References – As with any financial decision, you should research the people or business that you are going to trust with your most secure information. When it comes to debt consolidation services, you can get all the information you need from places like the Better Business Bureau and you State departments dealing with lending and credit. Be sure to double and triple check these references before getting involved with anyone providing debt consolidation services. Comparisons – Many people choose to go with the first quote that they get for debt consolidation services. They may never know that they could have saved more than they did. Debt consolidation is a very competitive industry and you can often get better rate quotes just by getting more than one. Let the second guy know what the first guy offered and chances are they will do whatever they can to beat it. The Bottom Line – In the end, debt consolidation services serve only one purpose, saving you money. No matter what other factors come into play, you should go with the option that will save you the most for the long term. Steer clear of any frilly loans with introductory APRs and the like.
For the best long term savings, go with the overall savings for the life of your loans. The goal of it all is to get yourself out of debt as quickly as possible and to have it cost you as little as possible.
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|Jennifer Mathes, Ph.D.|