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Debt consolidation is a type of installment payment scheme in which all your unsecured debts are lumped into a single payment with one creditor. Usually, debts are consolidated by obtaining a fixed interest personal loan and using the funds obtained to pay off other loans and unsecured loans. Using this approach helps you pay off loans at the lowest possible rate and also makes repayment easy.
Debt consolidation offers excellent solutions for many people who struggle with debt and need a realistic solution to improve their financial prospects and management skills. Whether you’re looking for a course to improve how you manage debt and finances or require a more comprehensive program to handle serious debt, this non-profit company is an ideal option to consider.
Credit counselling involves looking carefully at your finances, guided by a financial expert. During this process, you carefully evaluate your income and expenditure and then craft a long-term debt resolution plan. This plan is focused on getting you out of debt and keeping you out of it for good. It may also include bargaining with your lenders to decrease interest rates on your loans. Overall, it is just a way to generate an expert-reviewed long-term debt exit plan.