DEBT CONSOLIDATION

Debt consolidation refers to the process of taking on a new loan in order to repay existing loans. Consolidating works because often what makes loans so unaffordable is not so much the principal balance to be repaid, but rather the interest rates that need to be paid. For example, if you owe thousands of dollars on five credit cards, you are likely paying hundreds of dollars in interest fees each month. With a debt consolidation loan, which generally has a lower interest rate than credit cards, you may only be paying $100 or less in interest on the same data amount. This allows you to take the difference the hundreds of dollars you are saving with a debt consolidation loan and put it towards repaying the actual principal balance you owe.

This allows you to get out of debt faster. It also simplifies the bill paying process, since you only have one large bill to pay rather than several small bills. Finally, the payment on a debt consolidation loan is generally smaller than the multiple bills you may have to pay on multiple loans. In general, if you have decent credit rating and several debts with high interest rates, a debt consolidation loan may be able to help you get out of debt faster. If you have a large asset, such as a home, that you can use as collateral for this type of loan, you can often save even more money, since you will quality for a lower interest secured loan.

United Debt Relief negotiates with your creditors to reduce your fees and interest rates. We develop affordable monthly payments that can help you get a fresh financial start. We get your lenders to agree to accept less than the total amount owing, making getting out of debt a realistic possibility.
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