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FREQUENTLY ASKED QUESTIONS REGARDING HIGH RISK DEBT CONSOLIDATION

Debt is a very helpful in many situations. However, when one loses control over his debt and makes so much debt that he is not able to pay it back then he is in to a lot of trouble. The primary cause of uncontrollable debt is the credit card. The credit card is one of the most innovation and useful tool available to mankind and is also the most dangerous. If you don’t use is carefully and pay your bills on time then you will be in trouble.

People avail for the “Credit Card Debt Consolidation” service for one primary reason which is: your credit card debt has become too high for you to repay. So, you start to default on your payments and your credit score will be affected. By consolidating your debt you will be able to manage it because the interest rates will be negotiated and brought lower. This is one the most efficient method to restructure and reduce your credit card debt.

Given below are some FAQ’s regarding “credit card debt consolidation”.

1)    Is the “credit card debt consolidation” similar to a loan?

No, this is not similar to a loan. It is just a more efficient repayment plan that is negotiated between your creditors and you. However, you can also apply for a loan to consolidate your debt, which is not the same as “credit card debt consolidation”.

2)    How is debt settlement consolidation from debt settlement?

Debt consolidation and debt settlement both pay your creditors and make your unsecured debt much simpler. You will have to make just one payment each month instead of numerous tiny payments to several credit cards. The primary difference is by consolidating your debt you have to pay your entire credit card debt over a period of time, however in debt settlement; you negotiate a lower balance with your creditor and pay it off in one shot. This will help those individuals who are maintaining accounts which are severely charged. “Debt Consolidation” will not affect your credit scores as badly as debt settlement.

3)    Is the credit card company allowed to garnish the debtor’s wages to pay for his debt?

That depends on the laws applicable in that particular state. Not all states allow credit card companies to take away the wages of the debtor to repay his credit card debt, However, the credit card companies will be allowed to do that in all states if the court permits them to do so.

4)    What is the length of “Debt Consolidation” payment?

It mainly depends on 2 factors, the amount of money that you need to pay back and the amount that you can pay as monthly instalment.

5)    How to make the right choice about the debt consolidation company?

You have to go shopping and get details of the various companies that are present in the market. Then you have to compare them to find out which one is best suitable for you. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.