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How To Get Out of Debt: Is Debt Consolidation Worth It?

Worried couple looking over their bills

When you’re faced with mounting bills, it’s hard to know where to turn or what to do. Beware of pitches you may hear that promise you can pay just pennies on the dollar (no matter how much debt you have) on your outstanding debt without having to file for bankruptcy. Another dangerous promise you may hear is that you can pay to have bad credit marks removed from your file.

The reality is debt consolidation might be a better route for you.

Debt consolidation can help you get out of debt

If you have the means to do so, the simplest way to get on a healthy path to a better financial life is to pay each and every bill on time. Do this every month without fail and you’re already making great strides to having better credit. That’s because your payment history alone accounts for 35% of your overall credit score, according to myFICO.com.

But if you’re struggling to meet even your basic monthly debts because of mounting interest charges and late penalties, here’s another route you might consider: Try calling your creditors individually to see if they’ll modify the terms and conditions of their repayment policies. Asking for a lower interest rate is one of the proven techniques here. If you’re successful, you’ll pay less in interest and fees over time so you get out of debt faster!

Maybe you just feel you’re too financially overwhelmed to meet your obligations. That’s when you should consider debt consolidation. When you consolidate your debt, you’re basically taking all the monthly obligations you have to various creditors and rolling them up into one monthly payment.

Don’t get us wrong: Debt consolidation isn’t a magic bullet. You’re going to have honor the terms of your agreement. But there is hope that you’ll put yourself on a better financial path.

Of course, once you’re out of debt, you’re going to want to do everything in your power to stay out of it!

One simple thing to do is to make sure you avoid the preapproved credit card applications that show up in the mail. You do this by having your info removed from marketing lists for preapproved offers of credit from the three main credit bureaus --- Equifax, Experian and TransUnion.

At CESI, we’re with you every step of the way before, during and after your debt consolidation as you move toward a life free from financial worry! Contact us today to find out your options.

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