But use caution as a
lot of debt consolidation companies offer very low rates to start, but within a few months, those rates may go right back up to 10 — 24 %, and one can end up back in the place they started.
The internet is
full of debt consolidation companies and dubious service providers who say they can improve your credit by «hacking the credit reporting agencies» or by changing your name.
With the
help of a debt consolidation company, the debt consolidation procedure essentially renegotiates and then combines all of your obligations into a lump sum handled by the company.
If you need the services
of a debt consolidation company you will have no problem comparing companies» rates and overall services online.
Debt consolidation loans can come from various sources: you could take out a personal loan from a traditional bank, credit union or other lender, use the cash from a home refinance, or from one
of the debt consolidation companies that offers loans.
Third Party Administered (TPA) note: Borrowers who utilize the services
of a debt consolidation company will find a Third Party Administered mark on their credit report for any debts the latter helped resolve.
Or you can sign on with one
of the debt consolidation companies to do the negotiating for you.