Life Saver: Debt Consolidation

The rich rule over the poor, and the borrower is servant to the lender.

Don't go in the sea of debt that far, that either you have to choose slavery or bankruptcy. Under the huge burden of debt, either one will go on paying the debt for years, due to increment in interest rates, or have to file for bankruptcy. Both the cases cause immense damage to the individual's credit score and makes mentally depressed. Don't drown yourself in debt ask for lifesaver, ask for Debt Consolidation. Debt Consolidation helps to save your money, so that you can swim out of debt. Debt Consolidation as a life saver not only helps you to swim out of debt with ease but also improves your credit score with time. Debt Consolidation helps the debtor by lowering the interest rates of consolidated debts and bills and lowered monthly payments. It provides lot of flexibility to the debtors so that they can easily swim to the shore.

Five Steps To Become Debt Free



1) "A hundred wagon loads of thoughts will not pay a single ounce of debt" - One has to accept the fact, at right time that he/she is in debt and act accordingly. If not attended properly the situation will worsen with time.

2) "A man in debt is so far a slave" - Stop being slave to your debtor and take professional help. Too many public opinions may confuse you. By seeing your situation (incoming and outgoing finance) they can better tell, whether to take financial help or not.

3) "There is something called Free Debt Counseling" - There are different kinds of Debt Consolidation program. One single kind of program can't be applied for all the debtors. The programs vary on the amount of debt, tenure of payment, debtor's income and various other factors. Various Debt Consolidation Companies provides free Debt Counseling to the debtors and suggests a program which suits best to their situation.

4) "Pay every debt as if God wrote the bill" - After you have enrolled in any Debt Consolidation program make the payments on time, to avoid any kind of late fees or fines. Default in payments should be avoided, in order to get rid of the debt soon.
In case you choose Debt Settlement, you'll have to stop payments to your creditors and make monthly payment to the settlement company. The payments accumulate into lump sum cash after months. The lump sum amount is then paid off to the creditors/collection agency.

5) "Never spend your money before you have it." - Put a check on your expenses, say no to any kind of fresh loan or debt unless and until its emergency. Any new loan would worsen the situation and delay the debt payment. Expense in control would lead to debt in control.

Hooray, there you are on the shore alive and safe, free from the clutches of debt!