Debt in any form is not a welcome change in anyone’s life and the sooner one can get rid of debt the better it is. The Government had observed the trend of increasing number of people getting affected by debt and so the debt relief services were introduced to help people get rid of debt.
Debt relief services offered by various debt management companies included consumer debt consolidation and debt settlement. Debt consolidation services offered by numerous debt management companies help debt struck people consolidate all their debts into a single consolidation loan which need to be paid on a monthly basis only a single time. With multiple credit card bills to be paid at different times of the month it becomes really difficult for a person to manage his funds and remember to pay the bills on time. This is how the credit card bills go on accumulating and reach a stage where there is a huge amount to be paid off to the creditors and the debtors are no longer able to repay the creditors with whatever source of income they have. With time a situation comes when the debtor either has to opt for bankruptcy to pay off all his creditors or opt for debt relief services to get rid of their debts.
Amongst the debt relief services the most popular and recommended is the consumer debt consolidation as it enables an individual to pay off the entire debt but at an easy pace and also without taking much tension as half of the responsibilities towards the creditors is handled by the debt management company instead of the debtor himself. Right from handling creditor calls to paying off the creditors everything is taken up by the debt management company. Bad credit debt consolidation services are available for people with bad or no credit and this helps the debtors manage their situation more smoothly and with a clam mind set.
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Bad credit debt consolidation consolidates all the debts of an individual with bad credit but at a minimal fees as more often than not those debtors are not in a position to gather enough funds to pay off their debts so they will not be able to gather cash to pay high fees to the debt management companies. Consumer debt consolidation allows the debtor to avail a new consolidation loan at low rate of interest thus making the monthly amount to be repaid affordable and manageable as per the debtors financial situation. Debt settlement is different from bad credit debt consolidation as this type of debt relief services involves negotiation with the creditors to waive off a certain portion of the debt so that the balance amount can be paid off at a reasonable rate of interest. However, debt settlement should be opted only when there is no scope for an individual to acquire funds for paying off the debt with the help of consumer debt consolidation and the only option left is waiving off a part of the debt which will definitely scar ones credit rating for sure.
Article Source: http://www.articlesbase.com/debt-consolidation-articles/consumer-debt-consolidation-helps-you-free-yourself-of-debt-4669434.html
About the Author
Peter Lawson is a regular writer on DebtConsolidation123.net, a US based portal, which provides detailed information on Debt Consolidation Services, Debt management companiesand other Bad credit debt consolidation related issues.