Debt Consolidation Charlotte NC

Debt Consolidation in Charlotte NC

Before you make a decision in hiring an agent for Debt Consolidation in Charlotte NC, please make sure to read the article below so that you don’t have to ever regret your decision. Due to the lack of jobs available, more and more crooks are taking advantage of consumers by turning themselves into ‘so-called experts’ in areas in which people are desperate to find some stress relief such as in Debt Consolidation in Charlotte NC or Credit Repair.

Far to often many people sign a debt consolidation loan that is not in their best interest. It is easy to get caught up in the thought of getting out of debt quickly. Rushing these kind of decisions will only make matters worse. It is essential for you to read the fine print and understand every aspect of the contract which you are about to sign. If there is anything at all that you do not understand then it is important to ask questions until everything is understood. It is also essential to choose the the right debt consolidation agency. Here are a few things to look for when shopping for a good debt consolidation agency in Charlotte NC.

What to Look For in a Debt Consolidation Agency.

  • Longevity: Find out how long the company has been in business. The longer they have been operating successfully the more experience their underwriters and negotiators will have. This increases their ability to effectively negotiate with a variety of creditors.
  • Check for employer accreditation: It is in your best interest to work with a company that is a member of an industry association. Credit counselors should have a membership with the NFCC or the AICCCA. Debt settlement companies should have a membership with AFCC IAPDA. Memberships with these associations is a good sign they have been in business for a while. This does not guaranty that their members will provide the best services though.
  • Check for employee accreditation: Try to find companies who hire employees which themselves are members of IAPDA. This is a very good sign telling you that the counselor you are working with takes their job seriously. They have taken the time to be trained and tested for the services that they are providing. Unfortunately as with any trade just because a person takes the time to get licensed is no guaranty they will give good customer service.
  • Your counseling session: This should not be a 5 or 10 minute meeting. It took you several years to accumulate this debt so it should take at least half an hour for the provider to review all of your information. After reviewing your situation and finances they should be able to present some recommendations that best fit your needs.
  • Disclosures: In the end you should be presented with the pros and cons of their services. You need to have a full understanding services rendered, procedures, fees and the impact this will have on your credit score. You should be presented with a written contract to sign. If the provider can not thoroughly answer all of your questions and give you a written documentation of their procedures and policies you do not want to do business with this company.
  • Look for reasonable fees: Some agencies might not charge a fee until the first debt is settled. If they charge you a high up front fee or charge more than $50 a month consider that to be a warning sign.

Do not do business with a Debt Consolidation agency if:

  • If their offer sounds to good to be true, chances are it is too good to be true. Your payments might very well be lowered. But you might end up paying on the consolidated loan for a much longer period of time with a higher interest rate.
  • Charging mandatory donations: Some non-profit companies will add an extra monthly fee or charge a large up front fee. If these fees are to large you might be better off talking to the credit card companies yourself and then applying the money you saved toward paying off your debt.
  • Late payments: Some agencies will make late payments on your debt consolidation loan. Some even tell you to stop paying off your debts until your new plan starts. Neither of these are a wise decision because they will result in late fees adding to your debt.
  • High pressure: These debt consolidation loan plans do not have expiration dates. If you find one that you think you like but need some time to think it over then do just that. Do not get pressured into signing a contract to get a good deal today. If the company is legitimate the offer will still be available in a couple of days. The key here is to take your time and make sure you are getting the best deal that matches your needs, not theirs.
  • Compromising Promises: Some of these agencies will promise that while they are lowering your debt they can also fix credit score and repair your credit. Let’s face it. The only way to do this in a realistic fashion is to make sure you make your payments on time, lower your debt then let time fix your score calculations.

You are now armed with some extra knowledge. Even though this will probably not help lower your stress level it certainly should help you to slow the whole process down. Take your time. Do not get pressured into a deal that is not in your best interest. Read every word in all of the fine print and thoroughly understand what you are reading. If there is anything that you do not understand stop and ask questions. Then and only then are you ready to take the next step towards a consolidation loan with a reputable agency.

The ever changing economy is leaving to many of us overwhelmed with consumer debt. I have decided to provide a few resources on this site to help ease this burden. With increased knowledge one will possess much more confidence. Therefore I am happy to present this website to assist those in need.

If you have found this article to be helpful, please feel free to forward it to your friend or family members, you never know when they might be looking for Debt Consolidation in Charlotte NC. 

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