When dealing with your own personal finances, the best debt consolidation program is always the do-it-yourself method. This does not mean that you cannot seek help from knowledgeable people in your community. The do-it-yourself method simply requires that you stay an active participant in the process of consolidating your debt. By remaining active in the debt consolidation program you will learn more about your own personal finances and ways to avoid the problems that lead you to search for the best debt consolidation programs.
There are many debt consolidation companies which provide valuable services, but there are others which do nothing more than you could on your own. When shopping for outside help with debt consolidation it’s always a good idea to ask for assistance from non-profit organizations in your community and other personal finance professionals you already know and trust. Additionally, you should educate yourself about good debt consolidation and counseling services.
The first step in debt consolidation is debt negotiation and debt settlement. After you have negotiated your debt to cut your interest rates or reached a settlement which has reduced your overall debt, you can begin to consider debt consolidation in order to bundle your debt into one payment. Keep in mind, however, that some debt such as medical bills and others are best left out of debt consolidation. When consolidating your debt, you place your home in jeopardy to cut your interest rates and pay off your debt faster. However, in the long run this may help you pay off your debt faster or it could result in the loss of your home.
Help is available
There are many resources available online and in your community which can help guide you through the debt consolidation process. Among these you will find, debt consolidation guides, credit unions, non-profit organizations, and personal finance professionals. There is a great list of potential resources in this article on debt consolidation.
In addition to Debtors Unite, Frank Jones writes on a variety of topics for Demand Studios, Associated Content, and Jones PC Repair. He is the kind of student who takes Chemistry, Calculus, and Statistics as electives. This same thirst for knowledge which has darted him between studies in Computer Science, Electrical Engineering, Culinary Arts, Philosophy, and Political Science, also pushes his writing and research into many areas of interest and expertise. Managing his own personal debt, rebuilding his credit, and the entrepreneurial spirit he inherited from his father has provided Frank with some practical experience which is backed up with his research in these areas. Frank is always looking for new adventures in education and travel which is why he will be spending the second year of his masters studies at UPF in Barcelona.