Do you find yourself in a situation when you have to manage a lot of bills at once? You have a mortgage, credit cards, a car payment, and a student loan that you’re still paying, right? Well, you’re not alone.
Best debt consolidation loans offer an effective way to get out of a difficult money situation. Indeed, if you don’t have a pool of cash to cover these unexpected expenses.
Just like with any services that offer you to manage your money, researching and comparing best debt consolidation services is highly suggested. If you’ve borrowed from different lenders, a consolidation loan can help you take control of your money situation.
Yet, it can still be easy to mess it all up. If done wrong, you might find yourself in more debt, regretting choosing the relief program.
Best Debt Consolidation Companies
So, why would you want to choose the best solution? Well, the answer is obvious, isn’t it? When choosing and comparing the top companies, your options may be endless. But you need to ensure that the service you choose is truthful, genuine and placing your interests first.
Even though consolidation loans can improve your credit score and lower your monthly payments, they are not for everyone. So, let’s learn your best debt consolidation options, not guess.
What Is the Best Debt Consolidation Company to Use?
Are you keeping track of your finances? Do you know how much you owe, your interest rates, and monthly payments? You can hardly find the most effective solution if you don’t know the facts. Once you have a clear understanding of your credit, budget, and assets, it’s time to find your best options.
In search of the best debt consolidation companies, BBB rating, and compliant history matter a lot. Thus, businesses that meet the BBB standards do work extremely hard to maintain that A+ rating. We’ve compiled a list of the best rated debt consolidation companies to help you make the choice.
CuraDebt
Established in 2006, CuraDebt is one of the best lenders for debt consolidation. Its solid reputation and over a decade of experience makes it an ideal solution for customers who are behind or drowning in debt.
Also, CuraDebt is AFCC and IAPDA member and doesn’t involve a credit check. Besides, the company is very transparent about its payments and costs. With the main idea to help people bring down the principal amount to more serviceable levels, CuraDebt stands out from the crowd.
What CureDebt offers:
- Expert in debt consolidation and management
- No monthly or upfront fees
- In-person consultations
- Handles a variety of unsecured debt
- One low monthly payment
- Re-enroll credit restoration program
- Reduce debt in 24-48 months
- Deals with tax issues from simple to complex
Requirements to Qualify for Enrollment
To qualify for enrollment, your minimum unsecured debt should be at least $7,500. Well, the amount may vary depending on the type of debt you have and the state you reside.
CuraDebt assists customers with repaying medical bills, credit cards, and other lines of credit. Yet, payday loans are the exception.
To get started, call the company’s toll-free number and have a consultation. You can also complete the consultation request through the website.
At last, CuraDebt’s customer support has won several awards for helping people solve the problems.
AccessDebtRelief
Are you struggling with over $10,000 in unsecured debt? Then, AccessDebtRelief would be the solution.
Don’t have time or desire to do your own research? No problem, that’s what AccessDebtRelief is for. This trusted and reliable service will make the direct service provider contact you.
AccessDebtRelief is an online matching and advisory service that promises to do two things. First, to give you a free consultation with no upfront fees. Second, to connect you with a large network of service providers who specialize in consolidation and settlement.
What AccessDebtRelief offers:
- Connection to a growing network of direct service providers
- Secure and fast way to become debt-free
- Free, no-obligation consultations available
- A quick process that doesn’t require much information
- Credit cards, student loans, medical bills, and personal loans
Requirements to Qualify for Enrollment
To find a direct service provider, go to the AccessDebtRelief website. Select the type of debt you need to help with, select the amount you owe, enter your contact information, and get the results. Now, find a provider who can help with debt consolidation, management or settlement.
AmericanDebtEnders
Established in 2007, AmericanDebtEnders provides free counseling services to borrowers in 42 states across the USA.
What makes AmericanDebtEnders different is that they operate on a contingency fee basis. They charge fees up to 35% of the enrolled debt depending on the amount provided. Meanwhile, they offer a money-back guarantee.
With an unsecured debt of $5,000 or more, the company has been proven to settle the most extreme cases from all over the U.S.
What AmericanDebtEnders offers:
- Unsecured debt, credit cards, personal loans, medical bills
- Debt management program
- Free credit counseling consultation
- Licensed lawyers to handle cases
- No credit score requirements
- Education resources
Requirements to Qualify for Enrollment
You are required to enroll at least $5,000 in unsecured debt. You can receive professional assistance and guidance for a wide range of issues.
