Finding Free Debt Consolidation Services

While debt does drive modern economies, it creates many who are unable to pay their bills. It is true that without debt, many people would not be able to afford the modern trappings of life such as homes, cars, boats and even student loans to go to school. In many cases, those who fall behind on their bills fall victim to harassing collection calls. This can be extremely stressful especially if one is not in a position to pay. debt consolidation loans

Debt consolidation services can help debt consolidation loans

One of the options many people who have come under crashing debt consider is bankruptcy. Bankruptcy can be a way to forestall further collection activity and offer additional time for one to regain their financial footing. But bankruptcy can seriously damage one's credit and adversely affect their credit score for 10 years. debt consolidation loans

Another option that is better than bankruptcy is debt consolidation. This involves approaching a firm that does debt renegotiation. Once you sign up with debt renegotiator, the firm contacts all your creditors and negotiates for lower payments. Some debt renegotiators even give the debtor money to regain their financial bearing. debt consolidation loans

Are there any free debt consolidation services? debt consolidation loans

There are definitely many ads that peddle free debt consolidation services, While there is definitely controversy surrounding these services, most experts are in agreement that these are more or less scams. Many reputable debt renegotiation firms charge a fee. debt consolidation loans

The firms which promise free debt consolidation use this ruse to make people sign up for their other services. For instance they may get you to sign up for a secured credit card with astronomical interest rates in exchange for "free debt counseling". debt consolidation loans

While the government does offer debt workshops from time to time, these rarely offer free debt renegotiation services. They instead offer information on where one can get professional debt help. Many banks also offer these services to their clientele but there is also a nominal fee to be expected. debt consolidation loans

Do your homework debt consolidation loans

The Internet offers valuable and free information on debt consolidation. Before you sign up, it is recommended that you do some homework. There are many things to look for; one is which are the reputable firms. Read reviews and see whether the firm is registered with the Better Business Bureau. Read what others are saying about that firm. Check the fees structure and also determine whether you are signing up for any hidden services debt consolidation loans

Then find out what the law says as pertaining to your legal rights. This is important because you need to know what your legal recourse will be in the event that things do not quite pan out the way you anticipated.