Debt consolidation companies communicate with your debtors to negotiate lower rates on your behalf.
While credit companies are under no obligation to negotiate your payments, the best debt consolidation companies may be able to consolidate your debt to a single, monthly payment or negotiate to lower the total amount of debt that you owe.
However, the debt with the highest interest rate may also be the largest loan or debt you have, meaning it will take longer to pay it off and make a dent in your overall debt load.CIBC Personal Loans and Lines of Credit enable you to borrow with flexibility at competitive interest rates. Most people who are buried under credit card debt are in the same boat — stressed, frustrated and looking for a way out.Combining multiple debts into a single regular repayment also makes life simpler.The top performers in our review are National Debt Relief, the Gold Award winner; New Era Debt Solutions, the Silver Award winner; and Accredited Debt Relief, the Bronze Award winner.Credit card bills and loans can easily sneak up on us. Once your loan is approved and matched through our personal loans marketplace we deposit money into your selected bank account.Remembering those repayment dates and amounts, and understanding interest free periods or rent-to-own schemes, can drive us all crazy. You can then pay out all of your existing personal loans, credit cards or store cards.For more information on the best debt consolidation loans and credit management options, have a look at our articles on debt consolidation.When you start pursuing debt management options, you may get many mixed messages from those in the debt relief industry.Here’s more on choosing a service to meet your needs, along with detail on how we arrived at our ranking of 10 systems.Sometimes you reach a point where debt becomes overwhelming.