Nothing to say about its fantastic customer support. When you make contact, every rep is friendly and has an incredible amount of knowledge to impart.
How Debt Consolidation Works
The best debt consolidation loan is a loan that allows you a relief plan. Ideally, it combines all your loans into one, with only one monthly payment and interest rate.
Companies that provide consolidation services have a variety of methods they use. As a result, making it hard to understand the differences. Your task is to learn that differences in each plan before you enroll.
When it comes to the best debt consolidation programs, the variety abounds. Again, the differences may leave you in a trouble for longer.
So, what to consider when looking for the best debt consolidation company? Pick the one that doesn’t promise the illusion but a real thing.
Credit cards, medical bills, personal loans, and payday loans are those high-interest unsecured debts that a consolidation loan can be used for.
In fact, if done right, it can be one of the best ways to bring financial peace in a bad money situation.
While consolidation is less risky than other options, it still carries a considerable amount of risk. Say, if you’re looking for the best debt consolidation loans for bad credit, get ready for high interest rates.
When it comes to secured loans there is no single scenario which can work for everyone. The reason is the difference of the debt everyone owns.
The best thing is that secured loans are possible for every borrower who has multiple debts, unsecured loans, and the like. Often, you are required to put forth collateral such as a second mortgage or a home equity line. If you’re sure with your payments, the risk is minimal, otherwise, your home is on the line. The last thing you want to join the 70 percent of Americans who take out consolidation loans and end up with the same or more debt.
The only trick here is to find the best debt consolidation loan rates that will help you gain relief faster.
Yet, keep in mind that your choices may be more limited if choosing the best debt consolidation loans for poor credit. Think of it this way. You borrow to pay off old debt. So, if you qualify for a consolidation loan, a lender expects you to keep to the payment schedule. If you don’t and default on the loan, your finances will likely be in an even worse place than they are currently. As a result, the better your credit history and score, the lower the interest is calculated.
So, let’s list some benefits of a consolidation loan:
- A great method for consolidating credit card debt
- Typically, a lower interest rate than credit cards
- Specific end date for loan repayments
- Easy to apply for and quick decision
When it comes to cons, here’s what to consider:
- You don’t become debt-free, you just transfer it
- Good credit is required in order to get the best loan rates
- The risk to lose collateral if you default on a secured loan
So, what about the best credit card debt consolidation companies? Nothing new in fact. If you’re about to eliminate debt and achieve financial freedom, think on your feet.
As long as you know your options, the best credit card debt consolidation loans are feasible for you. So, once you know what to consider, the choice becomes more evident.
Anyway, the choice of the company should be taken seriously. One thing is certain if the company caters to your specific needs, it’s more likely to be the best company.
Tricks to Choose the Best Deal
When choosing the best deal for you, there are so many things to consider. Even the best debt consolidation loan companies have some tricks under their sleeve. Once you’ve established that the company can be trusted, learn the options they offer. Obviously, the interest rate is your first concern to consider. Yet, the best debt consolidation company reviews could be a huge help to feel more confident.
There’s a number of options for those who are looking for the best debt consolidation loans for fair credit. And to learn more about your options, your credit score should start at 590.
While traditional banks consider a 620 credit score a high risk, online lenders are happy to receive your applications.
In fact, combining your loans can be a useful solution for anyone who is struggling to repay their credits. Even if your credit score is poor, the number of loans for the best debt consolidation for bad credit is still available. Keep in mind that bad credit often involves a lack of financial skills or knowledge, that’s where loan counselors could help.
Some best non profit debt consolidation companies offer such services for free, so it’s in your interest to do research.
Featured Debt Consolidation Providers
Debt Consolidation Loan Alternatives
Sometimes people spend hours of time choosing the best suit or a dress for a party and don’t shop around for the best terms when it comes to money. That’s a pity. It’s more important than ever to keep your eyes open to find the best place to get a debt consolidation loan and affect financial life.
According to the U.S. News survey, best loans for debt consolidation were a good choice for 60 percent of consumers.
All in all, getting a consolidation loan is a tough financial decision that shouldn’t be taken lightly. The better you do your job, the bigger the impact you get.
