Debt Consolidation Loans: A Fresh Start For Your Finances |

The opportunity to get your finances on track by arranging a debt consolidation loan might seem like the best way to deal with creditors or garnishment ? before you are forced to file for bankruptcy just to be able to care for the needs of your family and meet your monthly expenses. Debt consolidation is a valid option, if you do some leg work ahead of time and are aware of the pros and cons of this type of loan.

Debt Consolidation Services

Many legitimate companies offer ?free debt consilodation?services and provide counselling specific to your unique situation. When you first begin to investigate a debt consolidation loan, look for a company that provides experienced and qualified debt?advisers, free advice ? or at minimum, sessions and services that are covered under a sliding-scale?fee chart. You don?t need to pay for these services? many free debt consolidation counseling companies exist, and they will be able to provide guidance without hefty fees. ?Basically, you?ll want to look for?someone?who can steer you in the right direction, provide confidential, non-confrontational advice, and who will explain your debt solutions prior to directing you toward a consolidation loan.

Help For Controlling Your Finances

A debt consolidation service should offer these types of services:

• Advice for budgeting, and your personal finances; resources such as a budget workbook or spreadsheet
• Debt advice?for auto repossession and mortgage arrears?and/or ways to work to avoidforeclosure
• Debt solutions?for credit cards and loans

Unfortunately, many people who go with a debt?consolidation?loan may find themselves re-lapsing into the debt cycle again. And trust me ? I know from personal experience that there?s nothing worse than getting your debt under control, only to fall right back into the same spending traps. ?Although many personal bankruptcies stem from divorce, job loss, or the economic downturn, it is extremely easy to slide back ?into my your spending habits. Know yourself well enough to plan around any trigger points you may have, in order to avoid getting deeper into debt by racking up more charges to the credit cards you?ve paid off with the debt consolidation loan. Enlist family members and friends as a support system? and keep the big picture in mind: to be debt free and thriving, while living within your means!

~ Ms. Thriftability

Do you have thoughts to share on debt consolidation? Leave a comment below!

Source: http://thriftability.com/personal-finance/debt-consolidation-loans-a-fresh-start-for-your-finances/

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