Unsecured Credit Card Debt Consolidation – Is it Possible?

Debt consolidation companies advertise their ability to condense all of your debts into one bill each month. Sure, that sounds really nice. But is that sort of option even feasible? To you, you are just taking on another debt to get rid of debt. Sounds like a mess of contradictions, does it not?

Unsecured credit card debt consolidation has proven to work for many, many people. But, some of us would rather try to remedy our struggles with debt on our own. These people have a mindset that essentially tells them since they got themselves into all of these problems in the first place, it’s on their shoulders to get themselves out. You can call it taking initiative. But whatever you call it, you must face the inevitable realization that, somewhere along the way, you will need some help. That doesn’t mean you shouldn’t be wary of the business practices of your potential helpers.

The turn-offs of unsecured credit card debt consolidation

When you take a peek under the hood of debt consolidation you are sure to find the possibility of many seemingly easy fixes. Initially, you are probably shocked at the possibility that someone has the power to package all of your loans into one monthly bill. But human nature can be a cruel beast from time to time. Sometimes, debt consolidation companies fall short of glory by only meddling in other people’s business for the sole purpose of personal gains.
Watch out for these two red flags:

* Our loans are easy to obtain

One of the biggest myths in the world of unsecured credit card debt consolidation is that the loans are extremely easy to be approved for. The fact of the matter is that if you really needed the loan in the first place, chances are you do not have a particularly esteemed credit history. People who are already in a deep hole with piles of loans on top of them are sucked into debt consolidation thinking it will be their one and only saving grace. But, contrary to what certain programs will promise you, these loans are not always easy to obtain. In the event that a debt consolidation loan seems to be overly simple to obtain, you ought to be very suspicious of the intent of the company that you are dealing with.

* We promise to take care of everything. Don’t worry about it!

Another myth that fraudulent debt consolidation companies enjoy baiting potential customers with is that they will magically fix all of their customers‘ problems. Debt is more complicated than saying a few simple words and waving a magic wand. Don’t let a company trick you into believing a company will reduce your interest rates and monthly payments without any need of your opinion. You need to take part in your debt consolidation plan if you are going to go that route. A company simply does not have the power to do it all for you without you putting any work into it yourself.

Taking initiative in your quest for the elimination of your debts is a very respectable decision. However, you need to remain diligent throughout the process of your debt consolidation if you want to come out successful on the other side. Communicate with your unsecured credit card debt consolidation organization daily to make sure everything is going according to plan. The opportunity for you to get involved in the shaping of your financial future, even if you are in a heap of debt, is still wide open. Don’t let a company steal that opportunity away from you.
If you would like to read more about debt consolidation, credit card consolidation or any other financial information visit credit card consolidation loans or Debt Consolidation Information Online

(Author: Daniel Major – Published: September 2009)