Everything You Need to Know About Debt Consolidation Loan to Improve Your Finances in 2018

Juggling too many payments throughout the month can be tiring and confusing. It happens when people have multiple small and medium debts, insurance premiums, medical bills and credit card bills due on different dates. An efficient way out of a debt-mess is a consolidation loan. Credit counseling can also help you understand the impact of your payments on your daily budget.

improve your finances in 2018 with a debt consolidation loanJust going out and getting a debt consolidation loan will not always make matters better. You need to be able to find the right company that is willing to help you towards your financial freedom. Not all organizations are right for everyone, and you need to conduct your research to find a company that meets all your fiscal needs. To understand the importance of a suitable provider, visit nationaldebtrelief.com.

Debt consolidation vs. debt settlement

There are several new companies out there that treat debt settlement and debt consolidation equally. In truth, each of them is a unique debt relief option with varying processes. Debt management programs can have debt consolidation options, and if your chosen company offers both, it is time to learn more about the company. If the shortlisted organization provides debt settlement, it is time to rethink your options. Debt settlement companies work differently than debt management companies. They take the payment from you (the amount you owe to the creditors) and keep it in an escrow account till the creditors agree on a lower payment rate.

There are two risks of this process –

  1. You can miss many payments in the meantime, and your credit score will suffer.
  2. The account can become delinquent, and you garner an ill repute.

Debt consolidation with a non-profit

Non-profit organizations do charge money for counseling and consolidation advice, but their charges are usually much lesser than private companies. Do not jump at the first consolidation offer you receive merely because the company promises credit repair. Here are the two things you must do before committing –

  1. Ring up your state’s regulatory body of charity and find out if the company is a real non-profit.
  2. Ask if the company offers loans. Lending companies are usually not non-profit.

A typical non-profit agency will only offer debt counseling, credit counseling, debt management and debt consolidation services.

Check accreditations of your debt consolidation company

Your company should have a license of operation from the state government. However, laws in Maryland and Florida do not require debt counseling agencies to hold licenses. If the company that you have shortlisted is legitimate, you will be able to find it –

  1. In the NFCC directory
  2. In the FCAA directory

Firms in these databases have to abide by government rules and follow best practices. Also, do not forget to check what the Better Business Bureau or BBB is saying about the company’s services.

Ask your debt consolidation company about their fees upfront

A reputable debt counseling and debt consolidation agency is always transparent about their charges. Though you will be working with a non-profit, do not assume that there are no fees to pay. Many private debt consolidation companies do not charge a fee for the consolidation of loans, but the borrowed sum comes with an origination fee.

Most reputed private agencies and even a few non-profits offer free first counseling to the clients. It provides you a deeper insight into the reasons for your weak finances. Debt counseling and credit counseling is beneficial for everyone, but opting for them does not make taking a consolidation loan compulsory.

What will you need for debt consolidation counseling?

When you go in for your first counseling session, you will need to carry your rogue account details, bills, and credit cards. Also, take your bank statements. It will help the counselor to understand how much you are spending each month and how much cost cutting is feasible. Do not forget to include your partner in the process.

How to make the most of debt consolidation?

Debt consolidation is only a strategy and NOT a solution. You cannot breathe a sigh of relief and sit back browsing e-commerce sites once the loan comes through. Here’s what you can do to make the situation better –

Monitor your expenses

Several mobile applications will help you track your expenditures. Some of them link all your accounts and cards. Even when you spend through PayPal or buy gas on your credit card, they will give you a cohesive amount of monthly or weekly expense. Some of these accounts can also show comparisons between your monthly payments before and after consolidation. You can measure the differences in the form of graphs. You can also try the old-school way of tracking your expenses on a spreadsheet. Several standardized sheets have helped people track costs for over six months at a time.

Create a good budget

Here, your credit counselor can help you prioritize your expenses. Your monthly budget should include everything from the loan payments and bill payments to movie and popcorn expenses. Using a spreadsheet module often helps borrowers keep track of their budget. Stick to the budget, and in case of a lapse, state the reason. Observe the new budget for a month, then make changes as per your best judgment or after consulting your debt counselor.

