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Digital News Report – Whether the debt was created by credit cards or student loans, various government and private agencies have developed plans for consumers. The Internet has made finding the solution even easier.
A whole industry has developed since the decline in the economy, according to a government blog. The FTC says keep good records. Collect and log “Details of the deal – dates, invoice numbers, copies of relevant paperwork, etc.”
A debt consolidation plan involves taking numerous loans and consolidating them into one. Besides a single payment, the goal is to lower the overall monthly payment.
Debt consolidation is designed for people with several outstanding high interest debts. Many Americans have seen a decline in their credit score and a whole industry has developed around debt consolidation. This means there is more competition and it may be easier for customers to find something that works.
Recently the FTC launched a blog to help consumers through this difficult time. The Federal Reserve has developed a credit card calculator to estimate how long it will take you pay off credit card debt. It is an eye opener for those making the minimum payment.
By: Tina Brown