Many people, who find that their debts have become overwhelming, turn to debt consolidation as a way to regain control of their finances.

Debt consolidation is a process that allows you to simplify your finances, restore your credit rating and satisfy lenders by paying off all your outstanding, unsecured debts (credit cards, loans, and past due bills) - normally with one new loan calculated at a lower interest rate. Loan repayment is usually spread over an extended period, resulting in one monthly payment that can be as much as 50 percent less than you are paying now.

For example, a person with four outstanding loans (a $4,000 personal bank loan, a $8,500 outstanding credit card balance, a $1,500 outstanding 2nd credit card balance, and a $2,500 department store credit debt) may choose to consolidate their debt into one loan for $16,500. The loan can be amortized over an extended period (usually 10 to 15 years) with interest charged at a rate that is higher than a short-term loan but considerably lower than a credit card rate. Keep in mind, the longer the loan amortization period, the more you will pay in interest charges.
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Debt consolidation can provide you with a fresh start - a way to re-establish your credit and regain your financial security. It is an ideal way to climb out from behind a wall of mounting debt and take control of your life and your finances without going into bankruptcy.

Debt Consolidation Will Allow You To:

. Simplify your finances.
. Avoid bankruptcy.
. Reduce or eliminate high interest rate payments.
. Lower your monthly payments to a manageable amount.
. Reduce or eliminate late charges and penalties.
. Stop harassing phone calls from creditors and banks.
. Become debt free in a shorter period of time.
. Regain control.

Why juggle 10 different creditors, charging 10 different interest rates and making 10 separate withdrawals, when you can combine all of your debts into one low monthly payment calculated at a significantly reduced interest rate? The process can be straightforward and can either be done by yourself or with the help of a debt consolidator. Even with the assistance of a debt consolidator, this can be a confidential and discreet process you can complete from the privacy of your home.

By taking charge of your finances before you are faced with bankruptcy or years of hounding creditors, you will be able to repair your credit rating and plan for your secure financial future.