Article by Erik Stump
Most common consumers do not have any formal financial management training. At the same time most individuals depend heavily on loans for everything from homes and automobiles to electronic goods. At the same time due to the current recession there has been a decrease in the income of the average individual. Due to improper management of finances many people often end up in financially difficult situations. The biggest culprit in bringing about the financial ruin of an individual is improper credit management. Most of the citizens facing double challenge of earning regular income in such scenario and second is paying back huge debt of many companies at a same time.
The over use and improper management of credit cards is chiefly responsible for people ending up with huge debts. Moreover, credit cards are unsecured loans and usually have very high interest rates. This is the reason that when people have accumulated large credit card loans they find it difficult to pay them off. But now relief is available in the form of debt consolidation. There are many companies who offer debt settlement advice and services. These companies arrange for the debt bill resulting from a number of cards into one low interest loan. This procedure is called debt consolidation.
Moreover these legitimate settlement companies also negotiate with the credit card companies and manage to lower the debt bills by 40% to 60%. These debt settlement companies have dealings with money lending institutions which specialize in debt consolidation. These financial institutions pay of all the credit card loans and offer one single loan to the debtor. Usually this loan is at a lower interest rate as compared to the credit cards. The debtor can pay off this consolidated loan in easy monthly installments and become debt free.
It would be wise to not go directly to a debt settlement company but rather first visit a debt relief network. The top debt relief networks only allow debt settlement companies into their accredited ! organiza tions that prove a track record of successfully negotiating debts and have also been certified.
Debt Relief Network
About the Author
FreeDebtSettlementSolutions is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.
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