The Bill Consolidation Process
Bill Consolidation | Are you in search of financial stability but can’t get ahead due to mounting bills? This is something that you have in common with many of your peers. Bill consolidation is a leading tool for consumers who wish to get their financial lives in order. It can be effective following a divorce, overwhelming credit card accounts, loans and other financial obligations that are outlined on the credit report.
Prior to the actual consolidation, find out your credit score and obtain a copy of your updated report. Reports are available form the three major reporting agencies and a copy should be obtained from each. It is wise to know what information, positive and negative is included on the report. Correct any discrepancies and become knowledgeable of your weak areas in credit responsibility. Knowing your credit score makes you aware of your rating in the credit world.
Write It Down
Next, consumers should make a running list of their bills and the balances owed on credit cards, mortgages or other loans that appear on the report. Remember to write down the interests that each bill carries, as well as the monthly payment required on the individual account. This shows which bills carry high-interest rates, which means they should be addressed initially in the consolidation process.
Bill Consolidation Options
Consolidation options may vary among consumers but will include loans from financial institutions such as a credit union or bank, a personal loan from online sources, or balance transfer among credit accounts. Whichever option is taken, always verify that the consolidation company is credible and has verifiable reviews. There are many fraudulent companies out there that promise to assist in bill consolidation but fail to follow-through, which could lead to damaged credit.
If you are considering the consolidation of your bills but don’t know where to begin, contact Consumer Credit Counseling Tampa Bay, Inc. today for a consultation. Take our Debt Analysis Survey!