It is so easy to get into debt up to your eyeballs. Once you are in too deep it is hard to get yourself out. Sometimes people need a little help with the high interest debt. Getting a consolidation loan is the best way to eliminate the load. There are different ways to get a loan, some of which are very high interest. If you are interested in a debt consolidation quote, you can get them from many places. A free debt consolidation quote from different agencies is the easiest way to get the best loan for you.

How to Get a Free Quote

If you are looking to consolidate your high interest debt, then you may want to make sure that you compare the different loans that are available to you. There are lots of different companies that you can get free quotes from. Make sure that you look at the loans very carefully and do your research. You want to make sure that you get the best deal for you.

What to Look for in a Debt Consolidation Quote

There are few things that are very important to look for when you are shopping around for a debt consolidation quote. The first thing is to maker sure that you are getting a good interest rate. The interest rate should be lower than the rate of your currant debt. Make sure that you are getting a loan that is unsecured. If you do not want your home or car as collateral then make sure that you are applying for a loan that is unsecured. These loans may be at a slightly higher interest rate, but it will pay off in the end because you do not have the added stress of a second mortgage or car loan. If you are looking for either a secured or unsecured loan, then shop around and get the best interest rate you can get.

Where to Go to Get a Free Quote

There are plenty of companies that offer free quotes on loans to consolidate your debt. All you have to do is give them all your information, sometimes you can do this on the phone, or they may send you an application to fill out and send back. You can apply to more than one place and choose from the best quote.

You can also look online for a free quote. Many companies offer applications online and can give you an answer within a very short time. Online is also a great way to shop around because you can get all the information you need right there for your free quote.

Before you decide to cut up credit cards to help you get out of debt, you need to understand how it can affect your credit score. Find out what you need to know first on the Debt Smackdown website at http://www.debtsmackdown.com

Debt Consolidation FAQ:

Question: Whats a good loan for debt consolidation if you have bad credit?
I want to consolidate 1 personal loan, 2 CCs and an extra bill I want to get rid of into one loan…totals out to be about 4400 dollars. Whats a good loan if I have bad credit?

Answer: One of the biggest down falls that most of us have is the reliance on credit cards. Unlike spending real cash, when you charge it to a card you don’t feel the burn. So if you cannot control how much you spend on your card, then cut up your cards, leave them locked up at home, freeze them or bury them until you are out of debt.

Question: Is it true you can’t get any credit after debt consolidation until debt consolidation is over?
Is it really true, that’s terrible? Why would you even want to do it then if you can never get credit after that. I’m confused, please clarify.

Answer: Debt consolidation isn’t the problem, what matters is your recent payment record.

If you have a lot of late payments, or too much borrowed or other adverse items in your credit history , your credit rating will be lousy. It will only improve (gradually) as you keep your bills paid in time.

You can always get credit, even with a really bad credit rating. But the worse the history, the worse the terms will be — at the very worst, you may only qualify for a prepaid card (which is basically not credit at all). But, if you have just gone through a debt consolidation, chances are that you really shouldn’t be getting any new credit — take the time to build up your credit history.

Question: How do those debt consolidation 1-800 numbers work?
You hear it on the radio all the time.. “we can get rid of your debt in months!! not years!!”

Anyone know if this really works or is a scam or what kinda fees or what exactly do they do!?

Answer: Here’s how those programs work; Let’s say you have $10,000 worth of debt. Your MINIMUM monthly payments due monthly would be about $350. The first thing they do is change the billing account address and phone numbers on all your accounts to their info. Then they have you pay the consolidation company $450 a month. Then the consolidation company quits paying your bills. After 3-4 months you go to collection on all your debts. You don’t hear about it though, because all the phone calls and letters are going to the consolidation company. You can see this happening on your credit report though. The debt will say; “In credit management” on the report. After a couple more months they talk the collection agency into accepting a partial payment. So instead of owing $10,000, now you owe $4,000, with no due date. You continue to pay $450 until the collection agencies are satisfied, and the debt companies % based fee is collected. That’s it! Now you have no debt, and awful credit! (Worth it for a lot of people, because if your that bad with your debts, your credit is going to get wrecked eventually. You might as well save some money in the act.)

Question: Debt consolidation for collection accounts?
Can you seek consolidation if you only have collections in your history? That’s the only thing that’s hurting my credit. I don’t have any credit card debt or repo’s or anything like that. I have a lot of payday loans that went into default and they’re on my credit. Also once you go into default with a loan company and then pay them off are you eligible to reloan with them?

Answer: A word of advice: before you pay off those collections, try to negotiate with them that they will take all mention of the problems off all the credit bureaus. IF SO, GET IT IN WRITING. They want the cash, they are negotiable.

Question: Debt Consolidation Loans For Bad Credit?
Are there any debt consolidation loans or personal loans for non-home owners with bad credit? I’m currently on a debt management payment plan but I’d really like to take out one loan to pay off all my debt at once.

I haven’t been able to find any loans for this purpose.

Answer: If possible, find a new bank in your area willing to give you a personal loan. There are banks like that believe it or not that will give you a loan with no credit/poor credit. I received an unsecured loan before, but in most areas it is more difficult. You have to do some math. Consider how much debt you are in, how much you can afford to pay and what are your future lending needs. If your really behind on payments, just settle your debt and then make sure to build it back up after. Sooner you settle your debt, sooner you can recover.

Question: Are there any good debt consolidation service in Ontario, Canada that you recommend?

Answer: There is some good ones in Montreal and Toronto and they are non-profit. Go to google and in the search bar put credit counselling/Canada and they are there.

Question: Where can I find debt consolidation unsecured loan institutions?
I want to pay off a terribly high interest credit card I’ve had for many years. My wife missplaced the bill and now they defaulted my special interest rates to they’re maximum. This is after years of never missing or being late.

Answer: If it’s only one card you want to pay back, you do not need to consolidate. But try to get a new credit card, with a “0% interests fees for 6 months” entering promotion. Major finance companies are issuing these cards. Or perhaps call the company and explain your situation. Since you previously have never missed a payment they may be willing to give you a second chance.

Question: Anyone familiar with Oak View Law Group Debt Consolidation?
I am thinking of getting involved with Oak View Law Group to consolidate my debt. Does anyone have any information on these guys? Do they really work or are they a scam like so many others? In their information they say to stop paying my creditors immediately and let my accounts go default that way they can negotiate them.

Answer: I’d stay away from groups like this. They won’t make your situation better and more chances than not, make it much worse.
Settling accounts is a tricky subject and may or may not happen, it just depends on the creditor and how delinquent the account is. By just stopping payments and hoping for a cheap settlement, you’re leaving yourself wide open to a lawsuit. Not only that, your credit will suffer as well. Plus, you’re paying these guys to ruin your credit.

If you really want to try debt settlement anyway, then do it on your own. You don’t have to pay any company money to default on your cards and attempt settlements….you can do this yourself for free. Just be advised that this will be a stressful and unpredictable process (lots of “nice” phone calls from debt collectors) and risk of a lawsuit.