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5 Benefits of Doing a Debt Consolidation

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5 Benefits of Doing a Debt Consolidation

Debt consolidation empowers you to compile all pending loans into one that becomes much easier to manage and effectively repay. There are many reasons why you may consider debt consolidation. You have to be cautious and diligent while agreeing to the specific terms of debt consolidation but it is undoubtedly beneficial. You should not be in any dilemma whether to go for debt consolidation or not if you are falling back on some repayments. Here are the five major benefits of doing a debt consolidation.

• The first benefit is almost immediate. You will stop receiving collection calls the moment you get into the process of consulting with a debt consolidation firm. You may receive one or two collection calls, from the same or multiple agencies, but you can inform them that you are speaking with a debt consolidation firm and that they should redirect their follow-ups. All debt collection agencies are informed of debt consolidation so you will not have to deal with the relentless and endless phone calls, emails and perhaps visits to your home or office.

• There is another immediate benefit of debt consolidation that is partly influenced by the absence of the collection calls. You will be relieved of the perpetual stress you have been under all these months or perhaps years. The reduction of stress is seriously beneficial as it has a direct impact on your health. You would be in control and there will be fewer worries to endure.

• Consolidation two or more loans into one debt will enable you to make one repayment. This repayment could be weekly, fortnightly or monthly. It is rarely quarterly. Since there is a single payment, the whole process becomes simple and kind of a breather for anyone who is substantially indebted. Debt consolidation will invariably lead to one repayment towards all pending or unpaid loans simultaneously. You do not have to worry about multiple due dates or how much you are paying towards which loans. Just one payment and your done till the next repayment date.

• Debt consolidation would inevitably reduce the interest rate you have to bear. Since you have multiple debts, you are dealing with different rates of interest. Some may be considerably higher than others. You will find the rate of interest levied on the consolidated debt to be much lower than those you have been enduring all this while. You will effectively save money with debt consolidation.

• Debt consolidation helps with rebuilding your credit score. With one payment for all loans and a reduced interest rate, you can be on top of your repayments and not fall behind every installment. This will reflect on your credit history.

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External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by Platinum Debt Services. Links are provided for informational purposes and should not be viewed as an endorsement.

Platinum Debt Services refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. Platinum Debt Services always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third Party Brand Mentions: No brands or products mentioned are affiliated with Platinum Debt Services, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

Platinum Debt Services was founded by a young group of professionals who recognized that they student loan crisis was partly due to that fact that borrowers do not know their options. Our main goal is to educate and empower consumers by providing up to date new programs and information.

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