| September 30, 2009

What to keep in mind about a debt consolidation loan

Some consumers may consider debt consolidation loan as a way to help themselves get out of debt.

However, people should keep in mind that debt consolidation loan does not eliminate their debt. Rather, it transfers debt from one source to another. An example of debt consolidation loan would be to take out a home equity loan in order to pay off credit card debt and other loans. Often times, consumers may be able to get a better rate on the debt consolidation loan when compared to their other loans.

In a recent blog post for PBS’ Tavis Smiley program, Michelle Singletary noted that consumers may want to try and pay off their initial debts rather than transfer them.

“I would put the credit card cards away. I would redo my budget and look for any and all ways to cut my expenses,” Singletary said.

Some examples offered by Singletary for cutting down expenses include reducing cell phone plans or cutting back on the amount of times people eat out. Furthermore, consumers may consider picking up a second job for a time in order to help make ends meet.

When considering debt consolidation, consumers should keep in mind there is some risk involved, especially if they have gotten a secured loan by putting up their house as collateral. If the consumer isn’t able to pay off their debts, they could lose their home.

People should contact a nonprofit credit counseling agency to see what kind of help is available for their unique financial situation. A certified credit counselor can provide expert advice for free so you can find the right solution for your needs.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

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