Debt Consolidation Loan

Debt Consolidation Loan:- DON’T Do Debt Consolidation Without Knowing this ESSENTIAL thing You’re about to consolidate your debt, but there are some things that consultants may not be clear with you about debt consolidation, so we’re going to share that with you and how you can protect yourself, so let’s get started. Welcome to send Finance YouTube channel where we specialize in providing unbiased complimentary calls and debt calculators to help you know your options to get out of debt cheaper, easier, and faster. more Info Sorce Link

debt consolidation

My name is Ben, and I’m the co-founder here at Ascend. This video is for informational purposes only and isn’t financial advice. I just wanted to let you know about that. So what we are seeing is that companies use the term the term debt consolidation” to confuse people between debt consolidation programs and debt consolidation loans.

Unfortunately, companies use potentially confusing mailers that you may have received and other means to confuse consumers about the differences between the two options, and unfortunately, the differences between these two options are huge in one day’s consolidation option. Your credit score can increase, and in another debt consolidation option, your credit score could plummet and you could be sued, so you may be asking, Well, which one am I looking at?

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We’re going to go through a specific use case so you can understand the differences between the debt consolidation options, and later we’re going to give you three crucial questions that you can ask when you’re getting pitched by a salesperson so that you know which one you’re being pitched on. Now let’s start with this example.

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I got a letter in the mail saying that you are pre-qualified for a $20,000 loan with a 3.89 interest rate. Now that sounds amazing, as it’ll save you potentially hundreds of dollars per month. Consulting your debt from high interest credit cards into one loan now thankfully the company provides a unique code just for you to show that you are pre-qualified for that loan so you call the number that the debt consolidation firm has you fill or you fill in the form online and unfortunately you actually didn’t qualify for debt consolidation loan but wait congratulations you did qualify for debt consolidation you’re looking at it and thankfully the payment is still much lower than what you’re going to pay and you’re going to save a lot of money right it may sound good but it’s also confusing how can you not qualify for debt consolidation but but qualify for debt consolidation now in this case the sales person is trying to sign you up for a debt consolidation program which is the one that can hurt your credit score and you can be sued for the unpaid debt now you’re probably wondering well how do I know which one is which so first what is a debt consolidation program now a debt consolidation program is also known as debt settlement or debt relief I’ll include a video so that you can watch that option.

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Specifically now with a debt consolidation program your accounts fall behind if they haven’t already been behind your credit score could plummet and you could be sued for the debt that has fallen behind now debt consolidation programs can save you money and get you out of debt faster and may still be the option the best option for you but it’s important to know what you’re getting into instead of getting swindled into a program that you think is a debt consolidation loan now that we covered that let’s talk about a debt consolidation loan just really briefly so what is a debt consolidation loan now a debt consolidation loan is where our funds are distributed into in your account and you use those funds to pay off high interest credit card debt from the loan funds now with the debt consolidation loans If your account stays current, your credit score could increase because you’re.

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Basically eliminating that debt, potentially faster than just paying the minimums. Now, debt consolidation loans can also save money, but the monthly payment may be much higher than the debt consolidation program. Now, at the end of this video, I’ll provide a couple other videos with the pros and cons of both of those options to help you make the most informed decision. But let’s now talk about the three questions you can ask the salesperson to understand which one you’re getting.

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The first question you can ask is, Are you going to send me funds to my bank account or am I going to stop paying my creditors and put money into a special savings account? Debt consolidation programs do not send you money like a debt consolidation loan, so you know that if you don’t get any funds, you’re probably getting into a debt consolation program. Second, what’s the interest rate on this debt consolidation now? Debt consolidation programs don’t generally have interest rates tied to them because they’re not alone, so if they can’t answer this question, you’re most likely looking at a debt consolidation program. Third, is this a debt consolidation program or a debt consolidation loan? Hopefully, the salesperson will provide an honors answer to this question.

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I know it’s just being completely up front and saying which one is which, and hopefully they’re going to be up front, but hopefully the other two questions could be helpful to help you understand which one is which. I hope this video has been helpful to protect you from potential deceptive marketing practices to help you make the most informed decision about getting out of debt. If you are struggling with debt and don’t know your options, please give me a call at 833-272-3631 and we can chat about your options in a 100-minute complimentary call. We kind of specialize in all the different debt relief options. So that’s kind of what we do now. If you have questions and you don’t want to call, please comment below, as I would still love to answer any questions you have as quickly as possible. thanks so much for watching, and I hope you have a great day. more Info Sorce Link

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