Debt management

The previous two steps are finally going to help you make a successful debt management plan. You need to understand that your debt management plan is a part of your budget. Therefore, if you cannot pay the installments regularly, the consolidation plan will not work for you. So, talk to the consolidation company and decide on a monthly payment amount only after you have tested your monthly budget and monitored your expenses for a while. Upon lapse of payment, your loan agency can sue you or pursue unpleasant collection efforts.

Debt consolidation is not a magic spell that makes all the monetary problems go away forever. It works like a band-aid, you need to put in the effort to heal your finances and emerge scathe-free in the future.

Debt consolidation is very good business in Las Vegas today

Las Vegas that is known for its flamboyant lifestyle, sizzling nightclubs and overflowing casinos has a sad story to tell about its debtors, who are steeply ridden in debts and under stress. To understand how bad the situation is let us look at the way debtors in Las Vegas are swimming against the tide. Since 2008, the time of economic slowdown and recession, there has been a decline in consumer debt. In 2008, an average household owed $17,425 and in 2013, the figure came down to $ 15,267.  The reduction in average credit card debt during the same period was recorded at $700.  Unfortunately, the people of Las Vegas that is well known for its gambling industry proved to be an exception to this trend.

looking for secured debt consolidationPersonal credit is high in Las Vegas

However, the downward trend of average debt does not mean that all debtors are well off in managing debts.  There is a sizeable population of debtors in the US, almost about 35 percent, that are falling behind their debts. And the figure is quite alarming in The Sin City – it has touched 50 percent. This means that every alternate house has a debtor who finds it hard to keep up well with the loans.  How such people who are affected by unmanageable loans can find relief has been discussed in this post.

Wipe out multiple lenders

Today, it is almost impossible to live a life without loans but the secret of leading a comfortable life with loans is to know the best way to manage it. Ongoing through this piece of article on debt consolidation made easy, you can confidently handle all the loans that had made you feel scary. To begin with, understand the cause of pain and stress of the loans that you are carrying. If the problem stems from difficulties in managing these loans, just go ahead with consolidating all loans into a single comprehensive loan. Take a new loan for a reasonable time period of about 5 years that can help to pay back all other loans. Assuming that repayment is not an issue for you, multiple lenders are wiped out in a single stroke, providing the relief that you were seeking.

Debt consolidation companies

There are professional companies that offer services to debtors to show the way for effective debt consolidation.  Besides charting the path for easy loan management, which is their primary task, they can do many more things for you. They can help you to secure the new loan at very competitive rates that can lower the interest burden. Going a step further, you can entrust them with the task of managing your loan accounts as they can hold your brief to pay off other lenders so that you can concentrate on other important aspects of your life without having to worry about it.

The services of debt consolidation are offered for some fees. Study the online reviews of debt consolidation companies to find out which would cost you the least while helping you to achieve your goals of debt consolidation.

3 top business debt consolidation loans in Las Vegas

Tired of always sorting through credit card bills and avoiding your creditors? You can put a stop to all of it right away. You can take one small step towards understanding how business consolidation works and we can guide you through the entire process of being debt-free in no time.

Quite a few companies, both online and offline offer debt consolidation services but in reality only stick to debt negotiation or debt settlement. Although you may tend to think these are interchangeable terms, these actually mean completely different things. Debt settlement usually involves a representative from your debt “consolidation” company calling and negotiating with your creditors for lower interest rates and payments. Nationally recognized companies only offer actual debt consolidation meaning combination of all small and big debts into one.

Debt consolidation has been the loch ness monster of the business community for a while. However, all entrepreneurs old and new are sure that debt consolidation is better than declaring bankruptcy. Business debt consolidation is like giving the last chance to your company for turning around from a bad situation. Debt consolidation can lower your net interest rates on all your debts, the total payments you make per month and can get you added cash for new investments and projects.

