If you’ve made debt elimination a top priority for the coming year, good for you. Now is the time to not only rein in escalating debt, but work on paying it off for good. Whether you’re burdened with credit card debt, medical bills, student loans or another type of debt, it’s important to remember that help is available – in many cases, for free.
Free debt consolidation advice could be exactly what you need to help you gain control of your financial situation. The key is to learn to identify so called “free” advice, and distinguish between true non-profit, free debt consolidation help and non-profit help that does come at a cost.
The Internet can be an excellent tool for finding free debt consolidation information, but you can also be caught in a trap if you’re not careful whose advice you take. There are non-profit debt consolidators who work on behalf of consumers completely free of charge. They may provide credit counseling, help negotiate with creditors, or provide free debt consolidation advice. There are also “non-profit” debt consolidators who provide debt consolidation services, but charge a fee. You send a monthly payment to a debt consolidator, and they make negotiated payments on your behalf to your creditors. However, they may also deduct a fee from the monthly payments you make.
How can you distinguish between truly free debt consolidation help and companies that provide services you’ll end up paying for? Ask questions – and lots of them. It’s up to consumers to guard against fraudulent claims made by debt consolidators, and to protect themselves from paying even more than they have to trying to get out of debt.