How Online Debt Consolidation Works

Before you sign up for online debt consolidation, find out more about how it works. We'll discuss the steps involved and explain who the best candidates are for the service.

Online Debt Consolidation Guide

Online debt consolidation combines your many, high-interest debts into one easy monthly payment to your consolidation service. Your consolidation company is able to pass on lower interest rates to you because they have preset agreements for customers with most creditors. Here is a step-by-step guide to the process:

1. Fill out our free application for online debt consolidation. The first step involves completing our short, secure application for online debt consolidation. We will ask a few very basic questions on the application, including the number of creditors you have, an estimate of your income, your contact information, and an estimate of your indebtedness.
2. We contact you via telephone to complete the process. Once we receive your application, we will contact you as soon as possible to proceed with the process. We will discuss your application and offer you your free quote on online debt consolidation. We can also discuss which debt consolidation program is right for you. You can then choose to enroll based on the quote we give you.
3. We arrange your payment schedule with your new, lower interest rates. We will reference our negotiated rate sheet for your particular creditors to determine your new, reduced interest rates. After your interest rates are set, we will arrange a payment schedule whereby you make one, easy monthly payment to the consolidation service. You can even select the date on which your payments are due.
4. You make payments to the consolidation service who will then divvy your payment up among your creditors. You make your monthly online debt consolidation payment, which will then be divided up among your creditors. This way, you only have one bill to worry about, and you know your bills will always be paid on time.

Candidacy for Online Debt Consolidation

Online debt consolidation can help you get out of debt faster, but it is not right for everyone. Here is what makes a good candidate:

• Have minimum of $5,000 in unsecured debt
• Mostly current on payments
• Have many, high-interest debts
• Would like to get out of debt faster
• Want the convenience of one creditor instead of dozens

If you have a lot of debt, then debt negotiation may be more effective.