Here is a list of 3 debt consolidating companies in Las Vegas, Nevada you can always turn to for both secured and unsecured consolidation loans.

  1. National Debt Relief

It has been almost a decade since NDR assumed its throne. This is one company with a perfect 5 –star rating that all businesses love due to its low APRs and high lending amounts. The qualifying factors are a little stringent and the company will conduct its own assessment of your credit and previous debts before making things final. Their debt experts are certified by IAPDA (International Association of Professional Debt Arbitrators). They also offer a free cancellation policy where companies can back out of the debt consolidation and counselling programs without any penalties.

  1. Credit Consolidation USA

This is another company with an almost impeccable service record in LV. This was established only a decade ago and already has its own dedicated clientele. They even accept debt applications as low as $5000 and their APRs are reasonably low as well. They conduct quite a grueling credit check before giving out any kind of unsecured loans to business owners. They also offer credit repair services.

  • One Nevada Credit Union

This is the third one in our list that offers amazing debt relief and consolidation services for SMBs. The landing page of their website welcomes you with a DIY loan calculator. You can check the available APRs and the payment terms before you can delve further into the consolidation process. You can enjoy free initial consultations and tax relief programs.

All these companies offer their exclusive services in Los Angeles California.

What Is the Most Effective Debt Consolidation Option?

looking for secured debt consolidationThe reality is that Americans are in debt and things are definitely not getting any better. Unfortunately, today the impact of debt is being felt by everyone whether you have taken student loans or carrying credit card debts. The adverse effect of debts is pretty clear in various aspects of your life. Moreover, if the debt is coming from multiple sources, things could get even dicey as you would be required to keep on juggling multiple payments every month.  Many of you are overwhelmed by so many debts; however, you must realize that there is no reason to be so frustrated and distressed. One surefire way of alleviating a lot of stress is by consolidating your debts from multiple sources into a single one.

What Do We Mean By Debt Consolidation?

Debt consolidation involves allowing borrowers to roll several old debts together into one new debt. Debt consolidation is all about taking debts from multiple sources, for instance, multiple credit cards and combining them into one single loan. Ideally, the current loan would be making payments far more manageable and offers a lower interest rate. This is really helpful and much easier for paying off your debt as you no longer require making multiple payments and keeping track of multiple due dates. There are two main ways of debt consolidation: personal loans and balance transfers.

Balance Transfers

If you are thinking of consolidating solely credit card debt, you could rest assured that a balance transfer would be a great solution. Balance transfer is pretty simple. You simply need to put in a request for balance transfer when you have already signed up and have already been sanctioned a new credit card. The main trick is actually to identify a card offering 0% balance transfer over an extended time period or look for reduced APRs on the balance transfers. This is an effective way of eliminating or lowering the interest you need to pay simply by transferring your balance either from one or even more credit cards that require payment of high rate of interest to opting for a new card with a relatively lower interest rate and maybe even zero percent interest rate for some specified promotional period. This could be really useful provided you are planning to pay off all your debt within that promotional period at 0% interest rate. However, this maybe requiring quite a good credit score for qualifying.

Debt Consolidation Loans

As there are not just credit card debts, for other forms of debts, you would be looking for an alternative other than the balance transfers. Moreover, sometimes credit card debt could be just too much for transferring to another card; this is exactly where personal loans would be making the royal entry. Taking out a personal loan from any bank could be a tedious and complicated process involving quite a lot of paperwork. Mostly some sort of collateral for securing a loan would be required. Personal loans are effective as they would be providing an alternative for people who are thinking of managing their debt.

Personal loans are usually unsecured loans and come with specified fixed interest rates. These are great for individuals looking for debt consolidation as the interest rate would remain constant and you could be sure that your first payment would be exactly the same amount as your last payment. Moreover, personal loans seem to be multipurpose as the money could be used for paying off the debts and thereafter, paying off the loan with a relatively longer repayment period and lower interest rate applicable.

You could get a debt consolidation loan at really lower interest rates from your credit union, local bank or any reliable online lender. Remember most online lenders would not charge any prepayment fee. You could simply pay off the entire loan amount early without expecting any penalty.

