Frequently Asked Questions about Debt Consolidation Quotes

Here are the answers to the most commonly asked questions about debt consolidation.

What is debt consolidation?

Debt consolidation is a service that arranges lower interest rates with most major creditors in advance and combines your debts into one payment. After you consolidate, you make one payment to your consolidation service every month, and the service then divvies the money up among your creditors. Before you even sign up for service, the consolidation company has already negotiated lower interest rates for their customers. Once you sign up, these rates are applied to your accounts to help you pay off your debt faster with less money.

How do I get debt consolidation quotes?

Getting a quote on debt consolidation is as simple as filling out our online form. The form won't take long to complete and asks only for your contact information. We then match you with a consolidation company that can meet your needs. The company will be able to offer you a free debt consultation, where they will evaluate your financial situation and describe the program that can best help you. The quotes and the debt consultation are both obligation free.

Are you a consolidation company?

No, we are not a consolidation service. Our job is to supply our visitors with free referrals to quality, experienced consolidation companies. We partner with many respected consolidation companies to accommodate the diverse needs of our visitors. Our site is meant to be a source of information and a starting point for your consolidation efforts.

What does debt consolidation cost?

Debt consolidation is very affordable, especially when you consider the potential savings. You will get a more accurate estimate of what the service will cost when you apply for your debt consolidation quotes because the price usually varies from service to service. Generally speaking, the company typically requires an up-front commission fee that is around the amount of your first monthly payment. For instance, if you're new monthly payment is $300, your one-time commission fee would be $300. You will also have to pay a monthly administrative fee to your service. This fee could be on a per-creditor basis or a general flat fee. The administrative charge usually ranges from $10-$40.

Is consolidation bad for my credit?

No, debt consolidation is not bad for your credit. In fact, debt consolidation works to reduce your overall debt, which in turn helps your credit score. You will be using less of your credit capacity, which improves your attractiveness to lenders.

 

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