If you have many loans to repay or paying any single loan with a high rate of interest then it is time when you should decide about consolidating your loans. Consolidation works in two ways; it not only helps you eliminating the bothers of maintaining many loans at a time, but also helps you in reducing the cost of borrowing.
There are many banks and institutions offering to consolidate your loans. The primary choice for consolidate loan should be the existing bank, but if the terms are not good to you then the second option is to look for some other lenders who can help you.
It is really a difficult task to list lenders. Preferences and choices can be different; it all depends on a number of considerations. The list presented here is not a comprehensive one however it will include all the esteemed names who are in this business for many past years and succeeded in establishing clientele.
1 – Federal Credit Union
Federal Credit Union is a ‘Non Profit United Way’ organization. This organization helps families and individuals to avert debt problems, bankruptcies and all kinds of legal proceedings. It is one of widely known and esteemed consumer debt management companies.
2 – Consumer Credit Counseling Service
Consumer Credit Counseling Service is a free registered charity. CCCS is employing professional financial counselors who provide free, confidential advice and financial support to their clients both individuals and families, regarding any issue creating debt related problems for them. CCCS in affiliation with Housing and Urban Development (HUD) delivers consolidation services including credit support.
3 – Amalgamated Credit Counselors
Amalgamated Credit Counselors is a debt management company providing personalized debt consultancy and consolidation services to their customers.
4 – American Debt Consolidation
This debt management company renders personalized credit management services to clients but at a minimal cost of borrowing.
5 – Consolidated Client Services
Despite being newly entered to the field of debt consolidation, consolidated client services proved to deliver high quality credit facility and debt management service.
6 – Credit Solutions of America
They offer clients with excellent and speedy credit service, settling each part of their credit related problem.
7 – Debt Management Credit Counseling Corp
It is a nonprofit debt consolidation and credit counseling organization. Professional counseling experts working there offer excellent debt management plans to relieve debt tensions.
8 – Debt Guru.com
This is an online domain for the American Credit Foundation providing wonderful debt management programs for people who are having tough time due to their debt situation.
9 – FH Financial Services
This Service can be an ideal deal for those seeking either a complete liability or the debt management solution meeting all their needs yet costing them minimum with fast payback period.
10 – Bills.com
The Company can offer quick solutions to dig you out from all your debt management problems.
There are different opinions on the Debt Consolidation services delivered by these above mentioned firms. The readers using this information should adopt cautious approach, while contacting the above listed companies.
Disclaimer: It should be noted that I as an author of this article deny of any connection with any of the companies mentioned here.
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Thanks for putting up some companies that can help. It makes searching easier.
Very informative article. There are times persons asked for this information and reading it here I can be able to point them to your article.
Um, just a quick note to let you know that Credit Solutions of America is currently being sued by the attorney generals in at least four states and has over 1700 consumer complaints against them with the BBB. They charge very high fees up front (which is typical of bad players in the Settlement industry). I can’t imagine how you have included them in a top 1o list of companies that actually assist consumers.
@Damon Day
Well, I was not aware of this fact, can you provide us more information about them and suggest an alternative list of companies to include in this review.. I would be thankful to you
Hello R. Mak,
No problem. There are so many bad companies out there, it is very hard to keep up with them all. There are currently over 2,000 debt settlement companies operating in the US. Most of these are actually just marketing arms of back end service providers though. This industry is for the most part unregulated, although the FTC is meeting this week to discuss sweeping new regulations of the industry.
http://damonday.com/234/credit-solutions-of-america-sued-by-florida-attorney-general/
That is a link to a blog post about Credit Solutions I wrote last week. I also wrote another post about 15 other settlement companies that have been subpoenaed in NY by the Attorney General in an ongoing investigation.
As far as who to recommend, the best thing to do, is thoroughly research any company before doing business with them. Look at their BBB and see if they have any complaints, and whether or not those complaints were resolved. Also look at the companies track record with past clients. Do a google search and see if you find anyone complaining about their experience. Also take a look at the fees. You should look for a company that charges a performance base type of fee, where they are getting paid based on how good the settlements are that you receive.
I refrain from making general recommendations about specific companies unless I am doing a specific consultation, so that I can fully understand the circumstances, and needs of my client before pointing them in the direction of an individual company.
I hope that helps.
Hello Rana,
I am now following you on twitter. Hit me back with a direct message and I can provide you with some things to help out your readers in their research.
most of the companies on here are lead generating or referral companies. Come up with a real list.
Informative article.