Debt Consolidation Tips & Resources
Debt Consolidation
Looking for Debt Consolidation? Are you trying to get free from your debts – maybe a lower payment, to cut interest rates or just get debt free? Bills.com has the debt consolidation tips and resources so that you can evaluate your options and get the debt consolidation solution that is right for your specific situation so that you can save fast.
When you’re in debt, it feels like the world is tumbling down on you. Your finances are a mess, you can’t seem to dig yourself out of debt, and the bills and stress continue to mount. Debt consolidation can be a great way to start tackling your debt – whether it’s just lowering your rates, getting a better loan, or cutting your payments to get debt free faster.
Debt consolidation is when you consolidate multiple credit lines into one low interest loan or credit card - it typically involves a debt debt consolidation loan, but could also be referred to as a credit counseling program or other forms of debt resolution that do not involve a new loan. It is important that you know what your options are and which option is best for your specific debt situation.
Bills.com has all the debt consolidation resources you need to understand how debt consolidation can work for you and select the best option for you. We even have a Debt Consolidation Savings Center that can help you find debt consolidation services geared towards your varying debt amounts and circumstances.
Bill's Expert Advice
Debt Consolidation Success Stories
Read a personal story about debt consolidation and gain a better understanding of what's involved.
Debt consolidation success story
Debt Consolidation Questions
- What is debt consolidation?
Debt consolidation is a solution to stopping your debt from spiraling out of control. Debt consolidation doesn’t reduce your debt; it merely eliminates multiple high interest rates associated with debt from various lenders. A debt consolidation loan is one viable solution to consolidating your debt. In this situation, you basically get a loan to pay off all your various debt or get a better type of loan (changing from an ARM to a Fixed rate loan). - What do I need to consider if I want to consolidate my debt?
The one thing you need to consider regarding debt consolidation is whether or not you can aggressively start paying off your debt via debt consolidation. Remember, debt consolidation doesn’t reduce your debt; it just helps it be more manageable. So, you need to analyze your finances to see if you can truly start paying off your debt. See where you can cut back on your expenses. You’re going to have to make some personal sacrifices if you want to get out of debt. If even after you analyze your finances and you just can’t seem to set aside enough each month to significantly pay down your debt, debt consolidation might not be the solution for you. In this case, you’re going to want to consult a debt counselor. - How does debt consolidation work?
Usually done in consultation with a counselor or loan officer, a consumer consolidates all of their debts into one loan or one repayment plan.
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Glossary of Debt Consolidation Terms
Bankruptcy: a type of aggressive consumer debt resolution where you attempt to either liquidate your debts through a chapter 7 bankruptcy, or re-organize your debts into a payment plan through a chapter 13 bankruptcy.
Collection Agency: a company hired by a creditor to collect a debt that it is owed. If you are seeking bankruptcy advice, it is wise to seek advice from a local bankruptcy attorney.
Credit Counseling: a third party managed payoff strategy where your interest rates are lowered to the bank's concession rate and thereby your monthly payments decline. Typically, a credit counseling program runs around five years to getting debt free, but each consumer's experience depends on their own creditors and the size of their payments.
Credit Score: a measure of credit worthiness. Typically, it is a guage of a consumer's likelihood to default on a future credit line. FICO is the industry standard measure of a credit score, which is primarily based on payment history, debt utlization, and the amount of debt owed.
Debt Consolidation: taking multiple debt or credit lines and consolidating them into one new payoff plan. Frequently, this is a consolidation loan, provided to consolidate debts into one loan with one payment, typically shifting credit card debts to secured debt by refinancing a mortgage. It could also refer to a credit counseling or debt settlement program.
Debt Management: a service provided by an agency that provides debt help services, including credit counseling, debt settlment, and debt consolidation loans. Most people refer to a Debt Management Plan as a plan administered by a credit counseling firm.
Debt Settlement: a program for negotiating and settling consumer debt to a discount to face value. Frequently, resulting in lower payments, lower debts, and a short period to debt freedom while avoiding bankruptcy.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.71% |
| 15 Yr Fixed | 6.23% |
| 30 Yr Fixed Jumbo | 7.69% |
| 15 Yr Fixed Jumbo | 7.26% |
| 3/1 ARM | 6.02% |
| 5/1 ARM | 6.13% |
| 7/1 ARM | 6.49% |
| 10/1 ARM | 6.82% |
| 3/1 ARM (I/O) | 6.03% |
| 5/1 ARM (I/O) | 6.27% |
| 7/1 ARM (I/O) | 6.48% |
Debt Consolidation Articles and Advice
Bad Debt? Bill Consolidation Can Help
Bill consolidation is one of the many ways to make payments easier. Discover how to make it easier
Debt and bill consolidation help
Consolidate ALL Your Bills Easily
Learn how to consolidate all bills and make your debt easier to manage. The tips are here.
How to consolidate all bills
Consolidate a Credit Card Bill
If you have high credit card bills, consolidation might be the solution. Learn about consolidating credit cards.
How to consolidate credit card bill
Bill Consolidation Loan
Will a bill consolidation loan help or hurt your finances? Learn all the details here.
About a bill consolidation loan
Low Interest Bill Consolidation Loans
You need a low interest debt consolidation loan to make bill consolidation work for you. Learn more.
Low interest bill consolidation loans
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