What is Debt Consolidation?

Debt Consolidation is when a debtor takes out a new, low interest loan in order to pay off other, already existing loans. The purpose of consolidation is to structure existing debt into one loan and provide a clear end-date to existing debt. There are private as well as non-profit organizations that offer debt consolidation programs that any debtor may join. Once you join, you will meet with an experienced debt counselor who will help you decide whether to consolidate or file for bankruptcy. On top of this, the counselor will help you create a realistic debt management plan. The biggest con of debt consolidation is that the debtor must cancel all credit cards while in the program to ensure success, with the occasional exception of a single emergency card. Perhaps the best part of debt consolidation, besides moving closer toward becoming debt-free, is that all creditor calls and harassment will stop.

Prior to signing a Debt Consolidation contract, make sure to read every word and calculate if the time period is too long. If the time is longer than usual, you will most likely end up paying more. So, be very careful before signing anything. At Fridlin & Associates we recommend you hire a bankruptcy or debt attorney that specializes in these types of cases. We offer a free consultation for all bankruptcy clients. Give us a call today and help us help you achieve a debt-free life.

Fridlin & Associates, P.C.

1517 Voorhies Ave, Ste. 4

Brooklyn, NY 11235

(718) 372-4400

debt management loan forgiveness

Advertisements

Published by

ElaineFridlinEsq.

Fridlin & Associates, P.C. is a financial law firm for individuals and small businesses in metropolitan New York. If you or your business face a problem concerning bankruptcy, debt settlement, loan modification program, the sale and purchase of residential or commercial real estate, landlord/tenant disputes, enforcing your rights as a creditor, the sale and purchase of a business, or employment litigation, Fridlin & Associates stand ready to provide the solution that protects your best interests. We can help you: Eliminate Debt! Stop Foreclosure! File for Bankruptcy! Apply for a Loan Modification Program! Stop Wage Garnishment! Stop Lawsuits! Eliminate Judgments! Eliminate or Reduce the second mortgage on your home! Reduce the mortgage on your investment property to its fair market value! Eliminate your obligation to pay creditors and medical expenses! Eliminate business loans! Release Frozen Bank Accounts! Stop harassing phone calls! Please call 718-372-4400 today for a free consultation. We have appointments available Monday through Friday and your first visit is free. Fridlin & Associates, P.C., also provides legal representation on wage dispute matters under the Fair Labor Standards Act in both federal and state courts. Learn more about Elaine Fridlin and Fridlin & Associates here. If you’re interested in bankruptcy as a potential solution to your debt management problems, you can learn more about bankruptcy for both consumers and businesses here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s