While it is unusual to hear of anything good for free, there are some good things that can be had for free. Free debt consolidation advice is not only great because it’s free, but also because it shows you a way to get out of debt. In fact, if you are in debt that you can’t repay, this is the time that something free might actually be great for you. That companies would have you pay for debt consolidation services is quite ironic considering you cannot afford to spend any more money. But, there are those in whose best interest it is for you to get out of debt and those who can offer you sound debt consolidation advice.
Why Debt Consolidation?
With increasing amounts of high interest debt-like credit cards- hanging over your head, it is obvious you are looking for a way out of it. Debt consolidation can be one such path. Here’s why debt consolidation could be a good choice for you:
All for one:
Debt consolidation involves, basically, getting all your debts rolled up into one. This has the effect of decreasing the number of debtors along with how much you pay in interest.
Show less Interest:
Many debts involve high interest rates, rarely controlled by the government. This can turn into several high interest debts that collect over time and are impossible to pay off. A debt consolidation can get you out of incredibly high interest rates into a manageable payment with a reasonable interest rate.
Flex your Repayment:
Debt consolidation plans are often flexible with payment options. Also, they offer options to make sure you stay disciplined to your debt consolidation plan. This may include automatic deductions from paychecks to keep you on track.
Where Can You Turn For Free Debt Consolidation?
Now that you’ve decided that debt consolidation is indeed for you, the next step is to find free debt consolidation enterprises. There are several such enterprises that can offer you debt consolidation advice. Here are a few places you can look for debt consolidation:
Not for profit associations:
These not for profit organizations are volunteers who provide free debt consolidation advice. They are volunteers who can often be valuable sources of information and advice on debt consolidation. Because they are funded by donations and grants, they are not biased and have a wide array of information available to them to offer you. The only downside to not for profit associations could be that some of them are not up to date with their knowledge. Find an association that is current with their knowledge and have helped others you know.
Banks and financial institutions:
Basically, all banks and financial institutions need more customers to raise more capital. It is in their best interest to get you debt free. So, turn to your bank for debt consolidation advice. They know your situation and your debts to advise you on the paths available to you. But, beware of banks- their bottom line in the end is to look out for their own interests first. In this respect, a non profit organization is a better option. So, be sure that any advise you get from them work for you and to your best interest.
What to Look For When Looking For Debt Consolidation Services?
There are just as many debt consolidations agencies as there are people in debt. So be careful in who you choose for your free debt consolidation by looking for these signs:
501(c) (3) status:
This status proves that free debt consolidation is indeed free and that the agency is not doing this for profit. So, when you are looking at debt consolidation services, ask the agency to provide you with their non-profit status (if you choose to use a non profit) to make sure you’re getting unbiased, accurate information.
Take time:
Know that getting out of debt takes time and it may take a free debt consolidation agency at least an hour or two to determine even if you need debt consolidation. And, realistically, it does take time- to put your debt together, decide on a plan and execute it. Any agency that offers you ready made plans and offer you a ‘get out of debt in three months’ plan is not keeping up their end of the bargain.
Fees:
Make sure before you get on board with any agency to get an accurate picture of exactly how much fees are expected from you. Most non-profits are free or low cost while some banks and financial institutions may expect the first month’s payment to be their fees. Whatever it may be, research the fee structure before you sign up.
So, now that you know that free debt consolidation advice can truly be free, consider seriously getting yourself out of debt at no cost to you. You stand to gain a lot and all you have to lose is your debt.