Many credit counseling companies have come up with debt consolidation programs to help people like you and me who are in over our heads with debt – find a way out. When you consolidate your debts, you simplify your life and take pressure off your back. A good program will work with your creditors to bring down your interest rates. They will then work with you to establish a monthly payment that you can afford. They payment will be sent to the consolidation company that will in turn pay back your debts. This helps your credit situation by showing that you are taking actions to improve it.

Debt consolidation programs are available online, and you can browse the Internet to find one that you think will work for you. Just keep in mind that any program you find is not meant to erase your debt. The counselors will work with your creditors and you to straighten you’re your credit and work out your debt but making a monthly payment that you can handle. That is why it is very important to opt for the solution that you think is to your advantage.

Look for those companies that have a solid reputation. Visit forums and solicit ideas from other people who have already successfully consolidated their debts through an online debt consolidation agency. Debt consolidation will keep your financial life on track and you stick with the program. If you make the commitment, you’ll be out of debt in no time at all.

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Debt Consolidation FAQ:

Question: What are the consequences of getting a debt consolidation loan? Does it reflect badly in my credit report?

Answer: Instead of shifting your debt around, bite the bullet and pay it off.

Make yourself a strict budget. Eliminate all the extras — cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and throw it at the highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid off, move to the next till they are all paid in full.

You should be able to pay off all you debt within 2 or 3 years if you really work at it. You’ll end up with a good payment history and improved your money management skills.

Question: Good Australian company to get a debt consolidation loan with?

Answer: Unfortunately, if you have a default on your credit file, it is highly unlikely any decent companies or banks will give you a loan for debt. Your best bet is to sit down and work out a budget.

Question: How do i find a reputable Debt consolidation company?

Answer: Try Credit unions if your a member and Consumer Credit Counseling. Check any company out with the Better Business Bureau first to make sure there compliant.

Question: Can I add the taxes that I owe into a debt consolidation?

Answer: Are you going to get a new loan and consolidate all your debt? Or are you going to a debt consolidation scam that says they’ll reduce what you owe? If this is what you are doing you won’t be able to because IRS won’t negotiate.

Question: Does the Army offer any type of debt consolidation loan for new recruits?
I’m joining the army, and I’ve got about 4k in debt (mostly old hospital bills)… I was wondering if the army, or even the armed forces bank, offers any type of debt consolidation loan so that I can get this paid off easier? My credit isn’t the best… but on the other hand, I’ll be in the army, so it’s not like I won’t have a job to pay the loan back with.

Answer: Not really. If you are just 4k in debt, by the time you are done with basic, ait, move and go to your first duty station, you will be debt free and have some money put into savings.

You can also talk to your creditors and tell them that you ARE entering the military and if you could work out a payment plan why you are in training, since you really won’t have access to a computer. More likley than not they will work with you as long as you can provide them with proof of enlistment.

When you do go to basic, just remember to take a copy of all your bills, with address and envelops, a check book and know that you won’t get paid till about a month in a half into your basic training. Trust me…BCT is a chance to clean your record…period. Just don’t blow your money when you go to ait and want to have fun.

Question: Please explain to me what a debt consolidation is. Is is bad for your credit rating? Why doesn’t everyone apply for it? Does it take a certain about of debt to qualify. Please give me the low down. I have excellent credit but just a large amount of debt. I may consider this as an option.

Answer: If you have numerous debts all at different rates, some rather high a debt consolidation loan can be a great idea. You may be able to get a lower rate and have only one payment. There are a couple of problems however. In light of the recent sub-prime mess the people who need them most are least likely to qualify for a consolidation loan at a decent rate. Another problem is lack of discipline. Many people who qualify for such a loan once they see their credit cards are paid off go back into their old bad habits and crank up the cards again and now have both the credit card debt and the new consolidation loan.

Question: Will debt consolidation hurt my credit?

Answer: There is a chance that using debt consolidation services might affect your credit. Most debt consolidation services are there to help you get out of debt, not to sustain your credit report or credit score, so you should prioritize what you really want in seeking debt consolidation help.

Question: Is debt consolidation the best answer for me?
My husband and I were recently told by a lending company that if we put all of our debts on payment plans, and got a credit card to start out our credit, they would give a loan. Would it be easily to consolidate all of our debts, which don’t include any credit card bills whatsoever, or simply call each place and put them on separate payment plans?

Answer: Normally, all debt except for credit cards, is already on a payment plan. The one exception being a home equity line of credit, where you might just be paying interest for the first 5 years. But, you write that you have no credit card debt.

I would use a different lender. Any lender that advises you open a credit card and consolidate the rest of it doesn’t sound like they have your best interests at heart.

The only reason you might consider consolidating the debt is if you can get a lower interest rate doing so. This would impact your ratio’s for getting a loan. Otherwise, manage your own debt or see a financial adviser with nothing to gain by the choices you make.