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Help Is On The Way -- Lose The Debt, Gain Peace Of Mind

Nothing harbors quite the same feeling of being wildly in debt and feeling as though there isn't much way to fix it.
Depending on who you talk to, the thought of declaring bankruptcy is a financial life sentence that the general public just isn't ready to accept.
The thought of consolidating that debt through a bank loan feels like a lateral move and typically one that requires a serious credit score and subsequent collateral. If the debt is unsecured (i.e. credit cards or something that can't be tied back to a tangible purchase or item), the bank typically frowns upon that type of this-for-that cash advance.
From the bank to online, debt consolidation through a third party might be a feasible path to follow but one that, much like bankruptcy, often is met with hesitancy and resistance perhaps brought on by ignorance when it comes to how the process works.
The most important decision to make is choosing a debt consolidation company that has a proven track record of success; clients enroll and the debt disappears, plain and simple. Consolidation companies work directly with credit card companies to disperse payments on a timely basis and in turn credit card companies go easy somewhat on the consumer, such as reducing interest rates.

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Three companies in particular carry plenty of credibility: CareOne Credit, InCharge Debt Solutions and Accredited Debt Relief. One common denominator with all three is that they're not overly harsh with fees or up-front costs upon joining them. For example, CareOne charges about $45-50 for a $500 per month consolidation payment. So, about $15,000 worth of debt is gone within four years, thanks again to lower interest rates.
But what about your credit score? Is debt consolidation a sure-fire way to take an 800 score and cut it in half? Yes and no.
Initially, you probably won't be getting a department store credit card any time soon although you probably shouldn't be in the market for one as it stands. But over time and by making timely payments through your consolidation company -- they in turn dish out payments to the creditors, not you -- you will slowly build your credit score back up because you're showing that you can make timely payments. After a few years of this process, you'll begin to be seen as a competent creditor and not a liability in the eyes of those who lend you money for a house or car.
Once that score climbs back up to respectability, the onus remains on you to avoid the same pratfalls that got you in this financial pick in the first place.
Debt consolidation can easily be described as "weathering the storm" as far as how customers feel at first when opting for this option. Once the storm subsides and a lesson is learned, consider the sailing from here on out nothing but smooth.

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