One of these myths is when some credit counselors would claim to have the ability to reduce a consumer’s payments by half
Miami, FL (PRWEB) August 19, 2016
National Debt Relief recently shared in an article published July 13, 2016 some of the dangerous myths consumers might believe to be true about debt consolidation. The article titled “The 7 Deadly Myths of Debt Consolidation” looks at some of the inaccuracies people tend to assume about the program and how it can hurt them.
The article starts off by explaining how easy it is to understand the concept of debt consolidation. It is as simple as combining multiple, if not all debt payments under one account. This can be an excellent way to get debts under control and even paid off in time. But along the way, people have developed and proliferated myths about the program that might not actually be true.
One of these myths is when some credit counselors would claim to have the ability to reduce a consumer’s payments by half. As enticing as this may sound for most consumers, debt consolidation would not really be able to accomplish this. What could be happening behind the curtain is that credit counselors are negotiating with lenders to put half back into principal and pay half for the meantime.
There are also some people who would suggest that the only way for debt consolidation to work is to have a formal program. This could not be further from the truth because as much as a formal program would help, consumers can actually develop a budget they are comfortable with. This is also a reason why some people drop out of formal debt management plans because they can already do it on their own.
There are also some people who would insist that debt consolidation is better than bankruptcy because the latter will ruin your life. There is some truth to this but bankruptcy is not always a bad choice especially when it is the only one you have. To read the full article, click https://www.nationaldebtrelief.com/7-deadly-myths-debt-consolidation-2/