DEBT CONSOLIDATION / DEBT COUNSELING

Debt consolidation is the substitute of multiple loans with a single loan, with a lower monthly payment and a longer repayment period. It is more advisable when someone is paying credit card debt. Credit cards carry a much larger interest rate than even an unsecured loan from a bank. Debt Counseling is an analysis of income, expenses and debt of an individual or family by financial experts. It point out the options that might be available to help him to pay the debts in full and become debt free. One must have the opportunity to improve credit score by debt counseling. In general, debt counseling is aimed at individuals having serious financial problems and unable to maintain with their payments.