subject: Consolidation Debt Settlement – Can I Consolidate And Settle Debts Simultaneously? [print this page] Consolidation Debt Settlement Can I Consolidate And Settle Debts Simultaneously?
There are many methods of debt settlement and the best solutions combine strategies to get out of financial hardship.
Agencies that offer only one solution are not providing the full range of services that they should. By combining debt solutions, companies are able to work out the best possible solutions for their customers.
Aurora Lillo Editor of the "Reputable Debt Settlement" website -- http://www.ReputableDebtSettlement.com -- pointed out;
"...Combining negotiation, settlement, and consolidation programs enables the client to get out of debt faster and at a lower overall cost. Each step of the process is essential for the best possible outcome. Professional negotiation teams work hard to get the creditors to agree to lesser total payments in exchange for faster and guaranteed payout. Negotiations may also involve trying to limit the tax implications of the creditors writing off the total debt or even trying to minimize the impact on your credit..."
Once the terms are agreed upon, the settlement phase begins. Settlement payments may reflect the lower payment amounts, reduced interest, or extended terms. Once settlement starts, debt consolidation can be used to further assist in relieving financial obligations. Consolidation allows several high interest loans to be combined into a single lower interest loan. This makes it possible to get out of financial hardship faster, at a lower cost, or even allow savings to be built.
By consolidating the credit lines, people make a single monthly payment that is often lower than the combined payments. Monthly savings can be used to pay more to the principle of the loan and lower the total cost of the loan. This would also serve to reduce the length of time the loan is active. The lower payment could also be used to start a small savings. These savings could be used for emergencies and help stop the reliance on credit lines.
Debt settlement is only part of the answer; consolidation and negotiation are important elements for a complete debt solution. When these elements are combined with counseling, it is a long lasting solution to credit problems. Financial problems can happen to anyone, even the most cautious. When an individual finds themselves in need of a settlement agency, they should look for the best possible solutions, including debt consolidation of the settled obligations.
"...No one should risk their financial future on a single approach to resolve financial hardships. By combining the best elements and seeking sound advice, financial situations can improve, credit scores can be salvaged, and bankruptcy can be avoided..." added A. Lillo.
Further Information By Visiting; http://www.ReputableDebtSettlement.com
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