy

Fatboy — Fri, 20 Feb 2009 11:27:18 +0000

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Sukait Sharma — Fri, 20 Feb 2009 11:24:10 +0000

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By: Dave Navarro

Dave Navarro — Fri, 20 Feb 2009 11:21:28 +0000

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Fatboy — Fri, 13 Feb 2009 14:24:48 +0000

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Sridharaya — Thu, 12 Feb 2009 19:07:57 +0000

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By: Steve Smith

Steve Smith — Thu, 12 Feb 2009 13:59:11 +0000

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By: Ask M

Ask M — Sun, 01 Feb 2009 05:12:36 +0000

READ THE FINE PRINT, THERE ARE NOT ANY GOOD
WRITES UP ABOUT DEBT CONSOLIDATION LOANS
AND COMPANIES. THEY CAN ACTUALLY HURT
YOU MORE THAN HELP YOU . DO PLENTY OF RESEARCH ON THE INTERNET

By: twv23512651

twv23512651 — Thu, 29 Jan 2009 03:20:12 +0000

In a Debt Management Plan, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

Credit Counseling Organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

By: Chuy M

Chuy M — Tue, 27 Jan 2009 05:55:18 +0000

If you’re going to do something like this, chances are that you are deep in credit card debt and feel like you won’t be able to get out with out the help of a loan like this. Be forewarned, many of companies will have you paying many times as much as the original loan amount and you may be paying for the rest of your life. If you must get a loan, try to get one from your bank or credit union as they will not necessarily try to rip you a new one. Make sure that amount you will be paying monthly is enough to pay off the loan in a reasonable amount of time or ever. Some of these loans negative amortize which means you can never pay them off with the minimum payment. Make sure the interest isn’t higher than the interest on the loans you already have. Make sure the loans are at a fixed rate and will not change or balloon. Make sure there is no penalty for early payment. Good luck. Don’t trust a company you haven’t heard of.

By: Cali Girl

Cali Girl — Mon, 26 Jan 2009 13:47:36 +0000

A debt consolidation loan is a LOAN that you get to pay off all your bills at once, then in turn you pay the loan.

A debt consolidation company, makes payment arraingments to all your creditors. You pay a monthly payment to the company, they in turn pay your payment.