At PCS Debt Relief, we believe that bad financial circumstances can happen to anyone, even the most budget-savvy. That’s why we offer clients a variety of tailored debt relief programs and solutions. One such program we recommend to some of our clients is debt consolidation.
In this blog, we’ll address a few important questions related to debt consolidation, including what it is and how it may be beneficial to you:
What is Debt Consolidation?
Debt consolidation involves combining multiple outstanding bills/payments into one payment that is paid off through a repayment plan. In short, it’s a simpler way of rounding up all your debts and addressing them altogether in small, incremental steps.
Although they sound similar, debt consolidation is actually very different from debt settlement. While both involve tackling your debts head-on, debt consolidation will generally take clients longer to pay off. Debt settlement, on the other hand, can have a shorter payment period as it involves lowering the overall amount of debt you must pay to creditors. In either case, it’s important to discuss with a financial advisor which option is better for you.
Who Should Use Debt Consolidation?
Ideally, debt consolidation is something you won’t need to do more than once. But it is something to consider if you meet the following criteria:
• Your debt doesn’t comprise more than half of your income
• You have enough incoming cash to cover debt payments
• You are able to borrow money from one source at a low interest rate
• You have a preventative strategy for avoiding debt in the future
If your debt is so much that you can’t fathom paying off even the smallest amounts, debt consolidation may not be for you. You don’t want to be stuck on a ride you can’t get off.
How Can it Help Me?
Again, debt consolidation is not a one-size-fits-all solution. But if you play your cards right, you could potentially pay off your debts in a much shorter period of time than if you were to continue making monthly minimum payments on your credit cards.
Our debt consolidation program offers the following benefits:
• Lower monthly payments
• Protection for your credit rating
• Lower interest rates
• Help getting out of debt faster
• No home ownership required
• Professional financial and debt management
• Free debt advising
For more information about our program, visit our website.
At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process, which is why we allow them to be part of it every step of the way.