The agency should be organized, send payments and statements on time and offer strong consumer education and support. The payment is usually around 2.5 percent of the total debt, though in hardship situations, there is some wiggle room. Why consolidate bills if you can't pay for basic expenses or if there are better alternatives?You can stop the plan at any time, and you can also pay more -- and get out of debt faster -- when you have extra funds. You wouldn't, which is the reason consolidation begins with a counseling appointment where your entire financial situation is assessed.- into one bill and paying all of them with a single loan.
However, if you just happen to have accounts with creditors that don't offer any concessions, that benefit is reduced. Look for a nonprofit credit counseling organization that belongs to either the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).These are not quick fixes, but rather long-term financial strategies to help you get out of debt.The debt relief industry uses the phrase debt consolidation often, where it is used to describe both payment consolidation options and options that truly consolidate your debt.Thankfully, for those with a good enough credit score, there are personal loan options available that can be much better than many other alternatives.Using a personal loan for credit consolidation could substantially lower how much you pay in interest.