Consolidate Debt Online: Are You Playing With Fire or is It Safe? by James Ross
Consolidating debts online has become ever more popular as a way to deal with increasing debts. The reason for this is obvious. We can log into the Internet in a matter of seconds, type in debt consolidation into a search engine and in the time it
Consolidating debts online has become ever more popular as a way to deal with increasing debts. The reason for this is obvious. We can log into the Internet in a matter of seconds, type in debt consolidation into a search engine and in the time it takes you to breathe out you will have before you an extensive list of on line services to choose from. But how safe is it to take any of them up? Well this is where you need to dig in and do your research in order to reach an informed decision.
The popularity of online debt consolidation has rocketed thanks to the availability of money saving low rates of interest. Other people merely need a quick remedy to resolve their ever increasing debts. Whatever the reason, your choice to go online for your debt consolidation rests upon how well you shop around for the best deal.
While browsing the various offers be careful never to take up the first opportunity that makes bold promises. If it looks too good to be true, most of the time it is. The Internet is still in Wild West country and more than a few rogue debt management company is in the black list of the Better Business Bureau and other watchdog government agencies. First and foremost you should wear your buyer beware cap while shopping for the best deal. Going for a reputable company with a long track record is often the best route to take.
The following tips will help you whether you opt to consolidate online or deal directly with a debt management company:
1. As stated above the Better Business Bureau will provide you with the necessary information about the ethics and reliability of a company. If any customer complained about a company they will have a record of it.
2. Don't deal with companies that do not offer you free consultation, and steer well clear if they only appear to offer you a sales pitch. What you need them to do is to speak to you about your financial situation and have spelled out clearly the options that are available for you.
3. You may need to pay a company a small processing fee, but if the company requires you to pay a large upfront fees to set up or manage the financial options available you should avoid dealing with them.
4. Read through all the terms and conditions thoroughly and make sure that you leave no stone unturned. When you put questions to the company you should also make sure that you are happy with the answers. A sure sign of a rogue company you must avoid is one that charges outrageous fees for penalties relating to defaulted payments. These are probably the same companies that make bold claims that are too good to be true.
5. You must make sure that the debt counselors that you deal with are properly qualified as well as presenting themselves in a courteous and professional manner. They also need to be perfectly comfortable with helping you with all kinds of personal finance issues like credit, debt, budgeting and bankruptcy.
6. Never part with any personal information until you are totally comfortable with the company you are going to deal with. If it's an online company make sure their server provides secure sockets to transmit this information should you have to give it. And if you have to give it, make sure you know why.
7. If they offer credit repair, investigate the offer well but bear in mind that in many cases this is a task that you could do yourself for free.
Back to the original question now...: is it safe to consolidate debt online?
The answer to the above is YES as long as you do your homework properly. Find out what is the best place to consolidate debt online, do a background check on the company using resources like the ones provided by the Better Business Bureau, have all your question answered to your satisfaction, follow the 7 rules outlined above and you should definitely find yourself on the road of improving your financial troubles while giving you more room to remove them completely in the long run.
James Ross is the editor of The Truth About Online Debt Consolidation Services a website aimed at helping you with debt consolidation. Please visit us to find more articles and information on Debt Consolidation Online
The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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