Debt consolidation combines all of your unsecured monthly bills into one lower monthly payment and a lowered interest rate. This service is not a loan, but a way to reduce your overall interest rate, monthly payments, and, most importantly, payoff time.
This is done through a nonprofit credit counseling agency that is designed to assist consumers in the repayment of their unsecured debt. Creditors receive certain tax savings for contributing to the program, in return they offer reduced interest amounts sometimes as low as 0%. But only through an approved nonprofit credit counseling agency can you obtain the best rates.
A certified credit advisor will contact your creditors to get your interest rate and monthly payments reduced to an amount that you can afford to pay. Many credit counseling agencies already have working relationships with these creditors and they will know exactly how to get the best deal for you.
you no longer pay your creditors directly. All of your debts are consolidated
into one manageable reduced payment to the credit counseling agency. The
credit counseling agency, in turn, pays your creditors, on your behalf,
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