These programs help debtors secure lower minimum payments with lenders by settling for a lower balance and interest on the debtor’s account.
The debtor is required to pay the consolidated debts to the debt settlement agency every month, and in turn, the agency pays your creditors on your behalf.
Bankruptcy is a legal process that’s often used as the last option.
The decision to file for bankruptcy should not be taken without recourse – you ought to seek debt counseling from a professional counselor for bankruptcy alternatives before declaring bankruptcy.
Make a research on the offer and debt consolidation company before enrolling for a debt consolidation plan.
Ensure the debt consolidation agency is reputable, and terms are fair.
The best option for those struggling to make their minimum payments is debt consolidation.