When looking for a reputable debt consolidator the first priority in which you want to look for is what a debt consolidator is, what makes a good consolidation plan, and what makes a bad consolidation plan.
This way you can go out and find the perfect consolidation plan for you based on your own personal situation, also being aware of exactly what you need to avoid in a consolidator.
What is a debt consolidation plan? A debt consolidation plan is a company who takes customers with multiple different debts, and pays these debts off, thus you only owe the consolidation company the total debt.
How can a consolidation plan help someone? A plan for consolidating debt takes people who have multiple debts, such as credit card bills, and creates a solution to save from having to pay multiple different companies at once.
Most debt collectors will charge late fees, interest fees, service fees, and more.
When you have more than one of these companies you are in debt too this amount along with the monthly payments are doubled for every company each month.
A plan for getting your debt consolidated will help you by taking all of these monthly payments and turning them into one simple monthly payment, with only one set of low rate fees as long as you secure your loan.
What makes an illegitimate and legit company? A legitimate debt consolidation company will work by providing customers with future debt plans to stay out of debt, personalized payment plans to help you afford your regular bills on top of your monthly debt payments.
The service fees if any will be relatively low, and the company will help you build your credit back up to a positive number.
An illegitimate company will have flat monthly rates which you either can pay or you cannot receive service, they will have fees which will keep you in debt, they will only provide secure loans so they can take your assets once they burry you in debt.