We took a long hard look at the debt consolidation arena, and decided there was still room for a young, dynamic and innovative company to make an impression. We have designed our financial package, aimed squarely at those people who wish to reduce their debts, to be simple, well priced and feature rich.
Laurel, MD (PRWEB) July 6, 2009
Debt consolidation is not a new concept, people have been trying to find cost effective ways to consolidate bills for years. By procuring a single financial product to consolidate debts of all kinds, including credit card bills, an individual is able to re-pay their current outstanding credit faster and secure themselves a more beneficial interest rate.
New player to the debt consolidation marketplace is Consolidate Bills. An innovative and fresh new website which aims to take the stress and effort out of the application process for people seeking to consolidate their credit cards.
Mike Morden, a spokesman for Consolidate Bills tells us that, "We took a long hard look at the debt consolidation arena, and decided there was still room for a young, dynamic and innovative company to make an impression. We have designed our financial package, aimed squarely at those people who wish to reduce their debts, to be simple, well priced and feature rich."
In the past, loans used to consolidate bills have been criticized for trapping the unwary borrower, increasing their level of debt far above that which they had before, leading to a spiral effect, which would mean more borrowing in the long term, usually from a bank, to pay back the debt consolidation loan.
Mike Morden was quick to answer that, "Yes, we can clearly see that in the past, loans provided by unscrupulous lenders to consolidate credit cards were often a double edged sword. Yes they would lower the monthly outgoings for the borrower, but they would also significantly increase the overall level of debt. We are now into a second generation of debt consolidation products, and these are much more consumer friendly, and really do offer a huge helping had to those people who find themselves drowning in monthly loan and bill repayments. The industry has matured considerably, and the customer benefits from this directly."
With world financial institutions in trouble, and the overall level of consumer debt helping to drag them down, it is likely that loans designed to assist with credit card debt consolidation will become more and more popular, with the banks themselves possibly introducing similar financial products.
Mike Morden replies, "Yes, anyone can follow the road to its logical ending, where banks begin to offer debt consolidation products, aimed at their own customers, as a way to stop them defaulting on their borrowing from the same bank. Of course, this is a while off yet, and we would have to ask ourselves if the banks would be giving best advice in this? Surely a product designed to almost force existing borrowers to increase their level of debt with the same financial entity would not be a good thing?"
There can be no doubt that consumer credit and the drain it has placed on large lenders in recent months is big news. Whilst many people are still struggling to find their feet in the post credit crunch world, it is encouraging to find a company such as Consolidate Bills, who are so obviously here to help, in an impartial and entirely ethical way.
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