Before you agree to use a credit card debt consolidation company, make sure to do your due diligence and read the fine print. While it's possible to consolidate your debt through these companies, there often are hidden fees that are not disclosed.
Whether are you looking for a credit card debt consolidation loan or other product from a credit card debt consolidation company, demand that they disclose all the fees. Sometimes these companies will retain the first few consolidated payments as a "voluntary contribution" to the credit card debt consolidation company, thus you are not even paying down your debt with those payments.
Similar to credit card debt settlement companies, you want to ensure that the debt consolidation firm that you are dealing with is reputable. A good way to do this is to look up the company with the Better Business Bureau. It is generally advisable to ensure that this business has been around for at least 10 years. See if they have any complaints on record with them. You can always look up reviews of the company online, see if others have had good experiences. Additionally, talk to family members and friends that you trust. Have they worked with a credit card debt consolidator before? Recommendations from people you trust are good ways to find a reputable company.
Just because a company is a non-profit or calls themselves a Christian consolidation company, it does not mean they are necessarily trustworthy or right for you. Be sure to do your homework so that you do not remain an average credit card debt in this country. Perhaps most importantly, remember that even the best credit card debt consolidation company can not force you to live more responsibly, which is the most important thing. Given the wide variety of options available, make sure that using a personal debt consolidation company is the best option for you.
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