Loan Credit Consolidation - Advice And Information
By Giles Rutter
The Federal Trade Commission (FTC) work directly with consumers on credit and fraud issues. They even provide no-cost, reliable public education on lending practices. The webpage that this information came from ran several printed pages long, with very small type. Here it's condensed for you, following their headlines. Your local public library has many of the same books as your major bookstore, but for no-cost. May as well start right in controlling expenses. Most lenders have ways of working with you to lower your monthly payments so that you can pay off your debt.
Try to communicate with your lender so that your debt doesn't go to collections. If it does, your creditor cannot call you before 8 am, after 9 pm or at work (if your boss disapproves). Lenders often work with people who are willing to pay.
Be very careful with your car loan. Read your loan documentation carefully. If you are approaching default, sell the car and payoff the loan. If you are going to be late on your home loan, call your home loan company and let them know. If you can't work something out with them, talk to a housing counseling agency. It's your tax dollars at work. If you get a debt home loan, the rules may be a little different than you expect. These debt home loans do offer, however, the incentive of tax advantages. Also, these debt loans generally take one to two months to close and require lots of documentation.
Other forms of debt loans are available, but are not discussed by the FTC. Be cautious, not all credit counselors actually help you. Some charge outrageous, hidden fees or steer you into a debt management plan (an extreme
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A good certified counselor teaches you how to budget and evaluate your debts. They may even be able to refer you to the best place to secure your debt loan.
A Debt Management Plan (DMP) is not credit counseling or debt consolidation. This is one of the last resorts before bankruptcy. Your credit counselor should try alternatives, like debt consolidation, before talking about a DMP. DMP's go on your credit report and hurt your credit score.
Here are some warning signs of a bad credit counseling agency. First, you should not have to pay high or monthly fees for credit counseling or a DMP. These are fees by another name. This is true for anything. If you feel pressured to enroll in a DMP or they don't review your financial situation first, leave. Even traditional debt should be considered first. Finally, your creditors must accept you into a DMP before you make your first payment.
DEBT NEGOTIATION PROGRAMS
These are not DMP's or debt consolidation. And even if they do get some debt forgiven, that debt is reported as income to the IRS, who taxes you on it.
If a DMP or a debt cannot help you, you will probably end in bankruptcy. DMP's are the extreme measure. Don't land in bankruptcy looking for the best deal on debt consolidation.
Giles Rutter is a writer and webmaster who specializes in finance. He is a contributor to Debt Assistance
