Comments on: Debt Consolidation Services Explained http://www.debtreductionservices.org/blog/debt-consolidation-explained/ Learn to Live Debt Free! 1-877-OUT-DEBT (688-3328) Mon, 26 Jul 2010 20:00:32 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Frank http://www.debtreductionservices.org/blog/debt-consolidation-explained/comment-page-1/#comment-111 Frank Tue, 09 Feb 2010 10:38:20 +0000 http://www.debtreductionservices.org/blog/?p=326#comment-111 The benefits are numerous; borrowers no longer pay exorbitant interest rates on credit card debt. They don't have to juggle multiple accounts and payments to different lenders. Creditors are satisfied and stop phoning. Debt consolidation works when the lender is a reputable, ethical debt consolidation company with the borrower's best interests in mind. The promise of a lower monthly payment and a quick fix for consumer debt is so attractive to some stressed out and overspent consumers that they fall victim to debt consolidation scam artists. The benefits are numerous; borrowers no longer pay exorbitant interest rates on credit card debt. They don’t have to juggle multiple accounts and payments to different lenders. Creditors are satisfied and stop phoning. Debt consolidation works when the lender is a reputable, ethical debt consolidation company with the borrower’s best interests in mind. The promise of a lower monthly payment and a quick fix for consumer debt is so attractive to some stressed out and overspent consumers that they fall victim to debt consolidation scam artists.

]]> By: Todd Christensen http://www.debtreductionservices.org/blog/debt-consolidation-explained/comment-page-1/#comment-110 Todd Christensen Fri, 05 Feb 2010 15:45:21 +0000 http://www.debtreductionservices.org/blog/?p=326#comment-110 Great information! It's important to understand the differences. Another danger of actual consolidation loans is the very real temptation that a large percentage of such borrowers fall victim to. After consolidating their debts into one loan, they suddenly find that their previously maxxed out credit cards are not at $0 balance. So what do about 70% of them do? Run those credit card balances back up within a year or two to the previous levels, only now they also have the consolidated loan to deal with. Successful consolidation MUST be accompanied by self discipline, which is usually gained through a combination of experience and education (both of which are available through most non-profit credit counseling agencies. Great information! It’s important to understand the differences.

Another danger of actual consolidation loans is the very real temptation that a large percentage of such borrowers fall victim to. After consolidating their debts into one loan, they suddenly find that their previously maxxed out credit cards are not at $0 balance. So what do about 70% of them do? Run those credit card balances back up within a year or two to the previous levels, only now they also have the consolidated loan to deal with.

Successful consolidation MUST be accompanied by self discipline, which is usually gained through a combination of experience and education (both of which are available through most non-profit credit counseling agencies.

]]> By: Robert Gilly http://www.debtreductionservices.org/blog/debt-consolidation-explained/comment-page-1/#comment-108 Robert Gilly Fri, 05 Feb 2010 07:16:16 +0000 http://www.debtreductionservices.org/blog/?p=326#comment-108 hello...Great post, I found fabulous knowledge over here. I like to read informative blog's and I found it here. hello…Great post, I found fabulous knowledge over here. I like to read informative blog’s and I found it here.

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