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Finding a Reputable Debt Consolidation Company

Finding a Reputable Debt Consolidation Company

If you are looking for a company that will help you consolidate your debt, you need to be cautious. Consolidating your loans into a single low interest loan can be a very good step financially, however there is a wide range of quality in the help you can receive. Some organizations are going to be more helpful than others and a few will even try to scam you.

Here are a few tips to make sure you go with a reputable debt consolidation company:

Don't assume that a non-profit company is necessarily going to look out for your interests more than a for profit debt consolidation company. There are non-profits that are basically trying to take advantage of people in debt.

Go with a company that has a good reputation. Your local bank is probably a good place to start. Banks are in the business of providing loans and they make money when people pay back those loans. A company that makes money just by getting someone to signup for a loan may be less likely to look out for your needs over the long term.

Watch out for balloon loans. Balloon loans are a type of debt that allows you to pay a very small amount monthly for 5 to 10 years. At the end of that period you are required to pay off the debt in full. Since the monthly payments are usually low, you often end up just paying on the interest. This means that at the end of 5 years you still have made very little progress toward getting out of debt.

Check with the Better Business Bureau before selecting a debt consolidation company. If others have had a bad experience you want to know before deciding to go with them.

Do the math yourself. Take the time to work through the expenses yourself and see how much you will be paying, how long it will take to pay off the loan, etc. Don't just rely on someone else to tell you what they think is best.

If you don't understand something be sure to ask questions until you do. A good debt company is going to want you to fully understand everything. If you get the feeling that they don't want to explain everything to you, beware.

Make sure you understand the difference between variable and fixed rate loans. If you sign up for a variable rate loan, you may get a lower rate initially, but within a few years it may go up. It is important for you to understand not only your starting payments, but what those payments may be in the future.

By following these guidelines and using good common sense you should be able to steer clear of companies that might be looking to take advantage of you.

More information about getting out of debt can be found at the Debt Consolidation Blog.

In The News:

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.londonstockexchange.com/en-gb/pricesnews/investnews/article.htm%3FArticleID%3D18817930cid=1255484992ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNFaGEOJ_P9y0Ijz_0bAMbaZlD40DQbConsolidation/b loans fail to stem tide of bdebt/b/abrfont size=-1font color=#6f6f6fLondon Stock Exchange,nbsp;UKnbsp;-/font nobrOct 8, 2008/nobr/fontbrfont size=-1In a study conducted by moneysupermarket.com it was discovered that of the 31 per cent of people who have taken out a bdebt consolidation/b loan almost two b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.moneynews.co.uk/5513/moneysupermarket-borrowers-going-deeper-into-the-red/cid=1255484992ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNEWvpgSqOJyHFjQ8twCW1VxTSxnLQMoneysupermarket: Borrowers going deeper into the red/a font size=-1 color=#6f6f6fnobrMoney News/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255484992hl=ennobrall 3 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://myvesta.org/articles/articles/164/1/RITA-ASKS-aSHOULD-WE-CONSOLIDATE-OUR-DEBTa/Page1.htmlcid=1256604239ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNHf_Qc2t5GYViU47x_3Y2tvFN18lQRITA ASKS “SHOULD WE CONSOLIDATE OUR bDEBT/b?”/abrfont size=-1font color=#6f6f6fMyvesta US,nbsp;TXnbsp;-/font nobrOct 11, 2008/nobr/fontbrfont size=-1We are $39000.00 in bdebt/b. HELP Thank you for writing to me for help. bDebt consolidation/b is often the first and only solution that comes to mind when people b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://myvesta.org/articles/articles/163/1/MARY-LOU-WRITES-IN-AND-WANTS-TO-KNOW-aWHY-DOES-MY-CREDIT-SCORE-KEEP-GOING-DOWNa/Page1.htmlcid=1256604239ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNHAIC75p9aQQkqqW5yNzQ-i3dE43gMARY LOU WRITES IN AND WANTS TO KNOW “WHY DOES MY CREDIT SCORE b.../b/a font size=-1 color=#6f6f6fnobrMyvesta US/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256604239hl=ennobrall 2 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bestsyndication.com/%3Fq%3Dnode/18389cid=1252345345ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNEaZRhW6U3E12JoXkYn92fDdPzzXQimg src=http://news.google.com/news?imgefp=3QAxCqPRhAwJimgurl=www.bestsyndication.net/images_com/2008/08_august/12/200890812_quicklaunch_suit_picture-1.jpg width=80 height=56 alt= border=1brfont size=-2Best Syndication/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bestsyndication.com/%3Fq%3Dnode/18258cid=1252345345ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNE5X5d5651FSNX-i25nRBC-C-sRRQbDebt Consolidation/b Loan: Get And Pay Off Multiple Loans Easily/abrfont size=-1font color=#6f6f6fBest Syndication,nbsp;CAnbsp;-/font nobrSep 29, 2008/nobr/fontbrfont size=-1That is why the bDebt consolidation/b loans is being provided. These are for those borrowers who are seeking help for paying debts off. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bestsyndication.com/%3Fq%3Dnode/18267cid=1252345345ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNEpNI8afb-a23LvLWPcH3GKSbbYqAbDebt/b Management Solution: Approach The Experts To Be bDebt/b Free/a font size=-1 color=#6f6f6fnobrBest Syndication/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1252345345hl=ennobrall 2 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5haAuafAbTQdnKU0OSuUp947L_qOwD93Q1OH80cid=0ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNEFHlkVAYLdeYKyPGa3dqlpP4estAimg src=http://news.google.com/news?imgefp=mFk_lBuIXPEJimgurl=ap.google.com/media/ALeqM5iG4lDfbnlZHMLTFG33jju6HD6c6w width=80 height=45 alt= border=1brfont size=-2The Associated Press/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5haAuafAbTQdnKU0OSuUp947L_qOwD93Q1OH80cid=0ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNEFHlkVAYLdeYKyPGa3dqlpP4estASpain#39;s Banco Santander buying rest of Sovereign/abrfont size=-1font color=#6f6f6fThe Associated Pressnbsp;-/font nobr7 hours ago/nobr/fontbrfont size=-1b.../b zone by market capitalization, extends a wave of bconsolidation/b as the banking industry struggles to deal with a load of soured mortgage-related bdebt/b. b.../b/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.redorbit.com/news/business/1586861/gm_plus_chrysler_equals_survival/cid=1256322835ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNGKjGU9Eyv0scElWJms9rqMBR-1BwGM Plus Chrysler Equals Survival?/abrfont size=-1font color=#6f6f6fRedOrbit,nbsp;TXnbsp;-/font nobr17 hours ago/nobr/fontbrfont size=-1Ripe for bConsolidation/b GM would find even greater savings, the executive added, with a partner like Ford, since both companies have global operations they b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.youtube.com/watch%3Fv%3DkA7qghheIIQcid=1256322835ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNHO7lKueBE2z5bovT34R9QQvbnibQVideo: Source: Chrysler, GM Discuss Joining Forces/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/kA7qghheIIQ/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/kA7qghheIIQtype=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.star-telegram.com/100/story/972006.htmlcid=1256322835ei=8X_0SPuUG6CQ6APA9ISTDQusg=AFQjCNFl88FppHT_WFxTEI97JWah3w7m6ABriefs: GMAC limits auto loans to credit scores of 700 or better/a font size=-1 color=#6f6f6fnobrFort Worth Star Telegram/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256322835hl=ennobrall 2,131 news articles/nobr/a/font/div/font/td/tr/table

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