FAQs

How do I quality for the credit card consolidation programs?
While credit may not be for everyone and some may not need any programs to consolidate debt, the best way to truly find out if you need debt consolidation help is to call our toll free number or complete the application. Debt specialists can assist you to determine your financial situation and, with you help, can plan the best course of action to mange debt.

Do I get to use the credit cards I submit for debt consolidation?
Any credit card accounts that you submit for credit consolidation can no longer be used. Because you turned to a program that helps to eliminate debt, you can no longer use those accounts that you are trying to pay off. Also, should you be aware that creditors offering you lowered payments or interest rates during consolidation will require that you no longer use your accounts.

If you would still like to continue using a card, sign up at your bank for a debit card, which takes money out of your checking account, or a secured credit card. Secured credit cards allow you to fill your account with your own money, set your own limits and use it just like a credit card. This is a great way to re-establish your credit rating while exercising financial discipline.

What is the difference between debt consolidation and debt settlement?
While debt consolidation is the act of consolidating all of your debt into one payment that you pay off over a period of time, debt settlement is a more aggressive towards paying off debt. In debt settlement, debt specialists negotiate with the creditor on your behalf to pay off the debt balance, usually at 40% - 60% depending on the situation. The time it takes in a debt settlement program could last between 18-36 months, again, depending on the situation. Not all situations are the same.

Why I should I consider debt settlement? If you are over 60, 90 or 120 days late on your monthly payments; if you do not own a home; if you're credit score is a little tarnished, then debt settlement may be the best course for you. Instead of having to take out a loan, debt settlement creates an account for you where you store money month after month, like a savings account. After a period of time, a debt specialist negotiates, on your behalf, with your creditors to settle the debt.

I have extra money for the month; can I use it for payment?
We do highly encourage you to make larger payments if possible. Making larger payments means that you can pay down your debt quicker, which, in turn, means that you'll be out of debt faster.

Should I hire a debt management company?
You should never feel pressured to hire a debt management company. But, if you feel that you need the guidance and support that a debt managent company can provide, them just make sure to apply a some common sense, a lot of research and this useful adivce.

If you decide to approach a debt management company, insist that you get or will get a complimentary consultation. If the company you speak to does offer you a free consultation and then asks you to sign up with them in the first five minutes to sign up for the service, hang up the phone and walk away. Debt management companies should be able to answer all of your questions before making you an offer or signing you up for the service.

Your debt specialist should have a good foundation for offering you a custom debt plan that fits you at the end of your consultation. If you do not feel like the specialist understands your financial situation, turn away. You should always walk away from you consultation feeling confident about what you are doing. Be sure that all of your options have been given to you up front before signing or agreeing to anything. Moreover, ask questions! And when you are done asking questions, ask more questions!

Make sure that you are fully invested in the process. After all, you are the one getting out of debt. Credit Card Consolidation.com is more than happy to help answer all of your questions and provide you with a FREE no obligation consultation. We can answer all of your questions and any concerns that you may have. And, you are under no pressure to commit to the plan tailored to your needs of to sign up for the service. Call us at 1-800-562-6737 or complete the form to get started today!