Saturday, April 13

Is Consolidated Credit Solutions Effective?

You never thought it would happen to you, yet here you are. You’re up to your eyebrows in credit card debt, and no matter how hard you try, you can’t handle it alone. You need professional help. Enter Consolidated Credit, which just may be your way out.

But is Consolidated Credit Solutions effective?

The Issue

In the last quarter of 2019, U.S. residents owed $4.2 trillion in non-housing debt. So, you have beaucoup company. But you do have options, including credit counseling, debt settlement, and if your credit’s good, debt consolidation.

What Kind of Company is Consolidated Credit?

It’s a legit free credit counseling company that’s been in business for more than 27 years. During that time, it has helped more than 10 million consumers refinance credit card obligations and improve their overall finances. Consolidated has an A-plus rating from the Better Business Bureau and says it can clear your debt in 30 to 60 months.

Consolidated Credit’s counselors can assist you via phone or email. The company’s website offers a live chat feature if that communication mode is preferred.

What Are Credit Counseling Agencies?

They’re organizations that have certified and trained counselors who have expertise in consumer credit, budgeting and money and debt management. The counselors will assess your financial situation and help you craft a plan to solve your money woes.

More specifically, most agencies advise you on handling your money and your debts, help you develop a budget and obtain your credit report and scores, offer free educational materials and workshops, and may organize a debt management plan to reduce your debt load.

What Services Does Consolidated Credit Offer?

Consolidated Credit Solutions offers a corporate financial wellness program, financial literacy tools, and both debt relief and housing counseling services.

  • Financial wellness. The company collaborates with more than 500 nonprofit organizations, and municipal and government agencies to offer financial education to underserved areas. It also works with companies to promote financial wellness in the workplace.
  • Debt relief. Depending on your situation, Consolidated Credit might recommend debt consolidation or help you enroll in a debt management program. With the latter, Consolidated Credit will come up with a manageable monthly payment and then negotiate with your credit card issuers or other creditors to lower your interest rates and waive future penalties. Plus, the company will create a plan for you to pay off your debts as swiftly as possible.
  • Housing counseling. The company makes sure first-time homebuyers know how the process works and what obstacles they may encounter. It also offers ways to avoid foreclosures and advises seniors on reverse mortgages. By the way, Consolidated Credit’s housing counselors are approved by the U.S. Housing and Urban Development department.

Will Consolidated Credit Hurt My Credit Score?

Nope. The company just uses a soft credit check to gauge your credit history. It may recommend a debt management program as a solution, which also doesn’t damage your credit.

Will I Have to Close My Credit Cards?

You likely will if you enroll in a debt management plan, and you are to abstain from opening new cards until the program is completed. The good news is that you will likely get a lower interest rate.

If you qualify for a debt consolidation loan or credit card balance transfer, you won’t have to shutter accounts.

If you’re unclear about the best way for you to pay off your debt, do yourself a solid and elicit the assistance of a credit counseling company such as Consolidated Credit. Is Consolidated Credit Solutions effective? Hey, 10 million people can’t be wrong. Get going on your situation today.