FAQs about Debt Consolidation, Credit Counseling, and More

What is debt consolidation?
Debt consolidation will often combine multiple debts into one loan, with a lower interest rate. Debt consolidation is a good option if you have multiple debts, such as credit cards, on which you are currently paying high interest rates. While debt consolidation is not a get out of debt free card, it does provide steps to help you save money and begin the process of becoming debt free through responsible debt management.

Does credit counseling have a negative impact on my FICO score?
No. Going through the credit counseling process does not lower your FICO score.

Will most creditors offer interest rate reductions to me?
It depends. Many creditors are willing to negotiate an interest rate reduction. Another recommended debt strategy is to pay off your credit cards that have the highest interest rates first. By focusing on the debt interest rates as opposed to the amounts, you will be able to more quickly decrease the rate at which you are going into debt or paying off your debt faster.

Can consolidating my debt help me save money and get me out of debt more quickly?
Yes. Debt consolidation companies can provide advice and debt help that assists you in developing a plan and strategy to pay off and even reduce your original amount of debt.

What types of debt qualify for debt consolidation?
A variety of debts can qualify for debt consolidation, including credit card debt, retail store credit card debt, utility bills, and even personal loan debt.

How does the process work?
The first step is to call Debt.com, which will refer you to the appropriate debt consolidation company. The debt consolidation company will answer your questions and provide you with information on the process. After the application process, you will be working with a debt specialist to develop a plan for becoming debt free. Call 888-332-8266 today or Apply Online to get started.