Home Equity Line Of Credit

If you own a home, you could take out a home equity line of credit as interest rates are bound to be lower and variable. However, as this seems to be a secured loan, your home would be at stake if you fail to keep up with your payments.


Many individuals in financial distress would be trying debt consolidation. However, not all of them are able to dramatically improve their financial situation because they would be running up their existing credit cards once again or maybe their debt seems to be still pretty overpowering. Others are able to be successful as they treat debt consolidation as an integral part of a much bigger plan for gaining complete control over their existing finances. Remember you need to make certain conscious and dedicated lifestyle changes to get out of debt forever.

Secured Debt Consolidation Loans – All You Need to Know

looking for secured debt consolidationIf you are mentally unsettled due to the burden of debts, a fine solution is to opt for secured debt consolidation schemes. These schemes provide you with an open invitation to become free from your existing debts while being at your own terms and conditions.

What is Secured Debt Consolidation?

Well, it is a specific way to get your debt consolidated while providing security deposit, in terms of assets for the loan amount you are seeking.

Secured debt consolidation is a way to consolidate debt when you have security to pay for the loan you are borrowing. When you speak about secured debt consolidation loan, there is, basically, no fixed scenario to work on. The scenario changes for everyone according to the situation and the volume of debt. Secured debt consolidation schemes are perfectly apt for all those people who are suffering from the burdens of multiple debts (medical bills, educational loans, credit card debts, etc.).

What are the Conditions?

In order to acquire secured debt consolidation loans, you need to provide security assurance; in terms of mortgage of suitable assets like, home, car, bonds and stocks, and every other collateral being accepted. Any amount for loan that exceeds £5,000 requires the proper consolidation of funds. There are many lenders available in the market who offer suitable debt consolidation schemes, according to the customer’s present debt repayment condition. A lot of these lenders offer consolidation loans at lower interest rates, while ensuring the best flexibility when it comes to the repayment terms. But, wait, there is also the risk of losing the assets that are mortgaged, in case you fail to repay the debt.

Why is Secured Debt Consolidation Advantageous?

Secured debt consolidation schemes can be extremely beneficial. They come with much lower interest rates than what you are presently paying for the loans. At the same time, the monthly repayment amount is also lower than you may have expected. If you go through online debt consolidation reviews, you would know that the monthly repayment for such loans are dependent entirely upon the terms and conditions, associated with the same. Extending the repayment tenure results in lower monthly payments. However, if you want to get rid of the debt burdens faster, you need to shorten the loan repayment tenure. This means that you have to pay more on a monthly basis to clear off the debts. Whatever terms you choose for the repayment part, always make sure that the interest rates are lower than your actual debt repayment situations.

It could be really tempting to get all your existing debts packed into one single loan and enjoy a single repayment amount on easy monthly installment scheme. However, you must consider the terms and conditions, associated with the consolidation scheme before availing the same. Understand the guidelines that are associated, with consolidation of debts. Remember, there would be security deposits through mortgage of land or other valuable assets. You may lose these assets, if you miss a couple of months’ payment.

Debt Consolidation – Important Details You Must Know before Opting for the Process

Are you planning to consolidate your credit card debts? If yes, you must know that the term, debt consolidation, refers to the consolidating all your credit card debts into one, so that it is easier to pay them off. As the process involves collecting all your bills into one, it is also known as bill consolidation. Irrespective of the term you use, it is pertinent for you to consolidate your credit. Before you can pay off your credits, you must know about some of the necessary details of debt consolidation.

In this article, let us discuss some of the details that can help you in accomplishing debt consolidation.

# Reading the signs that can tell you it is time to consolidate your loans and debts – Below are the signs that can help you in realizing you should consolidate your loans and debts.

  • Your credit card balances are not decreasing, but growing.
  • Your expenditure is more than your earnings.
  • You are paying only the minimum payment on your debt and that too, with great difficulty.
  • The interest payments on your credit card debt is becoming more than the amount, which is purchased every month.
  • You have debt on more than five credit cards and you are approaching the credit limit on the cards.

