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That’s because some may be debt settlement companies that convince you to stop paying your debts and “instead pay into a special account,” the CFPB warns.
“The company will then use this money to attempt to negotiate with creditors to reduce the amount of principal you pay off.” If you’re considering this option, try to speak with a nonprofit credit counselor first because debt settlement can put your credit in jeopardy.
When researching consolidation plan options, you may come across what’s known as debt consolidation companies.
Some of these debt consolidation companies are legitimate; according to the Consumer Financial Protection Bureau, however, others are incredibly risky.
And then there’s the risk of increasing your debt if you fail to make your payments under a debt settlement program.
Once you’ve chosen a debt consolidation method, it’s a good idea to keep the total cost as low as possible.
Variable interest rate debt is a shifting interest rate, like you would find with credit cards, and will change at some point throughout the duration of the debt.
We’ll help you pick out the best loan for you, whether that’s a home equity line of credit (HELOC), a second mortgage, or any other product we offer. With a network of more than 250 top Canadian lending firms, we’ve got a whole portfolio of options to choose from.
Finding the best home equity loan takes a lot of skill and isn’t as simple as some would like to imply — which is why we are here to help.
However, the most common debts are credit card debt, medical debt, and student loans.
Other debt such as personal loans and auto loans are also a relatively common occurrence and can also be considered when consolidating your debt.
(You can learn more about choosing a credit counselor here.) If you don’t pay your debt, creditors could hire debt collection agencies, which could lead to a lawsuit, the CFPB says.