The best thing is that in most cases consolidation loans are not the only option. What one considers as consolidation, could be a different thing to the other. Just because they are not easily accessible for those with bad credit, such options aren’t right for everyone. Once in debt, most people don’t even try to find an alternative to consolidation services.
In fact, alternatives exist.
1. Balance Transfer Credit Card with a 0% Introductory Offer
One of the best credit cards for debt consolidation alternative is making a budget. Yet, it’s often much easier said than done, of course.
Well, if this is not the case for you, then apply for a credit card with a 0% APR balance transfer introductory offer. Think of balance transfer credit cards as some kind of pause button, making it extremely useful for paying off relatively small sums of credit card debt. A 0% promotional APR offer means that it won’t compound interest for a set amount of months. So, move your credit card balance for one or several cards over to a single card with one goal – to consolidate the debt.
Don’t try to consolidate your debt into a single payment at once. Sometimes it makes sense to consolidate the highest-rate debt first, and later the remaining ones. In addition, it’s vital to avoid making new charges as well as missing payments on a balance transfer credit card. As a result, you’ll be able to pay down existing balance but no new charges.
So, anyway, before you decide to go for a balance transfer credit card, learn more about your options.
2. Debt Relief Services
If you have no idea on how to pay off your debt effectively, different relief programs will come to your aid. Your task is to make your choice wisely.
Such services are alternatives to the best personal loans for debt consolidation. In fact, most people don’t even know it exists, although they are accessible for anyone. That’s the beauty of it. So, even with bad credit, there’s a solution for everyone. Typically, credit counseling services educate and help people stick to their budgets.
Creating spending plans is often a good option to get your debt in check. In some cases, credit counselors put together a management plan. With this plan, the agency negotiates to make paying down debt easier for you.
And the best thing is that it tries to find a way to lower interest rates or forgive late fees. Indeed, some credit counselors may charge expensive fees while others may refuse to work with the debt management plan. Again, the trick is to shop around.
3. Debt Settlement
Settlement is another alternative to the best debt consolidation credit card solutions. It’s a good option for those with a poor credit score. Thus, you can get rid of debt fast while saving a good deal of money in the end.
When you opt for the debt settlement, it means that your creditors agree to a single, reduced payment. As a result, you cease paying your creditors directly but instead pay into a savings account managed by the agency.
Eliminating your debt with the help of its settlement is a good alternative to the best credit card for debt consolidation. In fact, the latter is not always available to everyone. Even though most creditors don’t like settlement options, it makes sense to try it.
Remember that at the end of the day debt settlement can have a negative impact on your credit score. In fact, accounts that are settled for less than the balance are more likely to remain you your credit report as a negative one.
4. Bankruptcy and Payday Loans
Never thought of bankruptcy or payday loans as an alternative to debt consolidation? But you should. Even if it may sound weird to you, bankruptcy can be a huge help in some cases. When it comes to payday loans, things are not so straightforward.
Bankruptcy may be useful for out-of-control cases. You need to know that once you file for bankruptcy, it will damage your credit and remain on your credit report for up to 10 years.
So, think on your feet before opting for bankruptcy. Especially if you plan to get a mortgage. Your chances are next to impossible. On top of that, you may lose all of your credit cards, some luxury possessions or even property. And now the most important thing – bankruptcy doesn’t relieve you from student loans. Alimony and child support is no exception, too.
Payday loans may be an alternative to the best debt consolidation credit cards. Remember that payday loans are a last resort and can help only in certain cases.
What would you get with such short-term loans of $500 or less? One thing you’ll get is extremely high-interest rates and no guarantee to help you consolidate your debt. It’s true, they are exceptionally risky, so you’d better find an alternative.
Conclusion
Often people think that everything is under control and they have a realistic financial game plan but there is always thing they are likely to miss. Things inevitably will go south at some time, no matter how hard you try. Whether these are unexpected costs, delays or confusion, you need the solution.
Are you still confused about where to find the best debt consolidation loans?
Then we strongly recommend you to carefully shop around. Compare rates and terms at multiple lenders before qualifying for the best loan for debt consolidation.
As long as you can stick to your budget, you won’t need any additional options. Make sure you are learning how to manage your money and keep a close watch on when and where your money is going.
No financial obligation is good. One thing that matters is how effectively you use it to make it good or bad.