In reading all these signs and taking the proper measures, you can take the help of a non-profit credit counseling agency.

# Options for consolidating your debts – There are many ways through which you can consolidate your loans. One among them can be borrowing money from your friends and family. Another option can be opting for a debt consolidation loan. The money you borrow or take as a loan can help you in paying off the credit card debts. Once that is done, you can make regular payments to your friendly lender or the place from where you have taken the loan.

In consolidating your debt, you can also take the help of a credit consolidation company. This can be a very beneficial option, as you would not have to pay high loan origination costs. A reputed credit consolidation agency can also help you in getting lowered interest rates, with your creditors.

Other benefits you can reap by hiring such an agency are – less risk of paying late or missing a payment, fewer late fees, not having to pay individual credit card debt and the facility to access a lower interest rate. All these can assist you in paying off your debts faster. Such agencies can also provide you with debt counselors, so that you can get the necessary assistance in going through the course and paying off your debts in the long run.

These are the details that can help you in debt consolidation. Once you are familiar with these details, you can choose the method of debt consolidation that you think would be the best for you. Thus, select a suitable method and consolidate your debt, as soon as possible, so that you can remain free from worries.

Finance- How a Debt Consolidation Loan Works

Debt consolidation refers to a debt refinancing solution that involves using one loan to help you pay off multiple loans. Various consumers opt to consolidate their loans as an effective way of dealing with high levels of debt. The process makes it possible to secure a reduced interest rate that will cover the whole debt along with the convenience of focusing on a single loan.


Money that is owed to one entity by another entity is commonly known as debt and is usually subject to principal repayments as well as interest. Interest is determined by the creditor who charges the debtor a fee that is based on a percentage of the total sum of the principal on an annual basis. This percentage is the interest rate that is usually paid at monthly intervals.

Loans may be unsecured or secured with a form of collateral. Consumer debt ranges from credit card debt to mortgages. The amount of debt a person has can rapidly increase and reach a level that puts the debtor at risk of a financial crisis and bankruptcy.

Debt Consolidation

  • There are different options that are available for consumers who are overwhelmed by debt and these include debt consolidation. This is an option that enables the person to clear debts that are currently owed when they take out a new single loan. Most of the debt, particularly high interest loans can be repaid through another loan.
  • Various lending institutions offer consumers a debt consolidation loan. A key advantage of this refinancing solution for consumers is the lower interest rate. Repayment may be spread across a longer period. Debtors are issued with loans that help them repay outstanding debt while providing another loan on the lender’s new terms.
  • Consolidating several loans into new loans with single payments can help people lower their monthly costs, increase their cash flow, become more organized and ease the stress that arises from making numerous monthly payments.


Consolidating debt effectively is a step by step process that ideally begins with making a list of all your loan balances. The list should also consist of the monthly payments for each loan and the interest rates. Consider the different consolidation options that you can choose from, which may be secured or unsecured loans.

You will be able to consolidate different debts into one loan and a single monthly payment. The goal is to qualify for a reduced interest rate for the entire loan in comparison the current interest rates. Regardless of the consolidation option that you select, the process is generally the same. Rather than numerous debt payments being made each month, you will only deal with one payment.


A primary objective when consolidating is to reduce the interest rate as much as you can. When you identify a suitable option for your needs, you can proceed to clear outstanding balances. If there is an extra amount of money that you are able to save every month, this will help you reach your savings target. People who are facing major financial challenges can consult debt specialists and lenders who will work with them and provide a viable solution.

10 Mistakes Consumers make when looking for Debt Consolidation Loans

If you are deeply in debt like most consumers, it is likely you are looking for the easiest way out of the rut. Of course no one likes to be in debt, but the economic environment has pushed more Americans into debt. While there are signs that the economy is improving, the reality on the ground is that most households are juggling myriad debts.

