Debt Consolidation Resource Guide

Debt Consolidation Expert was established to provide a centralized resource to help you lower your debt.  The average person carries over $10,000 worth of debt and this statistic is consistently rising.  This has been the root cause of severe health problems and has been the root cause of divorce for many happy couples.  If you continue to only make the minimum payment it may take you up to 50 years to get rid of your debt.

If you are ready to start reducing your debt now, you can go straight to our debt consolidation page where you will be connected to the leading debt consolidation and debt repair resources.  There you will find a one-stop shop that will help you consolidate your debt and ultimately live debt free.  The fastest way to get service is to contact the debt repair company via your telephone at 1-888-759-1925.

If you want to jump a little deeper into what each debt consolidation resource can do for you, we have assembled an easy to navigate tabbed resource section that will present the major features.  To get started comparing debt consolidation methods, simply click through the debt resource tabs below.

Debt Consolidation

Debt Consolidation ResultsDebt Consolidation is the process of taking out one loan to payoff all of your outstanding debt.  This will combine your debt into one monthly payment that is more manageable for the typical user.  The debt consolidation loan process often secures you a low interest rate that is fixed for the term of the loan.  You will then make only one payment each month and you will effectively pay off all of  your outstanding debt.

While there are multiple types of debt consolidation- some of these methods involve securing your debt with an external collateral.  This can include many things, but commonly real property such as land or houses are used.

Who should use debt consolidation?

Debt consolidation is often advised when someone is paying multiple credit card payments each month.  If you are only paying the minimum amount- you will likely be paying on those cards for many many years.  When someone uses a debt consolidation loan, these payments are combined and managed, reducing the amount of time it takes to pay off your debt.

Credit Repair

Credit RepairCredit reporting bureaus are heavily regulated and required by law to produce fair, accurate, and verifiable credit reports.  However in reality, even the credit bureaus receive mistakes and fail to verify them.  A large amount of responsibility is placed on you to monitor your credit report for complete and accurate information.  An error may cost you thousands over the lifetime of a loan due to qualifying for higher interest rates.

You have several options when it comes to monitoring and repairing your credit report, but it is important to get started now to avoid continued penalties.  There are several laws that govern the credit reporting bureaus and many are state specific.  It is important to know your rights and what your entitlements are.  This will allow you to take charge of your credit and get your life back on track.

Credit repair can be a slow and agonizing process, and is sometimes better left to the pros.  There are several companies that have a ton of experience in helping others in your situation repair their credit.  They have the ability to negotiate with your creditors and clean up your credit report.  It is important that you choose a reputable company, and us here at the Debt Consolidation Expert will show you the best of the best.

Budgeting

BudgetingBudgets are one of the steps that you can get started with immediately, and the Debt Consolidation Expert will walk you through the budget processes.  The first thing you need to do is take a good hard look at your personal finances, and put everything onto paper.  We have several resources to guide you through the process, and we hope that you can find a solution that will work for your situation.

A personal budget has many benefits and with one you can maintain an understanding of your personal debt, plan for major life events, purchase a new car, or develop a strategic plan to help you get out of debt.  At its most basic level your budget should give you a picture of your monthly income, expenses, bills, and savings.  With these factors calculated in front of you, you can determine a monthly amount to spend on the necessities and your free time.

If you are ready to get started creating your budget, you can continue on into our comprehensive budgeting section and learn steps that you can take right now to reduce your monthly expenses.

Loans

Debt LoanWhen it comes to getting out of debt or reducing your monthly expenses, you are faced with many options.  It is important that you understand the different loan options available and understand the pros and cons of each.  The Debt Consolidation Expert will help you navigate through the tricky loan world, and show you the good and bad of each.

To help you reduce your debt or lower your monthly expenses, you will have many loan options.  The most common types of loans to help are mortgage refinance, second mortgage loans, home equity loans, home equity lines of credit, and personal loans.  While each loan differs greatly, they each may meet your need and help you lower your debt.  You will need to understand each option to make an informed decision.

If you feel that a loan option is right for you, and you need to find out more information.  Continue to our comprehensive loan section, and let the Debt Consolidation Expert help you find the best solution to your specific needs.

Debt Consolidation

A common debt consolidation example, let’s say you have around $30,000 in unsecured debt that includes one two-year loan in the amount of $10,000.  The $10,000 loan carriers a 12% interest rate, and the other loan is for $20,000 at a 10% interest rate.  You would have varying monthly payments on each individual loan.  In this example, the first loan has an associated payment of $517, and the second example loan has a payment of $583- a combined monthly payment of $1100 per month.

A debt consolidation company will have the ability to negotiate with your creditors, reducing your interest rate and combining your monthly payment.  An example arrangement using the example above may lower your monthly payment to around $640 per month and lower the interest rates on your loans to 9% for one low monthly payment.  In this scenario, you will save $460 per month, and have a more manageable monthly debt payment.  You could receive similar benefits from debt consolidation, and lower your monthly payment.

Ready to get started?  Click here to learn more.