It is no wonder then that financial advisors have come up with innovative solutions to help debtors cope with their loans. Debt consolidation has been hailed as one of the best ways to manage debt and get back on track quickly. However, there are many phony agencies and companies that are now scamming desperate customers with the promise of wiping away their debt.

Every consumer would like to get a quick way to settle their debt and this has led to proliferation of online scams. If you are looking for a reliable way to handle your debt, consolidating your loans is the best solution.

To avoid getting ripped off, here are some mistakes to avoid when looking for a debt consolidation loan:

  1. Failure To Confirm How it Works

Most consumers look for solutions in a frenzy when things are really bad. Online scammers understand how desperate you are, and if you don’t know what you are looking for, you end up getting burnt. Debt consolidation entails bundling all your loans together to make it easier to handle the monthly repayments. The new loan will be repaid monthly and you will enjoy lower interest rates. Instead of repaying several creditors, you will now have just one to deal with.

  1. Falling for Debt Settlement Scams

All borrowers would like to wipe their debts in a few steps and this is what scam artists bank on. When you see an agency claiming it will help settle your debts in a few steps, run and don’t look back. Debt consolidation is not the same as debt settlement. You will repay your small loans and remain with one large repayment. There are no negotiations involved as opposed to debt settlement.

  1. Poor Research

If you want to get out of debt safely, make sure you research the options available and the debt consolidation service to use. Compare the different debt consolidation solutions including the secured and unsecured loans, debt management, debt settlement, bankruptcy, among other debt solutions. More importantly, take time to compare myriad debt relief options available to avoid falling for a scam.

  1. Not Seeking a Second Opinion

When it comes to making financial decisions, nobody wants to be told they are wrong. However, the truth is that most people make emotional decisions while a second opinion would have helped them. If you are looking for a debt consolidation loan, talk to a trusted independent source. If possible seek references from people you trust before choosing any debt consolidation program.

  1. Failure to Leverage Online Reviews

A simple Google search is enough to help you identify a scam from a mile away. Take time to read reviews and testimonials from other users.  If there are any complaints regarding the company you want to use, keep looking. Consumers rapidly share information online making it easier to spot a scam from a   mile away.

  1. Failure to Check with BBB

The Better Business Bureau (BBB) is a treasure trove for anyone researching a debt consolidation scam. A simple search on BBB shows you how many complaints the company has and if they were resolved. The company’s rating will also help you determine the level of service to expect. If the company has unresolved complaints, keep looking.

  1. Failure to Compare Rates

It is understandable that you are in a rush to consolidate your loans, but maybe a little more research will help you find better rates in the market. Your bank might not be the best place to look for such a loan because they might not even have the product. If you have a loan with them or if you have poor credit rating you better look for credit agencies that will provide a tailored loan product.

  1. Don’t Read the Terms and Conditions

Now that you have found the right lender based on their rates what else could go wrong? Well, many things can because the details in the contract might negate any of the benefits you had thought about the company. Make sure to check each of the details and if you have any queries get your loan assistant to explain. It is important to understand that debt consolidation is supposed to enable you to enjoy lower interest rates but if there are hidden charges in the T&C, you will still remain in a financial pickle.

  1. Don’t Talk to Your Creditors

If you are considering consolidating your debt, make sure you first talk to your creditors and confirm any charges that might be involved in case you repay all your debt. More importantly, confirm whether they will work with your debt consolidation company. If you don’t talk to your creditor you might be surprised to realize months later that they are still charging you though you repaid their loan.

  1. Don’t Bargain for a Better Rate

If you are looking for a way to manage your spiraling debt, consolidating all loans is a good decision but you must confirm about the rate. Take time to do the math and bargain for a better rate in order to leverage the benefits of loan consolidation.

If you want to avoid a debt consolidation scam, make sure you take time to research and always seek another opinion. If a company seems to pressure you into agreeing to a loan without first assessing your needs it is likely they want to rip you off. Make sure your creditors know about the plan to work with the debt consolidation company and take time to read the fine details of the contract. More importantly, compare as many companies as possible in order to find the best interest rate for the debt consolidation loan.